Thought of a great business idea?
Before you go pitching it to investors, you’re going to need a business plan — especially if you want to be taken seriously.
But how do you write one with no experience?
Don’t stress! Within this video, we will walk you through some key points that you’ll need to include in your business plan.
Before we begin, don’t forget to hit the subscribe button and the notification bell to get more helpful videos like this one.
1. Executive Summary
This is the introduction to your business plan; it should be a summary of everything you will say in greater detail in the following pages.
The executive summary sets the tone for the readers, so list the goals of your plan.
For example, if you’re aiming to get investors, you need to explain the market opportunity, your capital requirements, a mission statement, an overview of management, competitors, your firm's competitive advantages, and a summary of your financial projections over the next three years.
Keep this section to under four pages.
2. Business Description and Overview
This section is designed for you to provide more information about your business.
You’ll need to inform your readers about the purpose of your business.
Explain why you developed the company and what you plan to offer.
You need to show the business model strategy, any existing strategic relationships, and what your future projections look like.
3. Product and Services
This is where you list your services.
If you’re selling a product, explain who the manufacturer, distributor, and retailer are.
Explain how you handle your manufacturing process and inventory.
You will also need to list any patent, copyright or trademark information here.
If you plan to feature new products or services in the future, this is where it should be mentioned.
4. Marketing Strategy
Without an effective marketing strategy, it’ll be hard for you to get noticed.
Here, you should address your target market and what tactics you plan to use to reach them.
Are you solely focusing on a digital strategy, or do you plan to use offline advertising, too?
5. Competitor Analysis
Competitor Analysis goes hand in hand with market research.
In order to be successful, you must have a clear understanding of what opposing companies are providing.
Once you have done that, you need to explain why and how you plan to achieve greater success than them.
6. Design and Development
The design and development should outline how you plan to operate the business throughout the entire cycle to reach its goals.
Provide investors with a description of the product’s design, chart development, and budget.
This section should be extensive if you plan on attracting the right type of investment.
7. Operation and Management
If your business plan is designed to attract investors, you’ll need to include information on current executives and managers working for the company, along with examples of how they have reached your business goals.
8. Financial Factors
In the financial section, you provide the measurable income, pay-outs and profit of everything you stated in the previous seven sections.
This is where you include your projected profit and loss statements, balance sheets, and cash flow for the next three years.
So, now that you know how to write a successful business plan, nothing can stop you.
That said, if you’re looking for more advice, head over to CareerAddict.com, where we share further information.
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