Have you ever been asked to do a business plan? Most business plans are downloaded from the internet with very technical words that most first time entrepreneurs do not understand.
HER business has done a 3 part segment or writing a simple and practical business plan, should you require one fro your business.
For each section, write a short description that addresses all of the included points and questions that apply to your business. Here we go:
Statement of Purpose:
Describe the business, its product and the market it will serve. It should point out:
- what will be sold
- to whom
- why the business has a competitive advantage
Highlight the important financial points of the business:
- sales and marketing
- profits
- cash flows
- return on investment
Clearly state the capital needed to start the business and to expand. It should detail:
- how the capital will be used
- the equity, if any, that will be provided for funding
Furnishes relevant information about the company:
- its legal form of operation
- when it was formed
- the principal owners
- key personnel
Details any developments within the company that are essential to the success of the business:
- patents
- prototypes
- any contracts that need to be in place for product development
- results from any test marketing that has been conducted
Business Description:
Describe the industry: discuss the present and future outlook. Provide information on the various markets within the industry:
- new products or developments that will benefit or adversely affect your business
Describe your structure:
- What is your structure?
- Is the business new or pushing in a new direction?
Customer overview:
- Who?
- How reached?
- Business operation support?
Product overview:
- What are the distinct features?
- What is the value proposition?
Describe your projections of profitability:
- What factors will make your business profitable?
- If applicable, how will equity or debt impact profitability?
- How will you grow your business utilising this expected profit?
- How will your team composition impact profitability?
- What external opinions impact your expectation of profitability?
Part 2 will cover Market, Pricing and Positioning
Source:TEEP