Writing a startup business plan is considered as the most important part of every startup business. If you’re interested in launching a new startup and have awesome business ideas, then you must write a business plan to create a solid road map for your business growth. Writing a business plan can help you in several ways like developing effective business strategies, attracting banks and investors to raise funds and much more. The following guidelines will help you a lot in writing a wining and compelling business plan for startup business.
7 Important Steps in Startup Business Plan
1. Executive Summary
In business plan, executive summary is the first draft that follows the title page. It provides the concise and brief information of business goals and aims to the readers.
Try your best to make the first page of the business plan more attractive and compelling. It should tell the readers that what you want? What are your goals? How you have devised a successful marketing plan? How you will manage your small business successfully? What are the financial agendas?
Don’t try to include any extra information. You just need to write the summary clear and to the point.
2. Write a Business Description
The business description often starts with some brief explanation that tells about the nature of business. After successfully writing an executive summary, you will need to pick some specific keywords and write a short business description that clearly describe about the nature of business.
When writing the business description, you must cover the current conditions as well as the future probabilities. In the brief description, you must include the information about your products.
3. Develop Marketing Strategies / Marketing Plan
Marketing Strategies are the important parts of startup marketing plan and these are often drawn from detailed marketing analysis. A comprehensive market analysis enables the business owner to become familiar with all aspects of market.
If you’re working on startup business plan then you should have to identify your target market and do some market analysis. In this way, you will get clear idea about the nature of target market, customers’ buying behaviors and market forces. After completing market research, you will need to develop marketing strategies through which you can effectively target your market and sell your products.
4. Do Competitive Analysis
Competitive analysis is a process in which market competitors are identified. When you successfully complete your market analysis and strategies, after that you will need to do competitive analysis in which you’ve to identify your market competitors. In this section, you will need to explore the strengths, weaknesses, tactics and strategies of your competitors within the same niche. After this, you will need to develop effective and innovative strategies through which you can get an edge on your competitors. In this way, you will be in a better position to compete and survive in the market.
5. Create a Design and Development Plan
Investors often focus on products’ design and development plan. To assist investors, you need to write this section very carefully. The main purpose of this section is to provide all the product details to investors. While writing this section, you will need to cover different aspects including product descriptions, production procedure, marketing strategies and a brief introduction of company.
At the end of this section, you will also need to create a development budget that will greatly help your startup to accomplish its goals.
6. Operations and Management Plan
Effective management is the key of business success. After successfully completing the design and development plan, you will need to focus on operations and management plan.
In this section, all you need to answer the questions of business management including how you’ll run this business? This plan will assist you to identify and highlight the organization’s logistics such as responsibilities and tasks of management team, expense and capital required to run the business operations.
7. Create a Financial Plan
For every business, finance is just like a blood and financial plan is the base of every startup business plan. If you want to be a successful entrepreneur, you must create a sound and effective financial plan for business.
In this section, you will need to collect all the financial data including expenses and costs. Furthermore, you also need to predict the future revenues, so that you can offset with expenses. In this way, you will get projected net income or loss.