How do you actually write a business plan for your start-up? We all agree that every business needs to have a formal business plan – whether it’s to provide direction or raise investment, a business plan is vital for the success of your startup.
Before you get started with your successful business plan, let me tell you the basic rules that will make the whole business planning process a lot easier:
– Keep It Short (otherwise, it can become boring)
– Know Your Audience (use clear words)
In this step-by-step guide, I’ll show you how to quickly and easily write a business plan that will get the results you want.
#1 – EXECUTIVE SUMMARY: It’s basically an introduction of your business to your audience. After reading your executive summary, an investor or a bank should understand what your company does and why you believe your business deserves attention.
#2 – MARKET ANALYSIS: In this section, you really only need to explain two things: the market need and how your products and services satisfy that need. The great tool you can use is a SWOT analysis – it will help you to map out strengths, weaknesses, opportunities and threats for your start-up.
#3 – PRODUCT/SERVICE: I would even call it the source of your revenue. A detailed description of the products or services is a MUST. This section should illustrate how your product benefits your target customers. BUT, keep in mind that highly detailed or technical descriptions are not recommended. Use simple terms and avoid industry buzzwords.
#4 – EXECUTION/MARKETING PLAN: Here you’ll describe how you’ll attract customers and how you’ll retain them. You need to know that people value long-term relationships, therefore, you need to use any good strategies that will increase your customer retention rates.
#5 – TEAM: There’s an old saying that investors don’t invest in ideas, they invest in people. So, use this section to demonstrate every reason why your team is the right one to build this company.
#6 – FINANCIALS: This section is vital. Usually, investors and loan managers are going to spend the most time looking at it. Therefore, be as precise as possible about how much your business operations will cost, resources they require and how much revenue they will bring in.
#7 – FUNDING: This section is not necessary. However, if you’ll nee additional financing, then this is where you explain how much external money you need and what you will do with it.
#8 – APPENDIX: The last pages of your start-up business plan can be dedicated to an appendix, where you will include all the additional info to help your readers to see a big picture – charts, diagrams, legal agreements, etc.
Never forget that the goal of your business plan is to convince you that your idea makes sense. Because ultimately, it’s your time, your money, and your effort on the line. As with any business project, research is critical to avoid the most common mistakes in business.
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CONTACT: For business or 1:1 entrepreneurship consulting inquiries, please use this email [email protected]
CAMERA GEAR USED:
○ My camera – Canon M50
○ Lens – Canon EF-M 15-45 mm f/3.5-6.3 IS STM
○ Mic – Boya BY-M1 Pro
○ Tripod – Manfrotto MKCOMPACTLT
0:00 Intro
0:55 Start of the tutorial
2:46 Executive Summary
3:29 Market Analysis
4:56 Product/Service Description
5:57 Execution/Marketing
7:00 Team
8:00 Financials
9:08 Funding (if required)
10:05 Appendix
DISCLAIMER: The information contained on this YouTube Channel and the resources available for download/viewing through this YouTube Channel are for educational and informational purposes only. I am not a financial advisor. You (and only you) are responsible for the decisions that you make.
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