Introduction to Business Plan Ideas
A business plan is a written copy of your imagination cum planning and summarized view of your strategies. Now, if you have sat down to write the business plan ideas, you must have figured out what business you want to start and other necessary questions. A Business plan is a written piece of the future of your business. First of all, prepare it yourself as nobody else can understand and elaborate on the idea as you can do. There are a few points I am going to mention in this article so that you won’t need a template to write business plan ideas. This is a two-stage process- Brainstorming before writing business plan ideas & while writing the business plan ideas. Here you go-
Before writing the Business Plan Ideas
Before writing the business plan ideas, you would need to focus on a few aspects such as –
- How much time do you want to pitch your plan?
- When should you write a plan?
- Who needs that business plan ideas?
- Why should you write it?
- What is your goal? Are you going to explain all of them?
- What are you going to do with your business plan ideas?
You need to figure out the time you have to pitch your plan because you certainly don’t want anyone to leave you in the mid of your presentation, of course. When you have the expected time, add or remove content according to required aspects and time. The next important thing is, why do you need business plan ideas? Especially when you are getting funding from people who already know about your plan, like friends, relatives, etc. Most of the times, they do not require any further details. Then let me tell you, you need those business plan ideas for you. The business plan strategy that you would prepare would work as a to-do list with a balance sheet. You don’t need a brainstorming session every time, and you would certainly need a person to remind you what next about your own business. Even if you do need that plan for investors to try to make it user engaged. Try to more elements that show you have done enough research on this, and they are going to lose a hell of a lot of things if they don’t invest in your business. Don’t ask me how? You are a businessman; you know how to do it.
Start your businesses plan in the same order you’re started thinking about your business and plan.
First thing first
Writing the business plan ideas is chronological. It would be best if you started with the first thing first. Instead of thinking of writing a great business plan structure, think about why to write a business plan structure. Here is the step by step process of how to write a business plan structure. It would be best if you started writing about your business plan with the idea that lies within. It would be best if you were sure about writing a few basic but essential points-
- What is your idea?
- Why did you choose your idea?
- How much do you know about your idea?
- How much potential does it have?
- What is your target audience, and how mannerly you understand it?
- Management Team
What’s your idea?
You need to properly explain your business idea in your plan because it’s your idea and entirely your approach. It can be traditional, big, small, stupid or whatever. Please explain your idea in a certain way that your investors don’t know anything about it. Begin with the idea and explain it properly. It would help if you kept your business plan crispy. I won’t say short because that entirely depends upon the idea you are writing upon. If possible, explain with pictures that leave a long-lasting impact on your business idea and presentation.
Why did you choose your idea?
Your investors must understand why you have chosen that particular idea. Explain the idea in the easiest and understanding language. Don’t be intimidated or make a jargon-rich business plan structure. Remember, people who are there to read or listen to your business plan strategy may not be familiar with your plan, but they know the market. You have to be very crispy and crystal clear on why you chose this idea to start a business plan strategy and why should they be interested in your plan.
How much do you know about your idea?
I know you would think you have explained this question earlier, but trust me, you have not. Earlier, you explained what your business idea is and why you choose it. Still, now you would technically explain why you chose this idea, which should come with a deep market analysis, the expected profit, your competitors, and the consequences. However, remember you are not supposed to portray your idea in front of them like it is an impossible project or want to try this to gain experience and use it for your next idea. It would help if you were completely positive about your idea but do not hesitate to criticize your idea. Knowing your competitors and their strategies, their market position, their other supportive products, Ups and Downs will always keep you grounded. That should also reflect in your business plan strategy that you know how deep the well is and your chances of drown or survival.
How much potential does it have?
It would be best if you keep yourself restricted with data in this section. You are required to research on your topic as much as you can. Collect estimated and solid data and analyze it properly so that when you would be counter questioned on your plan, you must have data analysis apart from your words to support your plan. Potential explains future growth and profit and the direction your business idea can drive you towards, and how to expand it. Under this section, if you don’t find valid numbers to supports, you would better be taking this out from your plan.
What is your target audience, and how mannerly you understand it?
The target audience is what you would be earning profit from. Whether your idea is big or small, your target audience should be your first approach to understand before you even analyze your market and another perspective. Figure out your target audience and their expectations in the field you are going to enter. For example, if you are planning to open a food truck at somewhere in Mumbai or California, you need to figure out the standard of your audience to figure out the menu price, their choice of food so that you would be completing the majority of requirements and at last timing of their break. This is how you need to figure out your audience and input an analyzed table in your business plan strategy.
After figuring out, your investors would need to hear your strategies regarding marketing, executions, to handle the crisis, your management plan, employee plan, financial plan, etc. You are definitely not required to explain everything to them, but it is essential to mention that so you seem well prepared for the execution. Your business plan ideas are not completed without a projected financial plan. Where Marketing and sales plans are dedicated to the present, the financial plan is completely dedicated to the future. I would suggest whenever you need to pitch your financial plan; you better take help from graphs. You don’t need to daunt while making this. For a new business, the financial plan is not that complicated as it seems. Very basic point you can add under this section as sales plans, personal plans, profit and last sheet & expectations, the balance sheet of gross expected margin, operating expenses, mandatory expenditure such as taxes, salaries, bills, etc. You don’t have to mention your cost-cutting strategy here because investors often leave that upto you. Keep track of your cash flow statement. The cash flow statement is the money you have in your account. It is important to consider this everywhere in your plan to maintain a balanced budget.
When you are going to start a business, you certainly don’t need to become a one-man army at all. Hire a co-founder and team according to your business and their expertise. If you are going to pitch your plan to an investor, they will definitely be asking about your team to forecast the potential. The very basic but supportive pillars of your business are-
- Marketing Team
- Operation head
- Operation team
- The Tech guy
Once you have built your team, take a step back and think what is it so impressive about them that forced you to hire them and when you find your answer, mention only those qualities in your business plan ideas. Most of the times, a practical approach is better than academic performances. You need to divide the responsibility to handle what they are good at and work on what you are good at.
Here comes the main part, execution. After all, you have the idea; you have the plan, you have strategies and a good team what are waiting for, Execution. So here is the main part to explain the execution process. Remember, this part often confuses entrepreneurs with the plan section, but it is far different than that. Obviously, you have not done it yet but pitch the execution process with 100% confidence in your business plan ideas and yourself because if you are not confident about your plan they why would they be.
In this section, you certainly do not need to explain the first day, second day but give it time and think about the future as if it were past.
Now your business plan strategy is completed. Once you are done with your plan, take a 20 minutes break and review it again. You might have missed something or might have over-explained a few things. Remember, you need to make it crisp. Here is the tip- Always prepare your business idea by yourself. You know about this idea more than others. You have reviewed the pros and consequences. You know when can you fall, so leave that part away from your business plan strategy when you are pitching about it to your investors. Boost your plan with pictures and graphs. This leaves a deep impact on people’s mind. At last, Thank you them for their precious time and Be ready for the questions.
First Image source: pixabay.com
This has been a guide to Business Plan Ideas. Here we have discussed the basic concept, a few aspects you would need to focus on while planning ideas. You may look at the following articles to learn more –