Business Plans: 9 Things Entrepreneurs Should Know

tips for biz plans

If you believe you need to write a business plan for your new startup, consider these tips from 9 entrepreneurs. What information should you focus on in your plan, what tools should you use to write a plan (I love LivePlan), or more importantly, do you really need a business plan?

Today, investors are looking more at proofs of concept and the entrepreneur’s ability to actually build/produce/sell the product they are pitching. If you have a new mobile app idea, you need to build it more than you need a business plan. If you have a new fashion line, you need to sell it more than you need a business plan.

A business plan is designed to help you evaluate your ideas, finances and markets. It should be a living document, that changes as your company evolves. However, nothing in your business plan will matter if you can’t actually sell your product.

Entrepreneurs today must be able to leverage digital media as a proof of concept. A Los Angeles based fashion startup, Jewel Toned, received funding simply by selling their products on Instagram as their proof of concept. Spend your time and energy doing what you love, and unless you love writing business plans, your valuable time is better used building your company and products.

Do you agree? Read the full article and share your business plan tips. Business Plans: 9 Things Entrepreneurs Should Know