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A Start-up business plan: a dismaying challenge?

A Start-up business plan: a dismaying challenge?
Monday, 25 June 2018

Every morning somewhere around the world, there is a startupper who wakes up, drinks a coffee, turns on the laptop, and starts searching for information on how to write a Business Plan. "Ten tips on how to do a Business Plan", “Create a Start-up Business Plan in Easy Steps”, “How to Write a Business Plan for Your Start-up”,.. Feeling confused? Are you one of them and you are not sure where to start? Let’s gain some clarity.

What is a business plan?
According to Business Dictionary, a business plan is a set of documents to summarize operational and financial objectives for the near future and to show how they will be achieved. Essentially is a document that describes What & How you plan to do it, a roadmap for your Start-up. [1]

Let’s dive into the general components of a BP
A Start-up business plan should include the following elements:

  • Business concept: Start-up structure and description, your particular product or service, and how you plan to make your business a success.
  • Marketplace section:  Description of potential customer and strategies, design and development plan, analysis of competition, and how you plan to beat it.
  • Financial section: Income and cash flow statement, balance, and other financial information. [2]

Make it easy: choose your business plan software
Creating a business plan can be made easier with business planning software. These tools support the drafting of a business plan from beginning to end, providing hand-holding along the way.  Here there are some great choices for business planning software in 2018:

Some advice not to be missed when you create your business plan

  • Put yourself in the shoes of the audience and try to write from their perspective.
  • Acquire knowledge regarding the market, investigate it, and plan how to access it.
  • Understand the competition.
  • Make the business plan concise but with attention to details: the picture you have in mind needs to be understandable.
  • Concentrate on the opportunity. If you are looking for funding, clearly describe why the investor should fund your business.
  • Make sure all fundamental areas are included in the plan.
  • Document properly all the costs.
  • Make an Executive Summary, as it is essentially the start of the plan.
  • Have the business plan analysed and reviewed. [4]

Are you better prepared to write your business plan now?