10 Tips For Writing An Effective Business Plan For Its Startup4:17 PM
Writing a Business Plan (BP or business plan) can seem daunting if you've never done before. Writing a business plan can help you deter...
Writing a Business Plan (BP or business plan) can seem daunting if you've never done before. Writing a business plan can help you determine if your idea is going to be success. However, it is something you can not afford to set aside or ignore. For a startup, the specificity of the business plan lies partly in the fact that often the business model of the company is not known or widespread. It therefore requires special attention.
Having a solid business plan is crucial for the survival and development of your startup.
Startup Business plan Writing
1 - Tailor your business plan to your audience
The starting point of any good business plan is the audience it will address. Who will read it?
What is its purpose? Attract a partner? Convince a banker?Although the facts and key figures remain the same, adapt presentation and before implementation to meet specific public expectations. This aspect is particularly important for start-ups that present a project or an innovative business model.
For example, a potential investor will be looking for a clear explanation of how it will get a good return on its investment. A bank manager will seek evidence that your business startup will allow you to repay a loan, a partner seek meanwhile to ensure that the project is robust and sustainable ...
2 - Know your market thoroughly, even for a small business startupOften start-ups based on their project to create an innovation and / or anticipation of new needs or services enabled by technological developments. Potential investors attach great importance to your knowledge and control of the project but also the market in which you are going to evolve. This is why your research is required, and information about your market should be detailed in your business plan.
What are the opportunities and threats that will face your business startup? What are your strengths and weaknesses? Consider making a quality SWOT analysis, she will attend to explain your position and your development strategy.
3 - Identify the competitors of your Business startup
To understand your market, you need to know all potential competitors of your business startup (existing and future). Who they are, their strengths and weaknesses and the likely implications for your business. Make no mistake: all companies, including start-ups, are facing competition (whether direct or indirect). The challenge for start-ups is often to identify competitors who like many startups, will build cheaply invisibly before launching a phase of strong growth.
Your business plan should show that you have a clear strategy to deal with your competition (speed of development, uniqueness of your offer, ...).
4 - Pay attention to detailYour business plan should go to the essential, but it must also provide sufficient detail so that the reader has the information it needs to understand your business startup, particularly in regards to your business model. Often the specificity of start-ups is that their business model does not exist yet. so you have to imagine, test the market reality and the work enough to make it realistic and credible.
Your business plan must also believe in your ability and professionalism. So Heal particularly spelling and avoid mistakes or unrealistic assumptions.
5 - Focus on the opportunity that your start-up offers investorsIf you are looking for investors for your start-up, clearly describe what you offer. Why should someone invest in your project as opposed to another? What makes your unique and special startup? Why will consumers buy from you? Your plan should answer these key questions simply but accurately.
6 - Do not miss important factsBasically, your business plan should have the basic elements of your startup:
- your products / services,
- your customers,
- your competitors,
- your team,
- your operational organization,
- your financial needs and perspectives,
- your goals
- and your development strategy.
7 - tweak the numbers of your start-upThe financial information of your business plan should be the subject of special attention. Both the sales forecast that cash flows should be presented clearly and justified and consistent. While costs are easier to predict than sales, both must be included. If the numbers are not really your thing, get help from a professional, accountants are quite competent to assist you.
8 - Make a compelling summaryNo doubt your summary (executive summary in English) is the most important part of your business plan. Most experienced players will play the first in order to quickly find key facts and figures. If your resume does not catch them and do not encourage them to read more, the battle is lost.
A summary provides key figures and key points of your project startup.
Although it is up to the front of the paper, write it last. By all means, make it attractive and impressive, but stay realistic.