The business plan is the key document for any company. This document describes in detail how a new business can achieve its goals. This document is also an opportunity to assure the funders that your business is reliable to invest in. Here are some helpful tips to include in your business plan.
- Recruit A Mentor: Mentors can help you collect the necessary data, produce the financial reports required for start-up businesses to operate, and conduct SWOT analyses.
- Executive Summary section: The aim of this summary is to provide the reader with an insight about your company’s mission statement, financial objective, and highlight the market need that your company will cater.
- Company summary section: The aim of this summary is to introduce your target audience to your business and its owners. The summary provides a briefing about your company’s products or services, describes the industry your company will be competing in, and highlights areas that your company is willing to exploit. A successful summary also includes a feasibility study that integrates estimated costs, pinpoints the company’s premises, and lists the resources required to operate the business successfully.
- P&S Business Plan section: This section is dedicated to analyze the products and services that will be delivered by your company. It also includes a comparative analysis between your product and the product of your competitors. This section must also discuss the company’s marketing strategy, identify points of sale and describe the capital needs for producing the products and services that will make your business profit. Also, outline possible future revenue streams.
- Market Analysis section: This section is dedicated to understanding the audience your product is going to cater. It should include analyses on demographics, advertising costs, and trending market demands.
- Strategy and Implementation Summary section: This section should be dedicated to the value proposition – The reason why the consumer needs your product and the reason why your product will outperform your competitors. This section should also include forecasted sales figures and pricing strategies aiming to lure the customer and win over competition.
- Management Summary Section: Includes the company’s hierarchy, a briefing on the executive board, an initial headcount for the business to be able to operate, and the budget requirements for the human capital.
- Financial Plan Section: this section should include a combination of all the financial spreadsheet reports, the profit and loss as well as the projected balance.
- References Section: all references and information sources should be provided in this section as well as any other necessary documents and a small briefing of the above-mentioned sections.