Updated: Apr 19
As a consultant providing business plan support, I can say that, broadly speaking, when it comes to funding your business you might be at either of the two stages:
1) You had the idea, shared it with a few friends, perhaps found a co-founder, and passed the preliminary validation tests. Now that things are becoming serious business, it is time to look for funding.
2) You have already started your business, having already passed the seed stage, and you are looking to take your dream to the next level. Now that things are serious business, it is time to look for funding.
In both the above scenarios, you realise you need a business plan to present to your prospective investors/lenders, whether these are private investors, venture capitalists, banks, crowdfunding platforms. And you know that providing a solid, well prepared plan is crucial in any funding application.
You may also want to present a compelling pitch deck, although you are aware that the two should not be confused. A pitch deck derives from the business plan, is like a visually appealing (and less detailed) version of it. Yet, without a proper plan, the pitch deck will be without foundation and any wise investor will want to look in detail into all your supporting documentation.
In spite of these horrible times we are going through, many have already set in motion for their next business venture or are planning to.
What stage are you at with yours?
Read more about Business Planning