Fri 22 Apr 2016 | By:

5 Deadly Business Plan Sins That Indiana Entrepreneurs Make

Business Plan Mistakes to Avoid

Starting a business in Indiana is something that you need to thoroughly plan and prepare ahead.

Equal attention, time management and work distribution are crucial to make your business stronger and better. Further, the state of Indiana is a competitive place of business; if you want to survive and be successful, you have to be efficient in running your Indiana startup.

To secure your place in the business industry, you need to learn how to start a business in Indiana on the right foot. The secret is simple, write a business plan! A business plan is a powerful tool that will guide you in building a business with a strong foundation. It will also enable you to determine if your business idea is financially feasible or generally viable as a whole.

However, writing a business plan is not easy, especially for the first-time entrepreneur. If you plan to write a business plan, it is important that you know the 5 deadly business plan sins that most entrepreneurs commit. In this article we’re going to discuss all of them.


1) Rushing to complete the business plan

We all want things done in the fastest possible time; we all have deadlines and target dates to meet. However, it’s not an excuse to sacrifice quality over completion. Writing a business plan is not a race. Your main reason for writing a business plan is to have an accurate and fact-based document that will help you create decisions.

Poor quality whether they’re represented by minor problems like spelling, grammar and formatting mistakes are still considered errors. At all cost, you should also avoid making major mistakes like data inconsistencies, unverified information and irrelevant content. If you want to get a positive impression, make sure that you write your business plan as accurately as possible.


2) Unreliable financial projections

The financial section is the most important part of a business plan so you need to write this with utmost caution. If you’re seeking loans or investments, this is the first thing that financial institutions and investors will look into, they could care less about other parts.

As long as your business is marketable and financially profitable, that’s what’s important to them. Avoid making assumptions on this section, rather, create only financial projections. The latter should also be based on thorough analysis and comprehensive research.


3) Vague market route

Establishing market route is as important as product development. Without the appropriate strategies to penetrate your target market, you will not be able to profitably sale your products or services. The most important thing when doing business is to generate revenue, and how can you generate revenue if you do not have the means to enter your target population?

To be able to create a clear pathway for your market route, make sure to study your target market, observe consumer behavior and understand product/service demands and supplies. In this way, you can determine how you will be able to market your way to your consumers no matter how geographically dispersed they are.


4) Unattainable business objectives

This is the greatest business plan sin that an entrepreneur can commit. Your business objectives are your focal point, from them everything will follow, including the overall content of your business plan.

Sometimes, at the start of building a business, you can get too engrossed with the moment and your enthusiasm can get the best of you, hindering you from seeing things clearly. To avoid this, you may need to ask assistance from a professional or talk to a business mentor.

Write your business plan in the most realistic way possible and make sure to create specific, measurable, achievable, realistic and time-bound business objectives.


5) Neglect of competition

Neglecting competition is not the best way to start writing your business plan. When you write a business plan, you consider every angle that may affect it in the long run and that includes your competition.

If you want to stand out above the rest and outdo existing and established businesses, you need to study them. Study their strengths and weaknesses and use them to make your products/services even better.

Writing a business plan is just one method to start your Indiana business. It’s also an important step and one that will greatly benefit you in the long run. If you have major business decisions to make, you can refer to your business plan for answers. Or, if you’re tracing some problems or issues, you can also make it as your point of reference. Regardless of what it is, your plan will contain almost everything about your business.

If you plan to write a business plan for your Indiana startup but you have zero experience, you can make use of a business plan software. Numerous tools are offered online so your job is to choose the best business plan software for your Indiana small business. Good Luck on this endeavor!

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via