How to draw up a business plan to start a business?
In the process of starting a business, a business plan is a detailed written document that outlines your company project. It serves as a tool to convince banks and investors. Let's take a look at how to create one.
In the process of starting a business, a business plan is a detailed written document that outlines your company project. It serves as a tool to convince banks and investors. Let's take a look at how to create one.
Before diving into these details, Micco stands as an all-in-one financial platform tailored for business creators, facilitating a comprehensive array of services. These include streamlined procedures for company registration, professional bank account establishment, capital deposit management, and more.
Micco's commitment to empowering business creators extends to:
- Effortless company registration processes
- Seamless professional bank account setup
- Convenient capital deposit management solutions
- A suite of additional financial tools and resources catered to entrepreneurs
With Micco, business creators can access a one-stop solution designed to streamline their financial operations and support their growth endeavors effectively.
Table of Contents
- What You Need to Know First
- The Five Parts of a Business Plan
- Introduction or Pitch Presentation
- Introducing Your Product or Service
- Introducing Your Business Model
- Market Study (Summary)
- Financial Forecast (Summary)
1. What You Need to Know First
The business plan must be saleable and reassuring, meaning it must be realistic and built from the ground up based on your research.
- It needs to prove the seriousness of your plan.
- It must be both concise and very accurate with your numerical forecasts.
The main investors you need to convince with your business plan include:
- Banks
- Government
- Local authorities
- Business angels
- Future partners
- Anyone you're seeking funds from
You need to prepare multiple versions of the business plan based on your audience.
2. The Five Parts of a Business Plan
1. Introduction or Pitch Presentation
Definition
A pitch presentation is a concise presentation of your project to convince an audience.
- It must be condensed.
- You must convince in a short time.
Content
In this introduction, you should answer the following questions:
- Who are you and who are the members of your team (employees, partners)?
- What's your plan? It includes the name of your company, its legal form, its domicile, the nature of the activity, and the history of the project.
- What's your target? It's about showing that you've identified your future customers.
- What's the environment? It's about showing that you've identified your competition, constraints, risks, market trends, etc.
Supplement:
- Describe the skills and experience of your team members and their roles in the project.
- Emphasize the uniqueness and innovation of your project.
- Provide a brief background to explain the origin and development of the project.
2. Introducing Your Product or Service
You describe what you will sell.
- This description must be precise, concise, and clear.
- Avoid using overly technical terms.
Supplement:
- Describe in detail the features and advantages of your product or service, as well as how they meet market demands.
- Use language that is easy to understand to explain the functionality of your product or service to attract potential customers' interest.
- Provide examples or case studies if possible to demonstrate the effectiveness of your product or service.
You need to determine how you're going to sell your product or service.
Answer the following questions:
- How will you promote your product or service?
- What will be your pricing?
- Who will be your suppliers?
- What will be your channels of distribution?
- What will be your relationship with your customers?
- Where will your products be stored?
- What will be the scope of your business development?
Supplement:
- Analyze your target market and audience to identify the most effective marketing channels and promotional strategies.
- Determine appropriate pricing strategies to balance costs and market demand while maintaining competitiveness.
- Evaluate the supply chain and production processes to ensure the quality and reliability of products or services.
- Develop a customer service plan, including after-sales support and feedback mechanisms, to improve customer satisfaction and loyalty.
3. Market Study (Summary)
The aim is to explain:
- Who are your future customers?
- What added value does your product bring to the market?
- In what environment does your future business fit?
Supplement:
- Analyze the size and growth trends of the target market in detail to identify potential market opportunities and competitive threats.
- Identify the characteristics and preferences of target customers to understand their needs and behavior.
- Analyze the strengths and weaknesses of competitors and develop strategies to address them and differentiate your offering.
4. Financial Forecast (Summary)
The goal is to show that your company will be profitable.
- It is also called a financing plan or provisional budget.
- The Financial Forecast is part of your market study. It is the last part of your market study.
You must build this budget for the next three years.
- You must determine:
- Your expenses
- Your revenue
- Your financing needs
- Fluctuations in your business and the market
It includes four parts:
- Profit and loss account
- Balance Sheet
- Financing plan
- Budget or cash flow plan
These four parts correspond to four numerical tables.
In the entrepreneurial process, a business plan is crucial. It is not only a key tool for convincing potential investors but also helps you gain a deeper understanding of your business and prepares you for future development. Micco provides comprehensive company establishment services, including an exclusive business bank account.
Whether you're a startup or expanding your business, we stand by your side to provide the support and guidance you need for a smoother entrepreneurial journey!
As a financial services company, Micco provides comparable services and solutions tailored to the needs of modern businesses. With a user-friendly platform, competitive pricing, and a commitment to customer satisfaction, Micco is a viable option worth exploring.
Whether you're a freelancer, startup, or established enterprise, Micco offers the tools and support needed to streamline financial operations and drive business growth. Check out Micco today to discover how it can complement your business banking needs.
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