Starting a business plan is about following some steps in order to explain the business idea, set the business goals, and describe how to reach them. Here’s what those steps involve:
1. Define Your Purpose
What is your business idea?
Clearly describe your product or service.
Describe the problem it solves/needs it fulfills.
Why are you doing this business?
Define your mission, vision, and values.
2.Market Research
Get to Know Your Market
Find out what industry trends there are and how much market demand exists.
Identify who is going to use your product/service and what they need.
Know Your Competition
Identify the key competitors.
Analyze their strengths, weaknesses, and market positioning.
3.Diagram Core Sections
The following sections typically go into a business plan:
Executive Summary
Summary of the business, mission, and vision.
Key objectives and unique selling proposition(s).
Business Description
Information about the business model and legal structure.
The unique selling (value proposition).
Market Analysis
Detailed analysis of your target market, demographics, and competitors.
Give facts and trends to build your case for starting a business knowing your projected value.
Organization and Management
Indicate the organizational structure.
Key team players and their roles.
Products or Services
Information on what is being offered.
List the benefits, lifecycle, and any intellectual property (patents or trademarks).
Marketing and Sales Strategy
Marketing strategy: online, offline, partnerships.
Sales strategy and distribution channels.
Operational Plan
Overview of the location, equipment, and daily operations.
Information on the supply chain and logistics.
Financial Plan
Provide revenue projections, cost processes, and profit margins.
You may add a clear budget, needed sources of funding, and possible investors.
Appendices
You may provide other important documents like related resumes, legal agreements, or related research.
4. Set SMART Goals
Your goals must be:
Specific
Measurable
Achievable
Relevant
Time-bound
5. Draft and Refine
Keep language simple and professional.
The document must follow basic organization guidelines, such as headings, bullet points, and charts.
Review and proof for accuracy and coherence.
6.Seek Feedback
Have the draft reviewed by mentors, trusted advisors, or prospective investors.
Use constructive feedback to iterate the plan.
7. Finalize and Share
The document may be given a great, professional finish.
Have copies readily available for varied audiences, i.e., investors, partners.
Do you want a template or some examples for any particular section?
