Regardless of whether your business plan is intended for an operating business or a new start-up, every plan has a purpose and goal. When you are creating your business plan from scratch, ask yourself these two questions: Why do I need a business plan, and who is my audience?
Here is where you cover items such as product description, origin of concept, current status, overall objectives and need, past endeavours, and qualifications.
Once you have an overview you will need an outline of the business plan, to ensure that each section is thoroughly researched and your plan is fully realized.
An analysis will addresses your direct and indirect competition. By defining the features of each of these groups (along with their competitive returns) you'll offer your reader a clearer understanding of your competitive surroundings.
Along with analyzing your competitors, you have to examine the industry itself - including the size, performance, growth rate, current trends, etc.
Determining your market depends on who your customers really are. Think about the market size and growth rate for a five year period. This will confirm its capability for new entrants. Find the driving market trends that will help your company grow.
Here, we answer the question "what will make this product or service valuable to clients?" From here, you can develop a gripping promotions plan, including marketing channels and the strategy to building its awareness.
Describe how the company will execute its vision, marketing plan and customer service. Include operations challenges, company executive structure, hiring needs, partners, and supplier and distribution needs. This section will also include management team biographies that show their capacity for follow through. Finally, include short-term and long-term milestones.
Give a clear summary of the financials and explain how the funds will be allocated. Identify your exit strategy. Financials are meant to show how marketing supports sales and that net margins are rational.
This will come last and highlight all of the details of the plan. This includes the key market reasons for the company's inception and potential for success: a strong management team, one of a kind products/services, a large growing market, sustainable industry, strong value propositions, definite competitive returns and level-headed projections.