"It should be as succinct and accessible as possible, and around 20 pages at most," he says.
Finding a market One of the most important elements of setting up an online business is finding out if there is a market for your idea."It's all about finding a niche," says William Berry, a self-made internet millionaire.
Bank finance in the form of a loan or overdraft is usually cheaper than selling shares or equity in your business, says Macklin.
Over the past 10 years, the growth of the internet has resulted in the high-profile successes of many internet-related businesses.
Just a few weeks ago, for example, price comparison service became the second-biggest internet float in the world since the implosion, after that industry behemoth, Google.
But he adds that equity investment is ideal for those businesses that do not want to increase their level of borrowing, or are unable to provide the necessary security.
If you're considering equity investment, two options are so-called " business angels" and venture capitalists.