Sam had an idea to open a bookshop. The next day I saw him searching for a place for his shop. When I asked him about his startup business plan to proceed with his bookstore, he was blank. He didn’t know what exactly he needed to do!
Like Sam, there are many other entrepreneurs who have exceptional ideas. But you should not forget, even if you have a great idea, there is a huge difference between having a great idea and creating a successful startup.
You may be excited to launch the company but are you really ready for it? Well, you can take it from me, who has founded several startups. I know it takes too many things to be successful in this space.
Before you start with renting office space or seek legal seeking legal advice you need to jot down your thoughts on a piece of paper. This will help you to understand the point of focus and stay organized.
Once you have your things on the paper, you will be able to share them with others to get valuable feedback. I will never recommend you to start a company without consulting a reliable person.
A standard Startup Business Plan consists of the following elements:
- administrative summary
- business description
- market research
- information of products or services
- management and operational arrangement
- marketing and sales approach
Writing a detailed startup business plan accomplishes several things. Maintain your business plan development in one place across all the document apps you use.
Don’t know where to start with the business plan? Get assistance with Business planning through the Startup Growth Programs that reduce your efforts with expert customized strategies.
A properly chalked out startup business plan gives you a much better understanding of your business. All of us feel we know what we have in our minds, but trust me, putting it on the paper makes us precise and master. It is proven that writing a formal plan boosts your odds of success by 16%.
Having a well-written business plan also provides you with better chances of fundraising for your startup. Remember, no banks or investors believe in the castles that are made in the air. You need a solid business plan to support your words. Also, it is no wonder that companies with business plans witness higher growth rates than those without a plan.
Before writing your business plan, there are numerous concerns you must resolve. I have provided a basic checklist to give you a taste of things needed to be considered for writing a startup business plan.
As a startup entrepreneur, you should first sit down and carefully think about the following things:
- Are you ready to run a business?
- Which type of products or services can you offer?
- Have you studied other types of businesses? Have you explored the extensive economic business sectors like manufacturing, wholesale, retail, service, and others? Have you thought of other businesses within the sector of your preference? Have you considered what types of businesses will flourish now and in the future?
- Do you have a place to start? Is it a good place to fit the principles of site selection?
- Are you aware of the advantages and disadvantages of types of sites?
- Have you found a reliable business consultant?
- Do you know your financial position and investment costs?
Once you get a fair idea about these questions, you will feel excited about a few things while some other things can give you jitters in the stomach as you have never previously considered them. You can even feel down and depressed.
So, the other important thing that you should do is “surround yourself with the right people”. You need a Startup Mentor or Startup Consultant to help you write your business plan and fill you with positivity at the same time.
Startup Business Plan Presentation
Now that you know the basic requirements to write a startup business plan, the next thing is your startup business plan presentation!
There is no formal format to fit all the successful startup business plans. It depends upon the nature of the business where certain issues take precedence over the others. A comprehensive startup business plan for your company is best prepared according to the logical advancement of the business and the presentation is composed of at least 12 basic components.
They are as follows:
- Executive Summary
- Company Description
- Industry analysis
- Market and Competition
- Strategies and Goals
- Products or Services
- Marketing and Sales
- Management and Organization
- Financial Pro Formas
- Financial Requirement
A professionally written startup business plan has all these components in order of the framework although there can be slight variance depending on business to business. When you want the startup business plan presentation to be written to obtain financing, I would recommend tailoring it accordingly.
Make a Winning First Impression with our Startup Growth Program (startup consulting services)
As the saying goes, ” Everyone makes a first good impression but only a few make a good lasting impression.” To help you make that winning impression, each section of your startup business plan should be appropriate and neat.
With the Startup Growth Program, you get a template to fill in with the basics of your Startup business which is then scored by a Startup Mentor- me. I review and refine your business plan in order to help you with specific purposes like fundraising or according to your industry.
Even if you feel it is a monumental task to research and write your business plan but I promise, the Startup Growth Program can make the process painless for you and empower you with the guidance to make your business plan stand out.
Leave your comments to know more about how Startup Growth Program works and how to avail it! Good Luck!