Writing a Business Plan
The dreaded word …. business plan. Let’s be honest. We know that most businesses don’t have one, have never used one, and are overwhelmed at the thought of it. But we want to make it easy and create a new trend where business plans are the place to be!
The purpose of a business plan can often be for a bank or investors to understand your business, your team, and your finances to deem your business lendable or investable. However, spending a little time thinking through a business plan is a crucial way to ensure your validated idea will start with a strong foundation. It’s less about the actual plan and more about the things you need to think about and consider as you build out your operations.
Complete Business Plan or Playbook
If you want the strongest foundation, a complete business plan can be golden. The requirements of thought cover the broad spectrum of your business and can help you think through all the details of your product or service, how you are going to operate, who your customers are, how you will reach them, and most importantly, your costs to get started/grow, your ongoing financial needs, and what you project your business will make in the coming years. Some typical categories to include in a business plan are:
Executive Summary
Summary of your business
Team Overview
Company Overview
Market share opportunity
Key Features & benefits
Pricing & Revenue
Company milestones (if you have them)
Future development
Industry Overview
Industry analysis (we have reports for this that you can get through advising!)
Target audience
Market strategy
Competitive landscape
Differentiating factors
Investment Opportunity
Financials
Start-up costs
Monthly/annual expenses
Revenue projections
One Page Business Plan
Based on Lean Startup principles, you can create a one-pager as a quick reference guide for your business. We suggest using the lean startup business model canvas. The critical areas you’ll focus on are:
Who your customers are (Customer Segments)
What value do you bring to the table that is different than others (Value Proposition)
What type of relationships do you need with your customers (Customer Relationships)
What marketing channels you are going to use to reach them (Channels)
What activities are required in the operations of your business (Key Activities)
What resources do you need to utilize to be successful (Key Resources)
What partners do you need to operate and grow (Key Partners)
The ways you bring in revenue (Revenue Streams)
Your costs (Cost Structure)
We often recommend starting with the business model canvas, and then if you need a more robust plan, use the canvas and a guide to create your business plan. The business model canvas is like an outline and the business plan is the book.
We offer guidance on business planning and would love to work with you. If you are considering funding or investment, we can help you bring a business plan to life to attract the financial assets you need to grow.
Use Canva.com to craft a visually compelling plan. You can search for business plan templates OR pitch deck templates for ideas.
Lastly, download these tools to help you get started:
