a few tips to bear in mind
Have you finally decided to set up your own business? Congratulations! By doing so, you’ll be helping to reduce unemployment in your country. But before you can go ahead with such a project, you need to draw up a business plan. Successfully drafting a business plan makes it easy to find partners and the financing you need to get started.
You’re probably wondering how to draw up a good business plan. It’s a question that many budding entrepreneurs ask themselves. Today you’ll discover the most important information to include in your document to make it convincing enough.
Presenting the founding team
Drawing up a good business plan is not an impossible task. To simplify the task, you can enlist the help of a online business plan software. Doing it this way helps you master the financial mechanisms involved in your business. You need it to manage your future company.
The business plan is not a document in which you line up figures to prove that your project is viable. Your potential partners and investors aren’t just interested in supporting you. They also take into account your team’s ability to bring the project to fruition. If the project isn’t managed by qualified people, it won’t achieve the desired results.
In presenting the team, you should emphasize each member’s expertise, qualities and motivations. You need to emphasize the role each member will play in steering the company. A good presentation of the founding team also makes it easy to convince your readers.
Market research to prove the commercial feasibility of the project
A thorough market analysis is a prerequisite for a convincing business plan. Here, you need to analyze demand, competition and macro-environmental factors. All this helps your future investors and partners to be sure that your goods or services will be well received in the marketplace.
They can also deduce that you won’t be squeezed out by the competition, and that political, socio-cultural and other factors won’t prevent you from doing business. Market research is one of the ways in which you can prove the feasibility of your project. Don’t neglect it under any circumstances.
Include a convincing business model
Your business model should be just as persuasive. In this part of the document, you should present the means you plan to implement to ensure your firm’s profitability. It should also detail what you plan to do to create added value. Your readers need to know about your revenue-generating capabilities. This is the place to present the key factors that could contribute to the success of your project.
A breathtaking action plan
The strategy to be implemented must be relevant. You must allow your investors to judge its relevance. To this end, include in your business plan the objectives you wish to achieve and the time frame in which you intend to achieve them. To convince them, you need to be realistic.
In addition, you need to define monitoring indicators, not forgetting all the resources (financial and material) required to achieve these objectives. Finally, you need to outline the roles of each participant, taking into account their skills.
A precise, objective financial forecast
You are not allowed to underestimate or overestimate working capital requirements or sales forecasts. You need to make precise and fair calculations. Ideally, this should be done by a chartered accountant.
He or she will be able to draw up a financing and cash flow plan, as well as an income statement and break-even point. If you draw up a financial forecast properly, you’ll be able to convince your readers with figures. At this stage, they’ll have no choice but to go along for the ride.
Present the document well
Taking into account the advice given so far, you can be sure that the content of your document will convince many people. But don’t forget the form. Your business plan must be attractive and well-structured. You need to take care with the presentation to make the reader want to read it. The document needs to be legible, with well-chosen typefaces and a well-ventilated layout.
To help your readers quickly understand your project, summarize the contents of the document on the page preceding the actual presentation of the business plan. Mention the key points of your project in a precise, concise and sales-oriented manner. Here are a few tips to help you write a successful business plan and convince your readers.