With many thanks to Aydin, Co-Founder and CEO of chide.it, here are the rules around the business plan
- write your business plan and use it as a reference
- keep the business plan internally
- turn your business plan into a presentation instead
- follow the 10/20/30 rule in your presentation (REMINDER: 10 slides, 20 minutes and 30 point font size)
How to write a business plan, I asked Aydin, founder of chide.it and here is what he said:
1) it makes you write on paper what you are going to do to make lots of money.
2) it shows investors how you plan on making lots of money.
but, at the end of the day, look at your plan from a 3rd party perspective and ask yourself, would I loan this business 10k as an angel investor? If your answer is yes, then you’re in good shape”
simple and to the point!