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Business Plan Tutorial
Transcript of Business Plan Tutorial
It describes what you plan to do and how/why you plan to do it.
It should be clear and interesting enough for investors to want to read on. What is a Business Plan? Why Write One? •Allows you to focus your idea.
•Helps identify critical success factors, growth
opportunities, and challenges that may need to be addressed.
•Acts as a record for the goals and milestones of your
•Serves as a benchmark for you to look back on as you develop
•Aligns all your partners to a unified vision/goal. Executive Summary •The concept of your business.
• The goals and opportunities of the business, and the strategies you’ll use to take advantage of these opportunities.
•Potential risks and pitfalls you may face, and how you would avoid/face them.
•Who will run the business, and how (management bios).
•How you plan on making money.
•How much money you need to break even. A Business Plan
Should Convey... To properly achieve this, your plan should include: A summary of your business plan.
It should capture the reader's interest, making them want to read the rest of your plan. You Should
Briefly Discuss: •The size of the opportunity/target market
•The problem you are trying to solve
•How you are trying to solve it
•How your offering differs from the competition
•Why do you believe your business will succeed
•The business model
•The investment requirements This is where you include your business' vision and mission statements.
A vision statement outlines what the organization wants to be, or how it wants the world in which it operates to be. It is a source of inspiration.
A mission statement tells you the fundamental purpose of the organization. It describes what it will do to achieve its vision. Vision and Mission This is where you describe the product or service you are selling.
Highlight the gap in the market that your product is designed to fill.
Keep this part clear and simple.
How is your product unique? Product/Service
Offering Market Overview This is the research section of your plan.
It is where you provide your readers with data regarding the market you plan on entering.
You should provide support for your claims whenever possible. Your Market Overview Should
Include Answers to the Following: External Trends What are the external factors that impact your business, market, and industry?
E.g., Political, economical, societal, technological, environmental, legal, etc. Market Outlook What is the size of the overall market?
How much of that market do you intend to serve and why?
How many customers are there?
What are the buyers’ behaviours/habits? Supporting documentation is especially important here. Industry (Competitor) Analysis How many businesses operate in this market?
How many of them are competitors?
On what basis do they compete? This is where you tell your potential investors how you plan on selling your product or service to customers, and how you plan on competing with existing products and services. Strategy This Section Should Include You should aim to be as creative as possible. Marketing Plan This section answers specific questions the investor may have regarding the product itself e.g.:
How will you create product awareness?
How can consumers purchase your product/service?
How will it be priced?
How will it be distributed? Competitive Strategy How will you compete in the industry?
How will you create a competitive advantage? Operating Plan A plan formed by you (the management) detailing how you will achieve your milestones.
This is where you justify your budget request (funding target). Writing a Successful Operating Plan Start by showing the reader what you've done so far to get your business operational.
Follow this by an explanation of what still needs to be done.
Demonstrate an understanding of the process behind your business. This is where you provide your reader with a short description of your management team. Organizational Structure Management Team Bios Who are they?
What is their experience?
Why are they right for the job?
What are their roles and responsibilities? Board of Directors Will you have a Board of Directors? If so, who are they?
What experience do they have?
How are they useful to your business? Organizational Chart How is the company structured?
Who reports to whom?
Is any part of it outsourced? Shareholder Structure Who owns what in the company?
How are the shares currently distributed? Financial Forecasts These are covered in a separate tutorial. Milestones Important targets and goals in line with your strategy and vision/mission statements. When do you plan on incorporating?
When do you plan on marketing?
How many customers would you like to secure after each quarter?
When do you plan on recruiting key personnel? Your business plan doesn’t have to be perfect.
In the end, it is just a plan. Remember •Provides you with a means for financing your business.