Business planning is essential for the success of any business.A business plan provides direction, keeps you on track and is usually a requirement when you seek finance.Depending on the type of business you are starting and the type of plan you are writing, you may not need to go into too much detail here.
If you’re a shoe company, you aren’t targeting “everyone” just because everyone has feet.
You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.
The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you’re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape. Maybe the existing solutions to your customer’s problem are very expensive or cumbersome.
People who read your business plan will already know a little bit about your business because they read your executive summary. For a business with a physical location, perhaps there aren’t any existing solutions within reasonable driving distance.
Use this chapter to describe your current team and who you need to hire.
You will also provide a quick overview of your legal structure, location, and history if you’re already up and running. Because once you know the details of your business inside and out, you will be better prepared to write your executive summary.
You can always use the appendix of your plan to provide the full specs if needed.
Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.
Your business plan may vary from this depending on the type and structure of your business.
Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.