7. Failure to show an objective
If you’re looking for investors, you have to show them a reason to invest. Make it clear in your business plan how long it will take for the investor to get their money back, and how much more you expect to make for them.
Even if you aren’t seeking investment, it’s a good idea to include an objective in your business plan. Do you want to grow the business and then sell it? Do you plan to expand the business and offer franchise options to others? Are you making a “lifestyle business”? If you know what you want out of your business, it’s easier to measure success.
Image credit: CC by Swen-Peter Ekkebus