Starting up a new business is exciting, challenging but rewarding experience.
How to write a Business Plan
It is always good to draft a business plan and analyse the strengths and weaknesses of your idea. Keeping optimistic, but realistic is a core basis for a good business plan!
Probably the best start would be an executive summary briefly explaining the business idea and clearly state its objectives. Then present the market environment. Consider that your audience might not familiar with your topic, and at the same time keep brief and professional. While reviewing the market and potential competitors it is vital to be honest and realistic. It is advisable to do your homework and gather as much information as possible. Any under or over estimation of the real situation on the market could be expensive at a later stage.
Presenting your business idea would be best followed by a detailed description your operational cycle supported by SWAT (Strengths Weaknesses Opportunities and Threads) analysis of your potential business.
A good sales strategy is fundamental. This would be the lifeblood of your business. Think of all possible options, contacts and opportunities. If you are seeking funding the sales and marketing part of the business plan should be well supported in order to convince potential investors. Should you have any funding requirements, a budget for at least one business year will be required. It is important to set reasonable and achievable objectives.
Another crucial point to be considered is a comprehensive description of the main product or service of the business, highlighting its unique selling points, clearly stating why your product is better, and would be of interest for your potential clients.
The more information and knowledge about the market and the business environment you have, the more likely is to be successful in your business. At the end read you business plan from the point of an external investor and think whether you would be convinced by the facts and objectives presented.
Should you need advice and support on your business plan, please contact us to discuss how we can contribute to your success!