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Startup Business Plan Necessities
Posted by : USA Online on Aug 09,2016 02:39 PM
A business plan is what happens between coming up with a great product or service idea and actually launching an operational business. In order to continue the development of your idea into an actual business, you need to sit down and write a business plan. Your business plan needs to share your vision for your proposed business as it will be used to attract investors as well as serve as a guide for business development. Here are some necessities of what needs to be included in your business plan.
Cover the Basics
In explaining your business idea and how you see it coming to fruition, there are some basics that will be the anchors for your plan. First, explain the general concept or philosophy that your business will address. Describe the service or product that you envision providing. Who is in the intended audience and potential consumer for what your business has to offer and why will they pay for your product or service.
Into the Core
If the product or service you are offering is already in the marketplace, what are you offering that the competition is not? How do you plan to position and differentiate yourself from the competition? Developing answers to these questions will form the essential core of your business plan and show that you are thinking about market positioning and branding. A startup positioning template is a great tool to capture key ideas that you can use to communicate about how you are uniquely qualified to address the needs and wants of your audience. By using this template you identify what your saleable item is and its key benefit. Then you define what market category the item resides in, and who its target audience is in the next six months. Finally, you define what makes your product or service different from its competitive alternatives.
Develop Your Points
Now it is time to develop the main points of how your business will work. Introduce yourself and other members of your business team if you have them. How are you going to deliver your service or produce the product? That will need to be explained along with information on the expected costs of production and delivery. You will also want to explain your business marketing plan and how it will connect with your target audience. Describe how the business will make money in the future, as well as outline how much funds you need now to get your enterprise started. Place emphasis on what actions you will take to attain business success.
Share the Vision
Sharing the vision for the company’s role in the marketplace and the world is important to help your business plan stand out. This is a great way to engage with prospective investors as well. The food company Hamptoncreek is a startup from California that continues to share its business plan’s vision that continues to guide its growth. The two founders of the company continue to ask “…if you could start over in food…” and continue to launch innovative food products that are better for the environment, good for their customers’ health, and easy on their pocketbooks.
Keep Your Focus
Keeping a clear focus on your company objectives sounds easier than it really is. Be relentless in your clarity on what your product or service is, what audience it resonates with, and how the business will be profitable. A true representation of your intended enterprise should be what shines through in your business plan. Do not be surprised if this takes a few re-writes and numerous edits to get your plan to really communicate what your proposed business is about.
Summarize
The Small Business Administration (SBA) recommends writing what it calls an “executive summary” that focuses on the founder's experience and expertise and explains the motivation in pursuing this business endeavor. Mentioning the need that this business solution will fulfill is also critical. This section should be the last one you write, but positioned at the beginning of your business plan.
It is extremely important for the founders of a business to stay on track about who their targeted audience is, and how they will make money by what they are selling to the customer. After writing your business plan, refer to it often to maintain focus on the things that are important to your business success. This way your plan becomes a guide to what you need to achieve every day, week, and month.
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