Learning how to make a business plan can seem like a daunting process for any new entrepreneur or a seasoned executive. A great business plan can be the foundation for success for any new business. While some ideas may look fantastic on the back of a cocktail napkin, it will come down to your execution and a great business plan will be key in making the dream a reality.

A business plan is a tool that will help you anticipate any challenges that you’ll face and serve as a key document that potential investors will look closely at as a guide for providing capital for your idea.

According to studies, business owners who take to time create a business plan are 2.5 times more likely to get their business past the idea stage to reality.

Below are some of our tips that will help you craft a great business plan to woo potential investors for your idea.