photo credit: Bracketing Life
Small Business Labs did an article recently on raising money for your company. We all know that this can be a difficult task especially in today’s economy. One thing that may help a great deal with raising money for your company is if you have a sound business plan.
I’ve been through this many times. VCs always ask lots of detailed and specific questions that cover all aspects of the start-up’s business. And entrepreneurs that cannot succinctly explain the opportunity and show they have thought through the key issues facing the business do not get funded.
When you have a plan already prepared it tends to better organize your thinking which allows you to answer such questions more aqurately and promptly. Make sure that when writing your business plan you make it comprehensive enough that it forces you to think about all different aspects and sectors of your business that way you are prepared for whatever question’s the VC throws your way.