Let’s now design a perfect business plan which compliments and depicts the strong business model you learnt to create previously.
Why a Business Plan
A business plan is like the script of a movie. If there isn’t one, what will the feature film build on? It is the document where every step of your venture is documented so you stay on target. It’s your North Star document. The one that you go back to each time you feel lost.
Let’s understand how to make this detailed report. Firstly, keep it simple. Secondly, ensure you have the below subjects covered:
- What is your product or service? What does it do?
- Which pain point of consumers are you addressing?
- How do you plan to launch it in the market?
- What will your revenue model be?
- How will you define your key metrics be – revenue, traction, and expense?
- What will your marketing strategy be?
- Do you have a sales plan?
- Who will be part of your team? What will their roles be?
- What is the plan to attract investors and get funding?
- Which area of your business will you spend these funds on?
Tip: Keep it short, clear, and easy to comprehend.
Write a short note on the purpose of your company. What are your goals, vision, and mission? Make it a 5-minute read (not more). State clearly what you plan to launch that isn’t already available in the market.
The summary should include:
- Purpose of the product or service
- A crisp description of your offering
- Marketing strategy
- Plan to generate revenue
I hope this article helped you in breaking down your business and summarising it attractively for investors