To attract the capital your startup needs to be successful, you will need to focus time, resources and attention on deliverables and milestones that are achievable in a reasonable period of time. High-tech investors won’t finance a science project.
This doesn’t mean that your company is limited to pursuing a product that can be quickly brought to market. The final deliverable may not be achievable in the near term, but your milestones need to be. They measure progress toward achieving a deliverable product.
Your business plan serves as a roadmap for your business, showing milestones where you need to be by a certain date to get where you want to be. To attract investment, your business plan needs to show how your budget will be used to achieve your deliverable or milestones and who is responsible. It also must show the talent you will need to attract and retain in order to achieve your deliverable or milestones.
Your plan will change and grow over time, and the business plan you craft today will likely be revised in the future. Your returns for the time you put into your business plan will be motivated employees and interested investors. An experienced attorney can help you develop and review your plan.
