Developing a business plan for a company or start-up involves extensive research, gathering information, analysis and planning, and creativity. In addition you must have the skill to put it all down on paper in a clear, concise manner that will be significant to potential financial partners. Plenty of times a business plan is thought of as something that is produced specifically to help entrepreneurs raise capital. The planning process itself is beneficial as well, providing the management team with a blueprint or roadmap to follow in jogging the company.
Portray your products/services. Focus on the benefits of your products and services to your actual or potential customers. Don't discuss how great the expertise you invented is. Show how the consumer or business customer will use your products and services in day-to-day life.
Discuss your industry. Give the reader a picture of the current status of the industry in which you will be competing. Provide information about the recent and projected rate of growth. Let the reader know why you think this is an fascinating industry.
Outline the business model. Business model has parts: how your revenues will be generated and the factors that will permit your company to be highly profitable. Perhaps your business requires limited staff and as a result has lower than average fixed costs.
Portray your competitors. Let the reader know who you will be competing against, and discuss their strengths and weaknesses relative to those of your company.
Portray your target markets. Provide a description of your most important customer groups. In case you are marketing to consumers, provide demographic information such as age, income level and schooling. In case you are selling to other businesses, portray them by size and industry.
Outline your marketing plan. Portray the strategies and tactics you will use to receive customers. Include a marketing budget showing how much it will cost to implement the strategies.
Introduce your management team. Discuss the background, prior experience and skills of the key members of your team.
List the capital necessary. Show the largest categories of expenditures and how each expenditure is necessary for the success of the venture.
Provide financial projections. A forecast profit and loss statement for the next three to five years is included in the business plan.
Portray the assumptions you used in building the financial models, so investors can understand the logic behind your numbers.
Helpful Hints and Business Plan Tips:
As you get feedback from readers of your business plan, don't be afraid to make changes to the document. A business plan is evolves along with a company.
Highlight the milestones your company has already reached. These could be such things as patent filings, securing the first customer(s), or building a working prototype.
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