To attract investment capital for your venture, you have to think like an investor as you write your business plan.
Both venture capitalists and angel investors have the difficult task of balancing risk versus reward in their decisions.
You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.
If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
Demonstrate you can sustain your competitive advantage.
The most difficult part of writing a business plan is articulating what you will do to maintain your position in the market as time goes by and new competitive threats appear--which they invariably will.
Approach this by showing what you will do to ensure your product or service offering is so superior that your customers would have little incentive to buy from anyone else. Build credibility with investors by showing past successes your team members have had that will translate into success in your new venture.
Show what types of skills and experience are required to succeed in this type of business--and how you have gone about assembling your team with these specific requirements in mind.
Their major concern is whether the technology can make money.
Present a compelling case for why the customer needs your product and will pay money for it.