When you want to create your own company, it’s necessary to take an important step which will help you to know if your project is viable and feasible. The Business plan is a kind of document where you can find all information concerning your future company, the competition, your objectives for the future and how you will succeed. You must not forget that you plan is supposed to get financed either by the bank or from other investors.
First of all, before making your business plan, you have to answer to two questions; why do you make this business plan and for whom. To begin with, a brainstorm is the best way to get more ideas and opinions, in order to improve your work.
In case you proceed with this step, it will help you launch a new company and get the funds that you need. Your file has to be addressed to all the potential investors, who could fund your project.
Then, it’s important to give more detailed information regarding your project. What is important is to talk about the opportunities that you will offer, the trend of the market and competition that you will face when selling your products or services. In this way, you will show your investors that you know very well what you want and then you will be aware of their interest in your project.
Now you have a complete description of your product and that gives you the advantage over your competitors, in the same sector, especially when the competition becomes hard. Now you are aware of your targets too and also how to attract new customers. The marketing mix, also called four “P” (Product, Price, Place, Promotion), must be clear and coherent. Indeed, you cannot sell a luxury product in the supermarket at a law price. Therefore, you should study the demands of the market and target your potentials clients. The customer’ behaviour plays a significant role and as it changes very often, your product must be able to adapt in those changes.
As always, it is essential to present a financial forecast of the first years of your company‘s activity. That means all expenses to launch and run your business and also the expected income from the sales of your products and the services offered by your company. Everything related to the company’s accounting must be precise at this part.
Then you should guarantee your potential investors that you are prepared for any unexpected situations that could occur. If you have in mind the potential difficulties, that may come into your way, you will have the time to find the appropriate solutions and be well prepared in case you have to overcome any problem. This feeling of having everything under control will make your partner feel like he /she can rely on you. It’s a good way to reach your objectives more easily.
The summary of your project plays an important role, as well. Indeed, in this part you have to focus on the essential things of your business plan and also add your personal point of view about each and one of them. In these few pages is enclosed the main idea of your project. So be very convincing about your ideas and your choices – even if sometimes are just predictions – support your point of view and be confident about your plan.