Holicent
VIP Contributor
1. Not Knowing the Target Market
People are not willing to invest their money in a business that doesn't have a target market. This is one of the most important things you should do while writing a business plan. You will have to decide what kind of industry or market you want to enter and then find out if there is any competition in that industry or market. If there isn't, then you have nothing to worry about. But if there is, then you need to make sure that you can compete with them at least as well as they do.
2. Making Mistakes with Business Plan Formatting
Business plans seem like they should be easy to write but they aren't. One thing that's easy is formatting them so they look nice and professional on paper and on the internet, but it's another thing entirely when it comes to actually writing the content of your plan itself! If you don't know how to write a business plan properly, then chances are that no one else will either -- meaning your business plan will never get read by anyone who could help grow your company or make it profitable!
People are not willing to invest their money in a business that doesn't have a target market. This is one of the most important things you should do while writing a business plan. You will have to decide what kind of industry or market you want to enter and then find out if there is any competition in that industry or market. If there isn't, then you have nothing to worry about. But if there is, then you need to make sure that you can compete with them at least as well as they do.
2. Making Mistakes with Business Plan Formatting
Business plans seem like they should be easy to write but they aren't. One thing that's easy is formatting them so they look nice and professional on paper and on the internet, but it's another thing entirely when it comes to actually writing the content of your plan itself! If you don't know how to write a business plan properly, then chances are that no one else will either -- meaning your business plan will never get read by anyone who could help grow your company or make it profitable!