Hey everyone,
Today
let’s talk about business plan, why it’s important and how to create one
easily.
What is a business
plan?
A business plan is a document that is a brief description
for each of the following 10 categories.
Remember you want to keep it short and sweet, let’s say 140 characters
or less.
1.
One sentence describing your business. (Value
Proposition)
2.
The “problem” that your business is responding
to. (Market
Need)
3.
Description of your products, remember pictures
are always a great thing here. (Your
Solution)
4.
Is there anyone else in this market? If so then how is your product different or better?
(Competition)
5.
Who will be buying your product? (Target
Market)
6.
How much will it cost you to produce this
product? How much will you sell your product for? How long before you will make a profit? (Financials:
Budgeting & Forecasting)
7.
How will you market your product? (Sales Channels & Marketing Activities)
8.
What is your business working towards? (Milestones)
9.
Who are you and why are you qualified to run
this venture? (Management Team)
10.
This section is optional: How much money will
you need in order to grow your business and how will you use these funds? (Funding Needs & Use of Funds)
Now that we know what needs to be
included in our business plan let’s go ahead and break these down, remember
keep them short about 140 characters.
Value Proposition: What is the gist of your business? The 140 character limit will help you hone in
on what you do and why you’re special at doing it.
Market Need: Remember no market need = no needs for your product. If you’re not sure then ask, how hard would
it be for you to ask potential clients what they think about your product?
Your Solution: This is where you will describe your product and
make it shine. Ask yourself this question,
“what would you tell someone who asked you what do you sell?”
Target Market: You need to be specific on who you are targeting
your product too (ex: gender, geography, age, etc.)
Competition: Think about where your customers are currently buying
or will be buying from. You need to know
your competition.
Funding Needs: You will more than likely need funding whether its
$1 or even $5,000, be sure you understand how these funds will help you. Also when you will be able to pay off the
debt.
Sales Channels: Where are you planning on selling your product or services?
Marketing Activities: How are you going to market your product or
service so you can get cliental?
Financial Projections: How much will it cost you to produce and
market your product? How many products
are planning on selling in a certain amount of time?
Milestones: this is where you want to tell what you have
accomplished so far, and what goals you are hoping to achieve.
Management Team: You always want to brag about yourself and your
team, well here is the place you finally get to show off all your skills and
what makes you the best. You also need to address any roles that are missing
from your team.
So after reading this I sure hope
that you feel more confident about your business plan writing skills. Now go ahead and sit down, try to clear your
head and write your business plan.
Thank you,
JPM
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