Finding Funding, Part 3
Tips for writing a financing-friendly business plan
Make sure your plan is complete. Even if your executive summarysparkles, you need to make sure the rest of your plan is just asgood and that all the necessary information is included. Someentrepreneurs are in such a hurry to get financing, they submit acondensed or preliminary business plan, promising to provide moreinformation if the recipient is interested. This approach usuallybackfires for two reasons: First, if you don't provideinformation up front, investors will assume the informationdoesn't exist yet and that you are stalling for time. Second,even if investors are interested in your preliminary plan, theirinterest may cool in the time it takes you to compile the rest ofthe information.
Tomorrow: Conclusions on writing a business plan that will winyou funds.
Excerpted from Start Your Own Business: The Only Start-Up GuideYou'll Ever Need