Fri 15 Apr 2016 | By:

5 Deadly Business Plan Sins Entrepreneurs in Illinois Make

Business Plan Mistakes to Avoid

Starting a business in Illinois is a rewarding experience. You’ll get to learn a lot of things in the process which will make you a stronger and better entrepreneur.

The state of Illinois is also one of the best places to start a business in the U.S. You’ll have full support through numerous business resources initiated by both government and private sectors.

With one of the most advanced and progressive small business industries, Illinois’ business market is highly competitive. You definitely have to step it up to be able to survive and thrive in its business industry. If you really want to know how to start a business in Illinois on the right foot, you need to write a business plan for your Illinois startup.

To make an accurate and error-free business plan, you have to check out these 5 deadly business plan sins. Avoid them as much as you can!


1) Rushing to complete the business plan

We all have deadlines or timeframes to beat and meet, however, when you write a business plan, you have to make sure that everything you write is accurate and correct. You may want to finish on time, as fast as possible, and while you’re in a rush to complete your business plan, there’s a risk of neglecting quality.

You can definitely rush your business plan, but make sure to maintain its quality. A poorly made business plan whether it contains spelling mistakes, grammar problems, formatting errors, information inconsistencies, unverified data and irrelevant content may greatly affect your Illinois startup. If you want to be viewed positively, make sure to write your business plan in the best possible way.


2) Inconsistent financial projections

The financial section of a business plan is one of the most important and if I were you, I would write this squeaky clean. Why? Because this is what investors and financial institutions who are trying to invest and grant you loans will immediately review. Your financial section will predict whether your business is financially feasible or not.

When doing this part, make sure not to create any assumptions because it will destroy the credibility of your data. You need to make projections and only projections. Your financial projections must also be based on comprehensive research and thorough analysis.


3) Unclear market route

As much as you want to launch the best products and services, you also need to make sure that you study your market route and explain how you intend to penetrate your target market effectively. You simply can’t generate revenue alone based on your products/services so you need to create strategies that will enable you to reach your market population – no matter how geographically dispersed they are.

The first step to do this is to define your chosen customers, analyze the demand of your products/services based on your market and come up with effective strategies that will help you enter that market. If you are able to explain all these, you’re good to go!


4) Unrealistic business objectives

Even if we’re not writing a business plan, we always make this mistake at one point or another while starting a business. We have so much enthusiasm for our new startups that we tend to delve into an unrealistic view of the future.

When you write a business plan, it is a must to create specific, measurable, achievable, realistic and time-bound business objectives. If you create these kinds of objectives, you’ll be headed to the right path as you continue to write your plan because you have clear goals that can guide you.


5) Failure to study competition

This deadly business plan mistake is one of the worst that you could ever make. Failure to study your competition will get you into big trouble.

No matter how perfect you view your business idea, there are thousands and even millions of businesses that have built their companies way before you. Although you may not be offering the same services/products, there will always be that similarity. If you want to standout in a crowd of established businesses, you need to study competition thoroughly.

Whether it’s your first time to write a business plan, or you had prior experience, creating a business plan is never easy. It needs concentration, skill, but most of all dedication. It’s not the content that’s hard to write, it’s how you come up with the content that makes a business plan highly complicated.

You have to read and research a lot; after the whole process of sorting out all the information that you’ve found, you need to analyze and collate them into one relevant piece. At times, you may have to conduct studies and surveys to be able to fully verify and understand the kind of business you’re about to build. All these will yield to a solid and accurate business plan.

If you want to write your own business plan with a little assistance, you can make use of a business plan software. It’s not a sin to use one and contrary to the belief of many entrepreneurs that software will only take the very essence of creating a business plan, a software will actually help you understand your business plan more.

There are numerous software options offered online, it is your mission to choose the best business plan software for your Illinois small business. Good luck on your journey!

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