1. What is the customer problem that the business will solve?

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If you can't see your customer's pain and solve it, there is no business, just a lot of flag waving. You are asking your customers to part with their hard earned cash. Why will they do with a smile? Then describe how your product or service will solve the above problem.

2. What is our “unfair advantage” that will stand out among any competition?

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This is the only area in which technology could be important. If the application of a technology gives you a competitive advantage, it has value. A business plan that develops technology for an undefined problem isn't worth the paper on which it’s printed. If you need capital for technology development look for a research grant, family, friends or fools, rather than a professional investor. Other "unfair advantages" include connectivity to an industry or market, cost, process, manufacturing, people, customer service, timing.

3. What does our industry and market look like?

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An industry is a collection of competitors and a market is a collection of buyers. Neither are products or services. Briefly describe the industry attractiveness in terms of threat of entry, buyer power vs. supplier power, threat of substitutes and competitive rivalry. Then describe the market attractiveness and the segment you are targeting. Summary market forecasts should concentrate on the market segment you are targeting rather than the overall market size. This is where you summarize your sales forecasts within your target market.

4. How are we going to reach our market?

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This is all about how you will position yourself in the marketplace and the kind of marketing and sales processes you will use to reach your revenue projections.

5. Who will be the people involved to execute these ideas?

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This is where you describe the team you have in place. Focus on their aspirations, propensity for risk, ability to execute on critical success factors and connectedness up, down and across the value chain.

6. What have we done so far to advance the business opportunity?

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This is where you state the legal structure, the state of your product or service, a description of any IP, any customers you are in negotiations or have closed, and the milestones you have set for generating revenue and when you expect to break even. You need to show that you have an economically viable business model that will not quickly run out of cash.

This factor involves a careful look at the following issues:

• Revenue in relation to capital investment and margins obtainable
• Customer acquisition and retention costs and the time it will take to obtain them
• Gross margins and their adequacy to cover the required cost structure to run the business.
• Operating cash cycle characteristics – working capital requirements

7. What do we need to make this venture a success?

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This is where you state how much funding you need, how it will be used, additional key staff required, contacts, non-exec directors, further technical help, etc.

The above summary is then expanded into the business plan and presentation, not the other way around. If you can summarize all the above in 3 - 4 pages, your chances of getting into serious negotiations with professional investors will increase substantially. If you can't, it means that you really haven't thought through your business opportunity.