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Before you can start writing a business plan you need to be sure of your business model. Many people make the mistake of not getting the foundation correct before they dive deep into their business plan and then wonder why their business fails.
Another challenge I find is that there is not enough industry analysis available by the time a person wants to start their business plan or they are not sure of the market segmentation.
I would strongly advise any person wanting to commence with a business plan that is serious about making a success of their business to first do the following:
A business Model Canvas (including a Lean Canvas)
The key areas are:
1. Problem:
Find 3 main problems you are addressing
2. Customer segment:
Identify who has the problem, define target customers and users
Early Adopters: find a small niche that is having the biggest problem, the ones that suffer the most (early adopters)
Existing Alternatives: Find out how they (Early Adopters) are solving the problem now
3. Unique Value Propositions (UVP):
Define your UVP based on the today’s alternative, what makes your product more efficient, a single and compelling sentence that makes everybody understand why you are far better (your features need to be compelling to the customers’ needs, other ways are irrelevant to clients).
The UVP may be:
- Quantitative- price and efficiency
- Qualitative- overall customer experience and outcome
The UVP MUST be stated in terms of Benefits, not product features
4. Solution:
Outline the main features of your solution. When your features are similar of the ones of the competitors, this is an equality. What matters are the points of difference! What you do, that the others do not do and is what matters to the clients. In other words what pain points are you attempting to address or offer solutions to?
5. Unfair Advantage:
What is it that gives you an advantage in front of the competition? Something that can’t be easily copied or bought.
6. Channels:
How will you reach your customers.
7. Cost structure:
Which will be the main costs when the solution is ready for the market (e.g. customer acquisition costs, distribution costs, hosting, people etc).
8. Key Metrics:
Key activities you will measure to track the success (e.g. units sold, users registered, retaining users, paying customers, number of complaints …)
9. Revenue Streams:
Which will be the main revenue streams when the solution is ready for the market (e.g. direct sales, licensing, pay per use, etc)
BUSINESS MODEL CANVAS
PROBLEM
List top 1-3 problems you solve
SOLUTION
Outline a possible solution to each of the problems
UNIQUE VALUE PROPOSITION
Single, clear, compelling message that states why you are different and worth paying attention.
High-level concept
List your X for Y analogy
Eg. YouTube = Flickr for Videos
UNFAIR ADVANTAGE
Something that cannot easily be bought or copied
CUSTOMER SEGMENTS
List your target customers and users
Early Adopters
List the characteristics of your ideal customers
KEY METRICS
List the key numbers that tell you how your business is going
CHANNELS
List your path to customers (inbound and outbound)
COST STRUCTURE
List your fixed and variable costs
REVENUE STREAMS
List your sources of revenue
Once you have completed this excercise, only then are you ready to tackle your business plan.
The Headings will depend on the type of industry and business plan and the reason for the plan.
For example if I was asked to do a Business Plan for a Beauty Salon, this is what the index would generally look like:
Contents
2.0 Company Summary/Company Ownership
4.1 Competition and Buying Patterns
8.4 Projected Operating Cash Flow
Each business is different and the business plan needs to address the areas of that particular business to give the reader and the user a fair idea of the degree of success of the venture.
Business plans also need to demonstrate that the business has a durable competitive advantage and that it has the capacity for scalability to accommodate growth.
The executive summary is the last part of the business plan that is completed.
Connect with me should you want more information or assistance, I am virtually available always! Business is my passion.
The main parts of the business plane are market study and business study , A SWOT analysis will be very essential in the business plane.
All the org. team should participate in the business plane
Although its totally depends on the business and its nature but there are certain business elements that a person should consider before and during the business that are listed below;
Executive behavior and consolidated summary
Business Description in a detailed manner
Market behavior and market analysis
Sales Strategies and management
Funding Requirements and investors
Financial Projections and outcomes
Before start doing any business, first you must have the domain knowledge in deep or you should have the partner that may help in this either as a consultant or a business partner. Start acomplishing above elements one by one and exectue it propely then you may plan yourbusiness and execute it properly.
The work plans are based on the specific requirements of the organizationAction plans are mainly related to the master plans
