Top challenges when writing a business plan

Updated: Jan 3

Entrepreneurs know that dreaming up a business idea is the easy part – making your dreams come to the reality is the real challenge here. One of the first steps to taking on that challenge is creating a business plan, a task that can be pretty frustrating no matter how great your idea is.

Writing a business plan is difficult, but it is necessary. A business plan tells the story of your business, from the big picture to the small details. It explains why your business exists, the problem you would like to solve and the company vision. The business plan is essentially a map to success.

In the last few months, I had the chance to talk with several entrepreneurs from different countries. Regardless how far they have come, they all mentioned challenges when writing a business plan. Here a summary of the most common challenges entrepreneurs face:

  • 👋🏻 Get started: the hardest part about writing a business plan is getting started. Where do I start? What template should I use? Are online resources credible?

  • 🔥 Keep it going: writing a business plan from scratch can be a long journey. One might get stuck at certain point then lose motivation if they do not see progress

  • 💰 Draw up financial plan: the financial section is one of the most challenging parts, especially when you try to project the numbers for a new product with little reference are available out there. It takes quite an effort to try to make the numbers look both sexy enough to attract investors or lenders and realistic enough to get their cheque.

  • 🛸 Make it interesting: writing a business plan is not only about developing an idea, but also about creating a narrative. Some struggle to embed compelling stories into their business plan

  • 👐 Deal with doubts: you will keep having doubts while writing up the plan: do the numbers add up? Is my story compelling enough? Do I have the right team for the tasks?

  • 🤸🏻‍♀️ Flexibility: finding the right level of flexibility for a plan can be challenging. A flexible plan allows changes when needed. However, a too flexible one might result in not having an actual plan.

How can we help?

Dedicated for entrepreneurs, Faicliq provides entrepreneurs a platform through which they can build up their business idea, draw up financial plan and get access to all sorts of professional services they need to start up a business.

Our business planning tool guides you, step-by-step, in completion of your business plan, organises your work and provides you with a sense of progress.

The financial forecasting tool helps you straighten out all items of your revenue and expense, so that you will be able to generate a cash flow projection with its highest accuracy.

Last but not the least, our marketplace is supported by business talents with different expertise(many of them are entrepreneurs themselves). Feeling stagnant in development of your idea? Don't worry, we will pair you with some of the best advisors in the market to help move your project forward.

💡 Get early access to our Faicliq platform by filling this form: faicliq-earlyaccess