I was just watching some interview of an investor. I was shocked to hear when he described the idea he would invest in is very similar if not exact thing to what we are developing. He said send me the business plan but we are not very experienced at it on the business side of the things.
I don't want to miss the opportunity and want to approach him as soon as possible to give him a demo. Just wondering how can I go about it without being dismissed right away for not having a business plan. He already spoke about what he would invest in, do you think a business plan is still needed?
A business plan is only required as far as a first qualifying point. Most people won't actually read them, they will just do the "weight" test and maybe look at a few key points.
It will come down to the personality of the investor, some will care, others won't. If you can talk intellegently about your plans, your market, your growth strategy, your break even points, your key metrics, how you will bring on staff, which roles there are going to need to be, how much it will cost you to aquire staff ... and more ...
If you can talk about all that and demonstrate you have thought the entire thing through end to end then noramlly you should be fine ... otherwise ... you should probably write the business plan for your own sake, in order to get it straight in your own mind before talking to an investor and damaging their confidence in you.
Where to start?
You need three things to pitch an investor:
A business plan is only really required and read by banks nowadays (and usually only for expansion of an existing business).