April 15, 2012
Posted by Luke
Writing A Business Plan – 10 Tips
I’ve written three successful business plans (success based on attaining funding at the valuation sought) and read a countless number. As I embark on writing yet another (about to raise $5m for Loccit), here are a few tips that I’m reminding myself of as I write:
- Take out anything fluffy, the document should be a series of points
- Support everything you can with numbers either pertaining to market or finance
- Justify any opinions
- Be honest about your competition
- Competition is a good thing (it is easier to take a market rather than make one), just be sure you USPs and you highlight them
- Be honest about skill gaps in team and explain how they are to be filled post money
- It is a sales document. Sell every point you can.
- The numbers must add up
- Get a draft read by the harshest people you know in order to re-write before publishing
- Remember there are a wide range of funding options available, not just VCs/Angels … be creative.
*** UPDATE 19th April ***
A few days in and I have remembered how the genius of these things is always in the re-write, and then the re-write, and then the re-write. Get it down, make it more concise, re-write it, repeat. Once you’re incredibly excited, the audience will be too. Until that point, don’t send it.




