Business Plan

A business plan describes the business, how it works, earns money and grows in detailed outline.
Components:

  • Title Page: Name and a short and rough overview of business
  • Executive Summary: high-level summary of what the plan includes, often including a list of problems, their importance, and how the business provides solutions for them.
  • Business Description: Describe the business, it's relevant industries, and it's future outlook.
  • Market Research and Strategies: Identify target market and strategies to reach them.
  • Financial Documents: Includes capital and funding required to run the business, it's projections, and related considerations. It may include Cash Flow Statement and Balance Sheet.
  • Competitive Analysis: Strengths and weakness of your Competition, and how to surpass them.
  • Design and Development Plan: How to create products or provide services, and their budgeting to gain competitive advantage.
  • Operations and Management Plan: Details of daily business functions.

Tips:

  • Business plans can be lean and much smaller than they used to be. Such lean business plans are used as a framework and a roadmap, only focusing on business essentials.
  • A good business plan includes financial projections, strategic plan for product development, market entry strategy, customer acquisition plan, and growth milestones.

Learning Material: