How to write a business plan (1)--What are expected in my business plan

Updated: Jun 5

What is a business plan?

A business plan is a written document that lays out in detail how a business defines its objectives and how it is set to achieve its goals. It usually includes an executive summary, products or services, marketing strategy and analysis, and financial projection.

It is important because it helps business owners draw a clear and viable plan of action before starting a new business or launching a new vertical/area.

When business plans are needed?

There are two major reasons why people write a business plan. The first is when some organisation or individuals, that you want to work with, ask for it. The second one is, for yourself, to help you organise your ideas.

Even if you do not always need a formal business plan to give to an investor, it is better to go through a rigorous planning process. The process of thinking and planning your business can help you identify and address some issues before you start.

What are expected in my business plan?

Some may choose to do it in a traditional way for acquiring loans from banks, which usually is lengthy and detailed. Some just want to quickly document the idea in a one-page plan and get on to make it happen.

Regardless of how you would like to do it, you will be expected to address the following aspects in a business plan:

The Problem and solution:

❓Problem: Why this business? What’s the market need?

💡 Solution: What product/service will you provide? What is your value proposition?

🎯 Target: Who are your customers?

💹 Market: Where do you position your product/service in the market

How will you achieve the goals?

👫 Team: Who will be responsible for delivery of result?

🤝 Partnership: Any potential partners to work with?

🈺 Distribution/Channels: How will you sell your product/service?

🗣 Marketing: How will you approach your target customers?

Your finance projection:

💸 Revenue model: How will you charge your customer?

💶 Initial Cost: How much you will need to start the business?

💳 Running cost: How much do you need to keep you running

💰 Funding Sources: Where you can find funding? How much would you need (for investors)? And how would you spend it?

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