ECONOMIC Competitiveness

BRAC'S BUSINESS GUIDE

Do your homework. Learn all you can about your industry to demonstrate that you understand your market.
Be realistic. Don't overestimate sales and underestimate costs. Being realistic will allow potential investors to have more confidence in what you say and realistic projections are easier to defend.
Know your customers. Don't just assume that you will be able to sell your product to a certain percentage of the market. Show that you know who your customers will be, how you will reach them, and how you will keep them coming back.
Acknowledge the competition. Research who is offering similar products and be up front about why you think you have a competitive advantage. Ignoring the competition will appear naïve.
Be clear and concise. Starting a new business is an exciting process, but don't rely on hype to win over investors. Keep your explanations professional and focused.
Check yourself. Writing a great business plan is a lengthy process. Be sure you check and recheck your plan and have others review your work to make sure the information you present is consistent and error-free.
Be open to feedback. Being too committed to offering certain products or structuring your business a certain way can be harmful. Be open to the feedback that you get when you present your plan and be willing to consider making modifications based on suggestions you receive.