So, you think that you’ve got a great idea and want to implement it? That’s great, although I question the financial feasibility of Cucumber Cozies…no, there aren’t a lot of people that enjoy a chilled refreshing cucumber, but I’m not one to deter someone’s dream. The first thing you’ll need to get the necessary money in the form of a loan or investment is to have a business plan. Here are some essential steps you’ll need to do to write your business plan.
The executive summary is the first part of your business plan; it covers the basics of why you’re business will succeed. In a more detailed context, it includes answers to questions regarding the actual products and service you will offer, the market you want to work in, the competitors already in the market, customer base, projected development and financial development.
Of course in any business plan, you need to describe what the business is going to do. For example, it’s a good idea to include the initial outlook of the company and the companies potential for future growth. You should also include information regarding the market as a whole including any new products that might affect your business in the future.
Marketing is a huge component of business development, so it is a critical section of any business plan worth its salt. This is more information heavy as it should include a very comprehensive market analysis, to show you know the market you are looking at and how you will approach the people that the target market is composed of.
Analyzing the competition will show the advantages that your business has compared to other business in the industry, and what deficiencies you will fix with your business. This analysis will also demonstrate how your business can be protected from other competitors entering your market share and what inadequacies of theirs you can exploit by developing your business.
Design & Dev
This is the part investors will be most interested in. Essentially this is your product; it is what your business is based on and why they should give you their money. Beyond that this section will also talk about how you intend on developing your product in the future (and the promise of your investors return on their initial investment). Here you should also include a budget for development that will allow the product to evolve as the business grows.
Unavoidably you will have to talk about money; you are asking for money and the people you are asking for it want to know how they will get their money back including a bit of profit. Although financial data can be tedious and the financial factors are usually at the end of a business plan, they are just as important as the information found at the beginning.
Do you have any other advice regarding authoring business plans? Let us know in the comment section below.