In this article we will explain step by step what you need to do in order to build an amazing business plan that can lift you higher than you can imagine. In the startup or business world, of course everyone is coming from different backgrounds, but in order to drive your success there are some essential tools that you need to masterize yourself before going out into the real world. And Why? Because building a good business plan is the one and only way that firstly puts your thoughts in order and secondly lets you communicate more easily with potential investors who would like to fund what you are doing or offering.
The executive summary of your business plan is the overall story of your business. Keep it clear, short and into the point in order to help readers understand clearly what you are doing, but also to motivate them and prepare them of what is following next. Many investors are attracted just by reading an executve summary, as the heart of your startup or business.
In the business description you start stating more in detail the concept of your business. Start writing the preliminary purpose of the venture and try also to show the big picture. Essential parts that you need to include are sub-chapters and descrition of the industry, the market outlook and of course the future potentials. As you write about the future potentials of your business, dream big focusing more on showing what you want to become rather than the current stage (because maybe you will not have even started, or you are in the stage of the idea).
In this chapter you will start to descibe where you position yourself in the market, by referring to the existed solutions that exist out there in the same industry like you, offering relevant solutions. Here, it is important to show your competitive advantages against competition anad explain why you differentiate yourself. Even if you provide exactly the same products or services, state why people will choose you agains your competitior. It could be your better performance or your lower prices. Whatever it is you need to state why the customers will choose you and not someone else. You can also get inspiration by the 10 Types of Innovation Framework, which will give you ideas on how to create a competitive sustain business or startup.
The most important thing while building your own business or startup is the execution. People may have great ideas, but most of the time fail because a good idea is not enough to be sustain and scalable. The only thing that matters most is the execution and the development. On the other hand, you have seen definetely simple ideas who go very well as startups or companies, and they are good in one thing, in their execution. As a result, you need to have a clear development plan, on how you will built step-by- step what you are thinking of, the people that you will collaborate with, the way that you will enter in the market, how you are going to attract customers and secure your first revenues and many others. State cleary and in detail, and whoever is reading your business plan will be convinced for sure.
The Marketing Strategy is a very nice part to show the most on how you will enter in the market or how you will make yourself noticed. Especially now that we are living in a digital fast-moved era, you have plenty of ways to go online and get the people know you. Imagine yourself as trying to reach your first customers who will buy your products. Who will be and how are you gonna find them to get to know about you?
Business Model Canvas
The Business Model Canvas is the first entrepreneurial tool that helps you build an overall picture of your startup or business. You can state with bullet points your Key partners, Key Activities, Key Resources, Value Proposition, Customer Segments, Channels, Customer Relationships, Cost Structure and Revenue Streams. You can find a very nice canvas at Strategyzer and download it your pc.
The finacial data are the backbone of your business plan that indicate how your startup or business is going. The money for the business are like the blood in our body, so you need to put down everything in detail in order to ensure that you are going well. This chapter is a key to most of the investors if they would like to offer their money in you.