Congratulations! You want to take the plunge and start a business, awesome. We believe that it’s possible for you to not only run a business but to become a successful business owner, whose business thrives. But before you get there you will need to lay out a sure foundation, in the form of a business plan. And we have just what you need to help you with the basics so that you do not become overwhelmed with everything a business entails.
Here is a step by step guide to everything that needs to go into your business plan. Feel free to download our Business Plan one-pager.
Summary
Your executive summary sets the tone of your plan. It provides a general overview. Including your business name, location, mission statement, products and or services you provide. Your Executive summary should clearly affirm your vision and purpose for your business. It should be expressed simply so that potential investors can understand your key objectives for the business.
Products and Services
In this part of your business plan it is important to describe the ambitions you have for the products and or services you plan on offering your customers. Include information about pricing, suppliers, revenue you plan to generate. Add the benefits and any incentives that make your product/service supersede your competitors. Is your product unique? Do you have any copyrights, trademarks or patents? What are your plans for expansion? Are there any plans to roll out new additional products or services with time? Try to be as detailed as possible in this section.
Customers
In this section give a detailed description of your ideal customer, include any specifics about your chosen niche, who are they? where will they find you? How will you find them? How will you convince them to buy your product/service? Is there a demand for your product/service from your ideal customer? How viable is the market based on your customer?
Competition
Here in your plan it is important to give details about the frequent developments in the market. Who is your competition? What are their strengths and weaknesses? What are your strengths? What are your weaknesses? Can these pose as a risk? Is there anything within your offering that make your business competitive in the market? How do you stand out?
Operations
In this section of your plan describe how you will run your business. Give details of the processes required to get the job done and identify the main roles within the business who will carry out each task. Will you recruit. Team? Or will you outsource particular business functions? What skills are needed to facilitate all the work that is expected to be done?
Marketing
In this part of your business plan you can demonstrate your knowledge of the market and how you plan to achieve success within it. Give details of how you reach your ideal customer and sell your product and or service. Include where your business is situated in the market, are you producing a high-end or affordable an offering? Are you mass producing or is it limited-bespoke to the customer? How will this be promoted and distributed to the customer? What are the benefits, advantages and disadvantages in your approach? How do you mitigate risks if any so that your marketing is successful.
Finances
In this section include how you intend to finance your business and what the financial goals are. How do you intend on reaching these financial goals? This should include projections of profit and loss, cash flow and balance sheet.
To get started on your plan download our free Business Plan Template below. It will give you the necessities to give you a workable and practical foundation to build a successful business.
