Sun 20 Sep 2015 | By:

5 Deadly Business Plan Sins That Arizona Entrepreneurs Make

Business Plan Mistakes to Avoid

To be able to start your Arizona small business with ease, you need to write a business plan which can guide you all throughout the process. Starting a business in Arizona is no joke, it requires time, dedication, effort and patience.

A business plan is your blueprint – it is a document that will dictate what you’ll do next. If you write a business plan, you’ll be able to know the risks involved in the type of Arizona startup you’re building. With this, you will also be able to create effective solutions as well.

To be able to make the most accurate business plan for your Arizona startup, the first thing that you have to do is familiarize yourself with the most common business plan mistakes that entrepreneurs like you commit. Here’s a list of the 5 deadly business plan sins that you have to avoid!


1) Poorly Written.

Whether it’s grammar, format or the content of your business plan itself, if you don’t work on them with accuracy, you will never yield the best results. A poorly written business plan is unimpressive, your business will not be taken seriously by investors, simply because of your mediocre plan.

Nobody expects you to write the perfect business plan for your Arizona small business, but paying close attention to details such as grammar and format will really improve your overall plan.

Spelling mistakes, improper formats and a few mistakes here and there may just be simple to you, but it can create a negative impact. As a business owner, you are solely responsible in checking every last detail of your business plan.


2) Disregard for Research.

Your business ideas are undeniably significant, however, without supporting them with facts based on research they are considered nothing. By conducting proper research, you will be able to prove that you’re not only stating an opinion but a viable idea based on factual evidence.

Support all your assumptions by studying your demographics, competition, projected growth rates and other statistics. In this way, you will not merely rely on assumptions, claims and unrealistic business goals.

3) Failure to Include Important Sections.

There’s really no rule when writing a business plan, however, you need to make it a point to include important sections. If you’re raising funds for your business, you need to make sure that you cover the sections that investors, bankers and financial institutions want to see.

The most important sections that you need to include are the summary page, growth model, target audience and the significance of your product/service.

You can also write sections that you feel like you need to include. The thing that you need to remember however, is to not keep it too long that the relevance of the sections are no longer there.


4) Unrealistic Financial Forecasts.

Unrealistic financial forecast is the worst sin that an entrepreneur can probably make. When it comes to money, you always have to be realistic. Plan your numbers based on facts made from research, you can create assumptions but it would be better if you rid yourself from doing this.

Financial forecasts are too important to be done as an assumption. If you want to ensure the success of your Arizona small business, you need to set realistic financial forecasts.


5) Lengthy Business Plan.

Sometimes, we get too overwhelmed with the responsibility to write the best business plan for our business and we tend to overdo them – filling them in with unnecessary information.

Once you see a hint of overdoing your business plan, you have to immediately back track and evaluate what you’ve written. Are they relevant to your small business? Are they connected to the business you’re trying to start? These are just some of the questions that you need to answer.

A one-page business summary is even enough as long as you’re able to explain all the important points in your new Arizona venture.

Writing a business plan can really be challenging and there will always be a possibility of errors. However, if you are aware of them, you will be more careful when creating your plan. Also, if you need further assistance, you can use a business plan software – they’ll do as much as they can to help you.

In my opinion, LivePlan is the best business plan software in the market. It’s not only modern and comprehensive, it also offers the most affordable pricing in the whole industry!

If you want a strong foundation for your business, you need to write the most accurate and professional business plan. Your business plan has so many uses and it would help if you give it your best! Good luck on your new Arizona venture!

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.