The first thing to do when putting a business idea into practice is to write a comprehensive Business plan. This will help secure funding for your venture and provide a roadmap to show others what you aim to achieve and how you plan on achieving it.
A well written executive summary, which outlines the business proposal, will encourage investors to read the rest of your plan, so make sure it's detailed and accurately describes your business. For further information, read Executive summary and business outline.
Preparing a market analysis and strategy will demonstrate that you have a good grasp of your specific market and a sales plan, which can provide additional confidence to a potential investor. For further information, read Market analysis and strategy.
Highlighting the skills and experience of the management team is a vital part of any business plan. People are generally the most important factor in determining business success. Highlighting any professional attributes and industry expertise can give investors the confidence in providing investment into your business. For further information, read Management team operations and logistics.
Use realistic estimates of turnover and expenses to show that you have an understanding of the financial fundamentals. You should provide a cash flow forecast and set out how any investment will be spent and repaid. Financial expectations are extremely important for investors as this will determine when, and if, they will see a return on their investment. For further information, read Financial information and requirements.
SWOT is an acronym for 'Strengths, Weaknesses, Opportunities and Threats'. It's a good idea to include a SWOT analysis in your business plan to provide further reassurance to an investor. For further information, read SWOT analysis.