This article is meant to be a reference piece. Be careful taking it though, your life my change real quick! How often do you say it?
There are tons of articles and books on how to write a good business plan, but still I get a lot of questions on how to write a business plan effectively. In the business plan you want to explain what customers you want to target via which marketing channels, what makes you different from competitors, who the management team is, how you are going to make a profit, and what the milestones are for achieving your business plan.
So, in a nutshell a good business plan follows the following story. There are several reasons why with some business models you should only write an abbreviated version of a business plan we will cover this in another post.
The second reason is that when you write a business plan, you set yourself a guideline which to follow.
This will increase your focus and get how to write a good business plan free done mentality as you target your milestones. WHEN Most people start working on a rough business plan too late.
We recommend that you write a business plan when you have a good business idea. It is totally fine to have a first business plan covering the key business model drivers and milestones you want to achieve on pages. Once you learn what customers really want and how to profit then you increase the detail of your business plan e.
Now, you might need some funding because you are not profitable yet or because you want to finance a larger expansion more products, more countries.
For this, you will need to write a very detailed business plan which will be the basis for investors to make their decision to invest in your business or not.
This fully fledged business plan is what we are talking about in this article. FOR WHOM The external purpose of the business plan is mainly to receive funding equity or debtthus the potential addressees of the business plan can be: Equity investors like business angels and venture capitalists Debt investors like banks It is important to frame the information in the business plan to the needs and investment profile of the investors.
When you write your business plan you should focus on quality facts, crisp, simple Englishnot quantity. As a starting point you can use this or that free business plan template. We recommend, you ask your friends and family for input on how to improve your business plan.
After each investor meeting, use their feedback for sharpending your pitch and business plan. A good quality business plan will increase your chances of getting funded. The executive summary typically is pages long. A potential is mostly interested in what specific industry expertise, technical skills and business network you have in order to drive the business growth.
One key skill, I find most people overlook, is that management should master the skill of allocating capital in the most efficient way. Furthermore, you should show that your team is complementary meaning that the management team should have different backgrounds; this helps in making hard decisions as the whole team sees the problem from different perspectives.
Be as specific as possible. The more precise you describe the problem, the better your solution will be and thereby you will increase your chances of success.
People have cancer and I know why. Let me assure you, you have competitors. Either you have competitors that offer a similar product or at least you will competitors who try to solve the customer problem in another way. Imagine you want to sell a super new type of juice which nobody sells.
Every company that sells any type of drinks e. Show the investors in your business plan how you will position your business in comparison to the competition.
Make sure you describe why your product or service solves the problem in a more effective or efficient way, so you will have a value proposition over competitors.
Your business plan should also specify the customer benefits of your product making something faster, cheaper, more reliable, more effective, more beautiful. This discussion will later help you to pitch your product to potential customers.
Briefly explain how you source and produce the product and how this might translate into a competitive advantage.
If you have any sourcing or production related partnerships, then state them here. This might also indicate some traction.
Now, you need to show which advertising and sales channels you want to use for approaching potential customers. You need to show which channels have the lowest customer acquisition costamount of customers and product perferences of customers.Mindspark Interactive.
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This article is a comprehensive list of over free sample business plan templates that give an easy start to aspiring African entrepreneurs and small businesses. We would like to show you a description here but the site won’t allow us.
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