How a fill-in-the-blanks template can cost you funding.
You may have seen or heard about those online “fill-in-the-blanks” websites or software that allows you to just simply insert your company information and obtain a complete business plan. What they don’t tell you is that once you complete your company information they insert it into a generic template and add some also generic and at times outdated information, if any regarding your market. The end plan may “look” professional however most seasoned lenders and investors see right through them as the content is only as good as the information you input. There is no current industry research, formatting of the business plan for your industry, narrative and terms written specific to your industry or realistic financials.
Basically these “fill-in-the-blank” templates take your information and plug it into a generic plan and add some filler generic text to complete it. Lenders see and read this type of boiler plate/generic text and know that all you did was take 10 minutes filling out a few questions to come up with the plan. Which in the end can drastically decrease the chances of you obtaining funding as it shows the lender 1) You have not taken the time to invest in the plan and are not serious and 2) Gives the lender the impression that you will not put the same effort into the venture he is considering lending you.
Your business concept and industry is unique. Just like you. You need to start with a template specifically for your industry in a manner that is researched and written in a way to highlight your strengths you will bring to that industry. Don’t be sold on EASY, if you are starting your business today get started with a business plan template and foundation that is specific for your market. We understand this at Black Box Business Plans and hence provide this very solution you need and are looking for to not only increase your chances of funding but providing a business plan template and tools to realistically grow your venture.