When you want to set up a business, you always have to think about your business plan. Although very dreaded, this step is an obligation for all those wishing to embark on entrepreneurship.
This document must materialize the vision you have for your project. Properly drafted, a business plan will have no trouble reassuring your various investors about the reliability of your project.
On the other hand, if it is a poorly written piece, you cannot expect investment from people. As you will have understood, the business plan is essential for any entrepreneur. For this reason, we have written this article that will show you how to write a perfect business plan for your project.
What is the business plan?
Put it another way, and the business plan is a document that brings together all of the financial and commercial strategies necessary to realize your project.
Its primary function is to convince investors so that they give you the necessary funds for the realization of your project.
As we said above, this document is essential for anyone wishing to embark on entrepreneurship.
It is therefore essential to write it correctly; to do this, you must already know the structure of a business plan.
Structure of a business plan
Like all official documents, the business plan also has its structure.
You correctly understand the structure of a business plan, and you must bear in mind that the business plan aims to convince investors of the project's profitability.
So when you write your business plan, always start by specifying that your project will generate profits.
The project will generate benefits.
To specify that your project is profitable, you must highlight the existence of a need that your project meets.
It would be best always to make an effort to emphasize that your project is attractive enough to generate a purchase from the client.
Then you must also demonstrate that the need your project meets concern a large number of people.
This way, Investors will have peace of mind. that your project will generate a significant turnover. You must then specify in your business plan the achievements of the project.
Project achievements
You must specify in your business plan what you already have that will be useful for realizing your project. Whether technical, commercial, or even financial skills.
Even contacts in the market where you plan to sell your products are significant assets.
Finally, you must specify what place your future business will occupy in the market.
The place of your business
Indeed in your business plan, you must specify the place of your future company among the competition already present on the market.
You will need to identify potential competitors as well as proven competitors.
You will also need to specify the company's advantages over its competitors.
The steps to carry out your business plan
When you want to write your business plan, there are a few steps that you must follow to be sure of the result. The first step is questioning.
- Questioning
It's all about asking the appropriate questions in this step. You must first ask yourself, "is it necessary for me to write a business plan?". "
Because although some will tell you the opposite, the business plan is first and foremost a necessary document to raise funds to launch your business.
So if you don't need to raise funds to launch your business or project, it won't do you any good to waste time and energy writing this document. Instead, focus on completing your project.
If you're in a hurry, however, to raise funds for the realization of your project, you will have to ask yourself the following questions in order:
- First, what is my one-sentence project?
- Second, who is the clientele I aim for through my project?
- Third, with whom am I going to establish my company?
- Finally, why do I need funds to launch my project?
Once you have the answers to all these questions, you can move on to the next step, which is market research.
- Market research
This step is one of the most important in realizing the business plan.
It must be carried out at the beginning of your project when it is still at the stage of reflection because it will allow you to know the level of profitability of your project.
This study is quite simply a market analysis of the sector of activity in which you plan to launch your project.
In this analysis, you must consider the size of the market, the different competitors and their place in the market, and the potential influence of your project on this market.
This study will fully influence your financial and communication strategies. The next step is to carry out the economic modeling of your project.
- Financial modeling
Modeling is also an essential step in the business plan. Because indeed, it will influence many parts of the latter.
For this reason, it is also essential not to model it at the end of your business plan.
To carry out your financial modeling, you will need to use the information gathered during your market research.
Thanks to this information, you can, for example, determine the seasonal profitability of your project.
Market research will also allow you to determine the size of the market, the budget specific to your communication, your financial strategies, and the business model corresponding to your project.
All this information will allow you to make better financial modeling. But, then, you must proceed with the actual writing of your business plan.
- You are writing your business plan.
Once you have your project's market research and financial modeling, you can start writing your business plan.
For this step, you have two options. The first is a Word document of 20 to 30 pages and the second is a PowerPoint of about twenty slides.
Choosing your business plan format according to your objectives and the investors you target for your project would be best.
Also, note that all team members must participate in writing your business plan.
Also, keep in mind that investors are busy people, so that they will focus on form and not substance.
Please pay close attention to the visual aspect of your business plan so that it is as attractive as possible.
You must also pay attention to the Executive summary, which is a kind of summary of your business plan; it must be attractive and not exceed two pages.
In this part, you must highlight the essential points of your business plan.
For example, there must be points such as the needs met by your project, your financial strategy, the achievements of your business, your monetary forecasts, and the resource requirements for carrying out the project.
This part must be attractive and easy to read because it is one of the parts that investors watch the most.
Investors won't want to know more about you if you write it or present it haphazardly.
Finally, once you have finished writing your entire business plan, it is time for you to reread it.
This proofreading must ensure that your document is sufficiently impactful, with clear and justified hypotheses.
You must also make sure that the presentation of your document is as beautiful as possible.
Finally, This proofreading has to be completed. To eliminate the last mistakes in your document, whether in grammar or spelling.
We have finished with the steps for carrying out your business plan, and now we will present you with a business plan model.
A business plan template
Each project is distinct, and there is no one-size-fits-all solution. Fixed business plan model. However, all business plans have some chapters that they must have.
These chapters are generally the same, and the first of them is the team's presentation.
- Presentation of the team
At the beginning of your business plan, you should always present the leader and the key members of the project with a summary of their CVs.
In this presentation, you will have to show that the profiles of the different members of your team are complementary.
Then it would be best if you presented the product or service that your company will offer.
- Product introduction
In this part, you must clearly explain what needs the product(s) you offer to meet.
You must also present the existing offer and how your product will differ from it (advantages and disadvantages).
You will also need to describe the context and explain why the market is ready for your product. Then you will have to tell the market.
- Describe the market
In this part, you will have to clearly explain who the customers are and how what you are offering solves their problems.
You will also have to present the result of a survey carried out among customers and prospects, which attests to the existence of demand.
In this part, you will also need to identify your different types of customers clearly and the geographical areas targeted.
You will also need to assess the size and potential evolution of the market before presenting your market research. Then comes the business model.
- The business model
This part aims to demonstrate your company's ability to generate value.
You will have to explain the origin of the company's income, the means of distribution, the pricing policy, and also the commercial strategy. Then you have to talk about The competition.
- Competition
In this part, you will have to present the direct and indirect competition and the barriers that could potentially prevent new entrants from entering this market.
Finally, the last part is The Society.
- Society
You'll have to talk about it in this section. The legal situation of your company, its date of creation, and the start of the activity.
You will also have to inform in this part of your Capital the nature of your financial contributions and the shareholders, if there are any. Click here for more information.
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