Do you want to embark on an entrepreneurial adventure and create your own activities and rules? Do you have a project that is close to your heart, and you are convinced that it will meet with resounding success? Creating a business plan helps you formalize your ideas and test the viability of any project. If you need capital, Clearbanc and other companies of same category can be helpful, but you need to research any financial decisions thoroughly. It is a useful exercise to embark on before you consider creating your product or service, renting premises, hiring staff, or even advertising.
Find below suggestions on how to create a reasonable business plan.
Introduce Yourself and Your Team
The first section is there to introduce you: describe your background, your experience(s), and your motivations. Your reader may not know you, so offer him a quick summary of who you are and why you are embarking on the project. Attach your CV to your business plan. Detail the positions you have held in your career and what you have learned from them, as well as your interests and ambitions. Relate these elements to the project you are developing. The purpose of this section is to show your reader that you are capable of leading your business to success and dealing with the many aspects involved in creating and managing it. Take note, one of the vital purposes of this section is to capture the reader’s attention and explain the main lines of your project. This section should be clear and concise so that your reader will keep it in mind for the rest of their reading.
Your Market Research
As its name suggests, this section is there to analyze the market in which you are to operate. To persuade your reader, it is important to show them that you have a good knowledge of the sector and that its specificities hold no secrets for you. Your market research will therefore consist of the following elements:
- Your targeted customers
- Catchment area
- Complete analysis of your competition
- List of potential barriers to entry and regulations
Your Business Strategy
Your market research has enabled you to precisely identify all the market variables you want to integrate. You know who your customers and competitors will be, and how they interact. Now you need to think about and define the way you are going to stand out from your rivals and convince your future buyers to choose your company over another, and that is called your business strategy. You could visit 1800 Fresh Start for more on business strategy.
Your Provisional Financial Plan
Now is the time to associate quantified data with your project: this is the part that your banker will scrutinize the most carefully but it does not represent an end in itself. The figures put forward in your provisional financial plan must be justified and agree with the rest of your business plan. Your financial plans should cover at least three years.
Include here all the elements that you think are relevant to attach to your business plan, and that has no place in the rest of the file: CV, sales letters, partnership promises. Be careful, however, not to use this section to fill and thicken your file.