Steps To Creating A Business Plan

Steps To Creating A Business Plan-48
Don't "oversell" your company with inflated financial projections and pumped-up sales figures.Businesses that have invested in young companies have been around the block a few times and have a general understanding of what's realistic.If you claim sales figures twice as large as the competition, for example, they may well think you're not being realistic.

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Learning how to write a business plan not only leads to a great blueprint for running a company, it forces you to take a good look at how your business needs to be run.

It can also be a "checklist" for ensuring your company gets on the right track - financially and structurally.

Provide a ballpark estimate of the funding you need and make it clear whether you're open to a negotiation.

A company that knows how much money it needs will be taken as a serious one, and will be treated as such by funders and financiers.

In it, you'll go into more detail on what your company does and what solutions to brings to the marketplace. What is the leading marketplace product or service and what are you doing to improve on the leading products or services? Who has ownership of the company and at what percentage?

In this section, it's time to get specific and detail what product or services you're developing and what customers you're targeting. Financing companies want to work with differentiators, and they'll want to know what separates your business from the pack. How will your company operate (i.e., as a partnership or as a corporation, primarily) and who will be the key decision makers? These are the primary questions you'll need to answer in the company organization section of your business plan.You know the market, you have the necessary skills. This must be brief, to catch and hold people’s attention.Try to describe the goal and mission of your business in just a couple of sentences. Treat this section as an ‘elevator pitch’ document – it should be succinct and easy to remember.Also, how will you market your product or service to customers?These are the questions you'll need to answer in this section. Company funders consider this the most important section of your business plan, so be thorough and as accurate as possible in presenting financial data to your readers - they'll be pouring over every word and every digit to judge whether there's a good business opportunity here or not.From a financial point of view, a business plan is, by design, a document that's meant to attract money and financing to your fledgling business - it's your sales pitch to deep-pocketed investors to provide the financial juice you need to get your business up and running.Strategically, it may be best to use your lean startup business plan as a sales pitch to get financiers interested in your company.What other opportunities will you have if your business grows as planned? You need to explain how your business will differentiate itself from all the others. What are the daily tasks that need to be done when running the business?That might be based on price, service, quality, range or value. Include all business processes such as manufacture and packaging. How will you find people whose skills complement yours? Also think about who you want as your business advisors.Include a brief history of your company and mention any top-level talent you have aboard to get your company off the ground. What will your company produce and how will it benefit customers?In this section, you'll detail the marketplace you'll be competing in. What kind of research and development have you already put into your company and what results are you getting - and expecting?

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