Besides all other tasks that a business owner should accomplish, a detailed written business plan is the first thing on the list. Even though it is difficult to set, yet the business owner should be able to create it and include several points. Having a business plan will help in facilitating your business management as well as it attracts investors to your business. It is the thin line that separates a successful business and a huge failure. Here are some points you should include in your business plan:
- Proposed Solutions: Investors and lenders will search for a solution to every need. You must describe briefly and clearly how your business stars in finding solutions. Or else, your business will not attract any customer, investor or lender. You must show that people are need for your business and satisfy their needs with your products and services.
- Your Business Value: first of all, business owners must be aware that this is not the first business plan that an investor has come through. Therefore, their assessment to the value of their business should be logical and real, emotionally-added-values free and based on research and facts.
- The Target Market: It is definitely important to include your target market in your business plan, i.e. defining the people your product and service are dedicated to. Be careful! Not all people are willing to buy your products. That is why you must present a logical and real plan. Accordingly, you must make researches and studies to know who might buy or invest in your company, why would they buy it and how your product will serve their needs. Also, you must include any demographic details available.
- The Marketing Plan: It is partially true that the marketing plan has to be different from the business plan. However, no matter how varied and independent it is on your business plan, it must be included when presenting the business plan to investors. It will clarify how much of research you have done and how will you reach the target market.
- The Competitors: It is a common mistake for business owners to take on that there are in no competition. In fact, your product, no matter how exceptional it is, there must be a competitor to it. In the business plan, you should mention that you are aware of your competitors and of how they impact your business. With the social media and internet, you must understand how huge the competition you are in. If you do not show your consciousness towards this matter, the investor won’t be interested in your company and they will think that you have no idea about your market.