- Consider these questions before starting a business
- Take this free course on how to start a business where we cover this topic and more
Why Business Plans Are Important
- Understand your business
- Understand your competitors
- Explain your business to others
- Help you raise money
- Help you have a plan for the years ahead
Parts of a Business Plan
Steps to Writing a Business Plan
- Title – Company name and contact information
- Problem/Opportunity – Describe the problem you are solving or the joy you will be creating for your customers
- Market Value – Explain the potential money you can make. In the market for the problem you are solving
- Your Difference & Value Prop – Show how your product is more valuable than the competitors and your solution the best. Give a demo of your product
- Your Business Model – Explain how your business will run. i.e Ecommerce, Outsource staff etc
- Your Go to Market Plan – How do you plan to bring your product to customers and sell it
- Competitive Analysis – Show a complete view of your competitors and where you stand out against them
- Management Team – Show off your management team. Investors prefer an A team with a B plan vs a B team with an A plan
- Financial Projections – Provide a 3-5 year sales forecast including expenses so you can clearly see profit and loss projections.
- Current Status – Let them know where you are with the business and any accomplishments.
4.Full Business Plans
Now a days it’s rare to have a full 50+ page business plan. Usually detailed shorter Power Point presentations are what is used to raise money and share the vision of a business.
Take our free how to start a business course to learn what other steps you need to do and know in order to launch your business. It comes with a free Power Point and Keynote business plan template and icons.