So you want to be an entrepreneur. Amazing! But what will you be selling? Here’s an idea, you need to start with an idea. Great. Now that we have got that out of the way, we only need to get you some money; check your wallet why don’t you and while you are at it, ask around if others are willing to invest in your idea. Oh yes, you’ll need investors, they are a good source of finance we hear. But wait, you can’t just go ask them, that’s considered impolite in certain circles, why don’t you bring along a business plan. That’ll make you seem more business-like, besides, investors dig business plans. True story.
Here, let’s help you give a few tips on how to create one.
Start with this part, it’s the bit that helps you grab a potential investor’s attention. So make sure it’s well worded and clear and provides a distinct picture of the business plan. Pro tip: First detail your entire plan and then come back and summarize it, the executive summary, in short, is a synopsis of the plan.
Ya, this bit is pretty important too. You are not going to invest in any random company and neither will your investors, so tell them who you are and paint them a picture of your status – financial, SWOT, Mission Statement, the works, you know how this goes.
Description of your product or service
Perhaps the most important bit, this is what you will be selling. Tell your investors why they think your idea is worth selling and more importantly, why you think it will sell. What gap is it filling in the market or what problem is it solving, in other words why would people trade rectangular sheets of government approved paper for your product or service?
We know, you would like to sell it to everyone; how awesome would that be! But reality check, everything does not interest everyone or serve their purpose, so tell the investors who your product or service is for. Who are you ‘targeting’ basically (the subheading was some super foreshadowing, don’t you think?)
Sales and marketing plan
So you know who to sell to, but how will you sell it to them? And more importantly how are they going to know you are selling this thing that you are selling, also, once you do these two things, how are you going to reach the product to them? So detail a distribution plan as well; helps.
Now that you have most things ready, there’s only this minor detail left. You know, the investors need to make money – which is about the only reason they are investing (okay maybe not the only reason), and it also why you are going through all this trouble. You need to make money too. So tell them (and yourself) how, why, when and where your revenues are going to come from. Don’t just tell them, make a financial plan to explain it, because this is not personal, it’s business!
Now that you have these ‘Business Plans Made Easy’ tips, go ahead make one. It’ll either help you attract investors or score some high marks in Business Schools. No need to thank us, we accept likes and shares.