in the last video i discussed in detail about how to select your on-demand business vertical
today as promised i'm here to tell you how to write your on-demand business plan
so let's begin let's begin with an example if you ask a successful captain or say a coach
how could you win these many number of games apart from all the intricacies involved
they'll tell you one simple thing that they have a unique plan for every game they play
so now when you have decided to write a business plan and you are ready to get started
congratulations you have just increased the chances of your venture to succeed
my name is anurag before diving in let me amplify why is it important and what all to
include in your business plan it involves writing crucial aspects of your on demand business plan
like brand messaging pricing strategies and a lot more details of the elements to be included
writing a business plan is important because it provides a holistic view of your business idea
also it helps with communicating your needs legitimizing your business idea
giving your business idea foundation for success making it easy to sell your business and obtaining
investments also apart from these it gives you much needed confidence for the new venture
when you have a business plan in place writing a business plan allows you to carefully think
through every step of starting your on-demand business and handle the challenges if this is not
convincing enough let me tell you how creating a business plan will help you help you discover your
strengths and weaknesses manage startup capital accordingly convince potential partners customers
and the key employees market analysis and competition to strengthen your idea and determine
target audience and how to reach them let's have a look at the outline of the business plan the many
things that a business plan must contain executive summary company overview market analysis products
and services that are gonna offer marketing plan logistics and operations plan and financial plan
we've also provided a sample business plan to get you started with reach the link below to download
it now let's discuss in detail the outline of the business plan number one is executive summary
it should contain the overview of the entire business plan the executive summary is more
than just an outline of the business plan okay we can agree upon this thing that the audience for
your business plan are often the busy executives and investors so the executive summary might be
the only part that they read so here come the essential elements that your executive summary
should contain what does your on-demand business do that's what's a business idea
it contains what services you provide as a business what is the product of the services
it contains the product description what do you plan to sell the target audience next is how
do you reach your target market it contains the marketing plan your marketing plan is an essential
part of your business plan it contains how you want to communicate with your target audience
your marketing plan is just not the list of things you want to achieve but the list of measurable
outcomes other elements like branding plan customer accusation plan content marketing plan
etc this all can be included in your marketing plan what is your revenue model and projections
this is a part of the financial plan who is involved this is the team what does your business
want to do this is contained in the business goals your business goals establish where you want to
reach in a specific timeline the next element in writing your business plan is company overview
it's a short element of your business plan like the executive summary
it includes your background as a company a mission statement management team legal structure etc
this typically is a short section of your business plan you know but gives you an opportunity to
introduce yourself and your business now let's talk about the details of the company first is the
business type define exactly what type of business you are next comes the industry segment which
segment of the on-demand industry you belong to for example are you in the right healing services
or do you build your product in transport and logistics segments or safe for delivery
solution for that matter next is the nature of your business your vision mission and values
nexus business objectives both your short-term and long-term objectives have to be mentioned
and lastly your team just remember to keep it very clear and concise before we you know head further
i want you to check these pages the link for all these pages is given in the description below
the company profile page of starbucks the company page of puma nestle i suggested to visit these
pages because i believe this might give you the required inspiration when you're writing
a business plan the next element comes up while writing the business plan is about market analysis
market analysis is a qualitative and quantitative evaluation of the current on-demand market
conditions i suggest you visit the first video to get all over insights of the on-demand industry
the link is right in the description it helps you learn the strength and value of the market
potential customer segments and buying patterns your competition and the overall
economic environment so the elements that the analysis of market can contain are overview
of the industry size of the market trends the growth rate pricing and the market profitability
target market and the competition the next section of products and services is
intended for the leaders who will be actually using your services if this becomes very
essential to create convincing case in this for the product and the services that are going to
offer describe the features cost estimation of the services features briefly explain
the built-in features of the product that would create an overall understanding of your providing
technology pricing customer care when we talk about pricing how much you will charge
for the product or the services you're gonna offer also mention how it fits in the current
availability and emphasize how you stand out product comparison this is about comparing
similar product that exists in the market and advocating how you are a better option for the
users tell what needs your fulfilling and what problem you are solving also explain the sales
and distribution strategy how you intend to sell your product and services to the users
or in the market the next element of the business plan comes up is the marketing plan
we all hear you know and know about the four marketing fees namely price product promotion
and place strategy for the marketing plan may vary according to the nature of the services
you provide but there's a common goal to attract and build relationships with the customer so let's
delve in a bit more into the elements of the marketing plan plan out your marketing tactics
planning your tactics is determined by the consumer habits and sales strategy timeline
and budget create a timeline of events and set a budget to reach your audience include promotion
events pay the ads etc also keep in mind that your initial marketing plan is not set in stone
as your business evolves so will your marketing timelines and budgets
positioning target market strategy these are the few more things and when we talk about positioning
create the perception of your services in the market that you have envisioned
develop a clear communication of how you want to be perceived in the market
now comes with the next element in writing your business plan it's logistics and operations plan
this part includes the workflows that you'll implement to start your on-demand
business it includes the service providers equipment technology logistics partners
shipping and fulfillments when we talk about the technology it's about the tools and technology
that you use to keep your business running when we talk about logistic partners identify who will
handle the logistics or shipping processes and the inventory management where and how will you
manage your inventory how will you ship it to your partners if required and how will you keep
the track of the inventory financial plan it is crucial for moving beyond the worldly aspirations
into hard data with the financial plan you can forecast your business future finances budget
for expenses get financing from investors and grow your business when you write the financial
section of your business plan the information that you'll gather will depend upon if you have
some historical data from your existing business or you're just starting off as a new business
either of the ways this section should contain the details of business expenses financial predictions
profit and loss cash flows and their statements sales and forecast business ratio and break-even
analysis for you we have also provided a sample business plan for an on-demand food business
you can download that business plan from the link below before we end this lesson
i want to talk about the benefits of having business plan at hand it increases clarity
it gives a structured roadmap it supports in funding it has a defined timeline it gives
you a strategic focus above all a business plan at hand forces you to be accountable when you're when
you are about to run a business your business plan is a living breathing document that helps
you work toward a predetermined objective while it's also flexible for correcting your course
during those times when things you know can won't go as planned so i hope with the sample business
plan provided below and from the inputs that i've discussed here you'll be able to write your
business plan for the on-demand vertical that you have selected till then take care goodbye