Giving Birth to Your Business Idea
Everything starts with a plan, they say. It is this plan that defines every movement and decisions that the company's deciding makes at the start of the business. What exactly makes up a business plan?
What information do we need to put in such a document?
Alright, now, let’s see, have you got a business idea in mind? What do you do about it? Start it, of course, but that’s easier said than done. When you start a business, you need to go through a series of steps that will organize and make the transition from a mere idea to a real business a smooth process.
One of these steps is to draft a business plan. The business plan serves as a blueprint; a road map for the path that you will take later on as the business becomes a reality. Of course, the business plan is not just a simple write-up or outline about what the business is; it is a detailed documentation about everything that your business is all about.
The usefulness of a business plan goes beyond defining the scope and limitations of your project. Most of the times, it is used to gather capital and for closing deals with potential investors. It is also used as a reference for considering potential investments during the course of the business.
The Rudiments of a Business Plan
So, to start writing a business plan, it serves to know what are its components and parts. Here is some of the most important information that a business plan should have:
- What do you plan to do as a business?
The first question, obviously, deals on what you want to do for a business. In here, you state your idea. Also, you give a brief background as to where the idea comes from and what opportunities in the market it will exploit, as well as the chosen business model. This gives potential investors an idea as how to wide or narrow your niche market is, and how profitable the business is.
Your outline should also include what edge you possibly have over your competitors, and how you can exploit that to the business’ advantage.
- How big will your business be?
Another important question considered by investors and lenders, this part deals with how many employees you are planning to hire and how much you need to start up the business. Budgetary considerations like insurance or health care, and property costs fall under this category. Your own investment in the company should also be discussed at length in this section, as investors would want to know where and how you came across the money you put in for the combined capital.
- Who composes the core of your management?
In this part, you should outline who your key employees are like your CEO, Vice President, etc. Provide a brief background of each employee’s eligibility for the position and how he can help the business push through. You should also describe your personal role and rank within the business’ hierarchy.
- What would your business’ milestones be?
Milestones give investors a clear direction of the direction, as well as convince them of your definite plans and dedication to the business. It is important to identify milestones and the direction you’d want to steer the company/business into when achieving those milestones.
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