Writing a business plan is one of the most important exercises an entrepreneur must go through.

THERE ARE TWO main purposes of a business. One is to raise capital, and it is critical to present a comprehensive plan that is both informative and tells a great story. The second is to keep an entrepreneur on track with a clearly defined focus strategy. As these two purposes differ greatly, so might the documents. Investors have little time and like to see either a two page snapshot or a five to eight page executive summary. So it’s important to be informative yet succinct. A full-blown business plan should reflect every aspect of your business; I equate it to the veins of the business. Not one aspect of your business is to be overlooked. As such, a full-blown business plan could be as little as 30 pages and as large as 50 to 70 pages, sometimes longer. The problem with writing a full blown business plan is that it can become an elongated process; companies, especially in the iGaming space, are required to move so quickly that it’s almost out of date from the minute it is completed. Regardless, it is a good exercise and one that many learn from as they put their thoughts onto paper. The investor executive summary should reflect a boiled down version of the longer management business plan. Certain sections (which we will come to later) such as the market opportunity should almost remain the same (verbatim). Other sections, such as financial projections and technology, should be a much-abbreviated version of the longer management business plan.

Getting an investor to sign a non¬disclosure agreement (NDA) is ideal as a lot of proprietary and sensitive information is shared during the investment process. A vast majority of institutional investors will refuse. Investors see many business plans come across their desk. Asking an investor to sign an NDA could pretty much put them in violation should they decide to invest in a competitor. So don’t be put off if an investor refuses to sign it. What is important here is mutual trust. An investor is evaluating the entrepreneur to see if they are investable. Just as important, the entrepreneur should
also be evaluating the investor. Are they trustworthy? Though I have very rarely seen an investor read a business plan and steal the idea, I do know a few cases where it has happened. So buyer beware! Sharing confidential information should be a carefully thought out decision.

The main difference between other technology and e-commerce business plans and a business plan geared for the iGaming sector is the critical importance of regulations and responsibility. Unlike most other technology-related sectors, the regulations surrounding the iGaming sector means that the industry acts as the overarching differentiator between how a company plans to run its business and where it fits into the overall sector.

This article will outline the important sections that should be included in a long form management business plan. Each section provides a specific purpose to the overall story that is being conveyed and provides a comprehensive blueprint from which to base an entrepreneur’s strategy.
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