The main points are as follows;
Make sure that what is delivered in the business plan is aimed at the target audience, so that what is being presented to them can be fully understood.
Market research; make sure that you have done the market research beforehand. Being fully informed about your target audience and client based, even if a little extra time is needed to gather all the relevant information. This ensures the business plan is designed and delivered through the best avenues ensuring maximum take up. It is better to have over researched than under researched.
Understanding your competition, as per the above (market research) it is always a good point to start with once you have your business model. Who, what and where are your competitors, these three points make the difference,
- Who are they?
- What do they offer?
- Where are they (are the on social media, are they easily contactable)?
The details, when writing a business plan details are everything. Make sure that all the ‘T’s’ are crossed and the ‘I’s’ are dotted, you need to show that you have given it your all when showing your plan, check and double check your data / findings, getting somebody to proof read your plan is always a good idea, more so if said person knows nothing about your proposal as they can give you a blank response
The opportunities make sure that you show clear focus on what you / the companies’ opportunities are. Make this part bold and stand out and focus on this section when giving you plan – wow your audience, keep them glued to your words and what they / you can get out of this plan / new adventure.
Management Team: when writing or delivering your business plan you will need to provide concise background information on all your key team members. This will in turn provide a solid foundation, whilst also demonstrating that you have done your background research and included the fundamental team members.
The financial plan: this is a must, as this will show that you a prepared. The best way to demonstrate this is via graphs and charts but it can also be displayed in number form or percentages. The key points you will need to incorporate are:
- The amount that is required to start & maintain your business.
- The amount that you are forecasting (will need) over the next two, three or even six years.
- Show your plans for the founding, give in-depth detail as to what you are going to use it for / where it will be spent.
- Ongoing expenses, this must include – salaries, insurance costs, promotional costs and stock / product replenishment costs.
- This is big one – anticipated for further funding. This needs to be covered, as this will show that you have a contingency plan.
Implementing the plan, make sure you show your audience how you will implement your plan, giving them clear points, goal posts and markers for your work. Make sure that when explaining your points you explain how you will reach each marker, what obstacles you need to overcome and how you will overcome them.
Evaluating/Feedback, how it went, and things you may do differently next time