Episode 10: Why You Need A Business Plan
The reason to write a business plan is for you. Sure–you may eventually show it to someone else–like a partner or if you are trying to get financing. But the real reason is that it is a road map for you and your business.
Your "why" for writing a business plan is that the clearer the plan, the more detailed with the specifics of execution, the more likely you are to succeed. Why? Because business success is based on data driven analysis–not wishful thinking and an idea. And, of course you want to have a plan to set yourself up transform your idea into a successful reality.
Here are the key components of the business plan:
- Executive Summary
- Even though this is first, write it last
- Essentially this is your elevator pitch
- Company Description
- What problem do you solve?
- Who is your ideal client?
- What's your niche?
- Market Analysis
- Who's your competition?
- What can you do better?
- How is your business organized?
- Who's responsible for running the business?
- What service do you provide?
- What is your marketing plan?
- Financial Projections
- First year–monthly–outlining your ramp up of revenue, your start up and operating expenses
- Subsequent years can be projected either quarterly or annually
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