Creating a business plan for startup businesses is like a blueprint for car engine. Unlike existing businesses, startup business plan is written with a different approach. It focuses on presenting strengths of management, market gap, and infrastructure required to build on the market opportunities. Creating a startup business plan can take a long time, depending on the capabilities of the management team. But the important thing is to come up with stuff which is flawless and attractive enough for investors to induce them to pour in money to fund the business operations. It’s imperative for you to understand each and every aspect of the business you are entering into.
Before writing a business plan you must answer following questions:
1. Have you explored the market completely for better opportunity?
2. Do you understand the product or service completely?
3. Is there any partnership or franchise opportunity available?
4. Have you searched for a location?
5. Do you have connections with business consultants and advisors?
6. Do you have enough money to prepare basic structure for your business?
If your answer to above questions is, “Yes,” then you are ready to proceed to the next stage which is to write a startup business plan. There is no standard rule in the industry regarding writing a startup business plan. There can be many forms of it depending on business requirement. Following is the list of some common elements of a startup business plan:
• Business Overview
• Keys to success
• Market analysis
• Competitor analysis
• Marketing Strategies
• Financial plan
• Management Strength
• Organizational structure
• Operational Plan