Why Write Startup Business Plan?
Why write Startup Business Plan? Formulate strategic course of action and proposal in order to effectively and efficiently devise, develop, drive and deliver unique proposition from concept to completion.
Startup Business Plan details, determines and differentiates:
- Purpose and Plan
- Unique Selling Proposition
- Products and Services
- Strengths and Weaknesses
- Opportunities and Threats
- Customers and Competitors
- Operations and Management
- Sales and Marketing
- Financial Plan
- Course of Action
- Goals and Objectives
Carry out in-depth market analysis to determine the right product, right market, and right time. Regularly and routinely monitor and measure progress and performance. Proactively and reactively adjust to changing conditions. Identify, analyse, avoid, reduce and eliminate unwelcome threats. Maximise opportunities.
The secret of business is to know something that nobody else knows
What Should Startup Business Plan Include?
What should Startup Business Plan include? Most Startup Business Plans tend to include:
- Executive Summary
- Mission Statement
- Descriptions of Business
- Products and Services
- Market Analysis
- Customer Profile
- Competitor Analysis
- Operations and Management
- Income Statement
- Cash Flow Statement
- Balance Sheet
All you need is the plan, the roadmap, and the courage to press on to your destination
The Financial Plan, is an essential element of Startup Business Plan. Determines if business idea presents viable and compelling proposition. Fundamental requirement if intention to solicit and secure capital investment.
Key Questions To Consider For Startup Business Plan
Here are some key questions to consider before writing Startup Business Plan, and better understand scale and scope required:
- Why startup your business? What are your goals and objectives? What is your purpose and passion? What talents, resources and people do you have at your disposal? What underlying principles do you follow.
- What is your business idea? What is your desired outcome and end result? How do you achieve your goals and objectives? What are your main features and benefits? What products and service do you offer? How do you define your ideal customer, competitor and market? How do you describe your scope and scale of service you provide? How do you define your customer service experience you provide? What factors determine your pricing and value?
- What is your niche market? What micro-niche in larger niche market have you identified, with profitable potential. How competitive is your micro-niche?
To succeed in business, to reach the top, an individual must know all it is possible to know about that business
J. Paul Getty
More Questions To Consider For Startup Business Plan
Some more questions to consider include:
- Who is your ideal customers? How do you describe your ideal customer? What attracts your customers to you? Why do prospective customers not use your business? What do your customers need?
- Who are your competitors? Who is doing something similar to you? How are you unique? What do you do better, cheaper or faster than them? What weakness do they have that you can use to your advantage? What sales and marketing activity do they undertake?
- What marketing will you do? How do you reach your customers? What buyer behaviour and decisions are you be aware of? What industry and market trends impact on your business? What challenges do you expect?
- How will you succeed? What resources, people and or alliances do you need to achieve your desired outcome and end result?
- How much will it cost?
What expenses will you have?
- What will be your turnover? What are customers willing to pay for your products and services? How many sales will you generate?
By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest
How To Use Startup Business Plan?
How to use Startup Business Plan? Write a well thought through startup business plan, being mindful to “cut your cloth according to your means”. Implement good financial management and control to achieve short, medium and long-term financial goals and objectives. Regularly and routinely monitor and measure cash flow to know how financial position at all times. Search for, find and forecast cash inflow and outflow trends and patterns to pinpoint possible cash shortfalls and surpluses due to unexpected delays in payment or unplanned cash outlays.
As business grows, continue to generate and gain up-to-date business knowledge and intellect to make better and faster decisions, and adjustments and modifications, if required. Thus, keep business in budget, on schedule and on course to achieve desired goal and end result.
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later
Helpful Hints and Tips:
Finance: Delay prompt payments of costs, and encourage customers to pay bills as soon as possible.
Operations: Break up big tasks into simple small steps, in order to best manage, monitor and maintain.
Development: Find Mentor to help achieve goals much quicker.
Planning: Set work schedule and deadlines and stick to them.
Why It's Important To Put Pen To Paper
Why is it important to put pen to paper? Writing combines all three Learning Styles (Visual, Auditory and Kinaesthetic), which enhances skills and creativity.
Writing thoughts on paper, clears the mind, reaffirm purpose, regains focus, and creates mental space for more higher-level thinking.
Writing down business idea helps to effectively and efficiently devise, develop, drive and deliver Startup Business Plan from concept to completion.
You have to have your heart in the business and the business in your heart
Thomas J. Watson
"Love what you do and do what you Love"
Do not wait; the time will never be just right. Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along