The term “business plan” is used a lot like sugar-- it can make anything sound tastier.
Even Google was turned down by numerous banks, angel investors and venture capital firms in its early years. If one investor declines to invest in you, ask why and if they can refer you to someone else. Rather, expect them, and realize that all you need is one “yes.” The right business plan is often the difference between a great idea merely sitting in your head and that same idea being turned into a multi-million dollar company.
The fact is that most investors and lenders will say “no” when presented with the opportunity to invest in your company. So, invest the time and energy to developing a great plan, as it’s clearly worth the effort.
Now your plan doesn’t have to resemble a color brochure, but it does have to keep readers interested. And include relevant statistics and facts that interest the reader and convince them to invest in your venture.
The second the reader gets bored is the same second they decide not to invest in your company. Successful people and companies set goals and milestones.