You must have watched Dragons' Den at least once. If you have, you will have noticed how many times contestants did a great job in presenting their idea but then, when asked about financials, they responded starry-eyed with crazy figures.
In all fairness, anything can be in life. An idea might turn out to be the next game-changer, but the thing is it will take time before this happens, and reading on a business plan that the company will smash it from month 1 is not exactly impressive.
No wise investor will buy into a proposition unless it is based on realistic projections.
That is why you must make sure you check against the reality of things, analyse your industry statistics, and make a critical analysis of your own figures and possibly review them with an expert.
In any market there are barriers to entry. And even if your product/service is a complete game-changer it will still take months to get known and get your prospects to understand the value of your proposition.
As a small consultancy, I provide bespoke business planning, strategy and compliance support to startups and existing businesses. I also help professional firms with the compliance requirements of…
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