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Your business plan should set specific tasks, delineate responsibilities, define objectives, set deadlines and call for specific progress reviews (including the criteria you'll used).
3. Don't use the business plan simply as a funding document or one-time planner
The business plan should be your constant guide. Update it regularly, assessing goals and priorities, successes and failures, and changing course as need be.
4. Don't try to impress people with sheer volume
A business plan should not exceed 50 pages, and should be shorter if possible.
We've looked at how you can get investment without going public. But what about venture capital? In this scenario, an investor puts up all the money you need to grow, and in return gets a portion of your profit. It's nice in theory. But in practice, formal venture capitalists are few and far between, and they can be as conservative as bankers. A small fraction of their money goes into startups. But there's still hope.
Financing 101
Lesson 11 Of angels and adventurists
While formal venture capital can be a tough nut to crack, for every dollar managed by professionals in fancy offices, there's another $5 out there. And it's going to far more companies. Who's got it? Your doctor, your dentist, your lawyer. Other entrepreneurs. Your associates. Even your family and friends.
Ninety percent of these angels invest less than a million dollars. And the vast
majority – 82 percent – invest less than $500,000. The typical investment is between $250,000 and $500,000, which is usually the toughest money to find, because it's too much for friends and family and too little to interest a VC firm.
Better yet, at least half of these investments are in early stage or startup. Some people call these investors adventurists. They're not cold, calculating financiers. They thrive on the adventure of making a better than average return and being a part of some exciting undertaking. They love startups. Sure, they're investing their own money, so they're looking at smaller amounts. But they're not as sophisticated, and they may make decisions on a more emotional level... so it might just be an easier sell.
Best of all, most informal venture capitalists don't want to run things; they want you in control. Need more convincing? It might take six months to get the nod from a venture capitalist. An angel might make a decision in a few weeks, or a few days.
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