How can a business plan help me raise funds for new equipment necessary for my business?
I have a business that is already in motion but I regularly lose clients because I don't have the equipment and inventory to be able to give a competitive price, as much as I already have clients and others willing to work with me. I wrote a business plan in order to lure international investors and/or get funds to be able to use to purchase the essential machines and inventory necessary for my business. What are the next steps to reach interested investors with my business plan?
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Having a business plan is one hurdle crossed but having a bankable business plan is a thousand hurdles skipped.
It is good you are already implementing your plan, that helps to test the bankability and robustness of your plan. By bankable, i mean your plan must clearly show:
1. Your unique value proposition
2. Market must be well defined, addressable and winnable.
3. Your business operating model must be robust and resilient to serve the market seamlessly and survive the shock from competition.
4. Clear mitigation for business risks especially regulatory, operational and financial. You must de-risk your business.
5. Your 3-5 year financial projections must be realistic and achievable with a clear pathway from investment to operations and cashflow (Investors are keen about this aspect)
6. It is important you have and demonstrate your sweat in the business, otherwise, no investor wants to fund your business and assume all the risks.
7. Your growth plan must be visible and believable.
If your business plan has all these basic requirements, getting an investor to listen shouldn't be difficult.
Create an investor pitch that summarises your business and your need, depending on the fund size, research about potential investors i.e. local banks, development banks, private equities, venture capitalists etc. and reach out to them to discuss your need.
All the best.