The business plan in short
Updated: Mar 3
We talked before about the importance of planning in a business, especially before starting everything. As detailed as you can imagine your business, as easier it would be for you later. You might already have prevented lots of mistakes, you have already the suitable people to work with in mind and you know from where all the resources could be purchased or borrowed. Much better than being out there in the dark, isn't it?
There are various models of business plans and you are free to choose the one that you feel comfortable with. A common format followed by various business schools is the one of Canvas.
We will present in what follows the main concepts a business plan should be able to present:
Why are you launching this business – the opportunity, why you want this business
What is your business like – short summary, objectives, success factors
What is your product/service – short description, benefits, advantages compared to the competition
How is my market – the market, its structure, possible threats
Who is your competition – who offers the same products/ services as you, what is different
Who are my clients –profile with information about their age, education, preferences, incomes, etc.
What is the legal context – authorizing for this activity
Where will my business take place – infrastructure, location, reasons to choose a place
Who will be my suppliers –cooperation ways, delivery and payments
Who are my employees – how many do I need, what are my costs
What is my management plan – what services I need, who can provide them
What budget do I need – first investments, price policy
How will I promote my products or services – marketing strategy, ways and places of distribution
Feel free to use questions like what, where, how, when, why, by whom to expand the research and drafting the plan as detailed as you can.
A business plan is good also to understand your working place or start planning for a business, even if you may not feel ready for getting it started already. It's a good exercise to put one and one together and see what you can create, at the paper level, and where it could lead.