Starting a business isn’t just as simple as ABC. But if you come up with a plan with the right resources, you might just get a big break. With today’s modern tools, starting up a business and constructing a business plan can be as fast, easy and effective as it can be. To start with, LostJobStartBusiness.com presents a video discussing about setting up a business plan in a template.
To begin, the speaker highly recommends starting your business plan by using a presentation software such as PowerPoint, keynote, Open Office or Google docs. The speaker compares it to be much more effective than writing a business plan of 80 pages, using a word processor. On the cover page, he instructs to include your contact details. Then, the speaker proceeds to Section 1: Introduction. Firstly, he tips to state the problem that your business intends to solve in one sentence and make an outline of the solution that your business provides in another sentence.
The speaker, then, advises to describe briefly the usage scenario of your profit or sales. The speaker further instructs to present potential acquirers and the recent acquisition history of your business. Then he proceeds to the problem breakdown, which should show the following: geographical context of the problem, the number of people having the problem, the problem cost, and the corresponding cost needed to fix the problem in each market segment. Coming up is the traction section to which the speaker deems it to be the most important slide in the business plan. This includes the following details: sales to date, users to date, key reference sites, mail list subscribers, competitions you have won, and notable reviews of the product.
For Section 2, the speaker explains the business structure in detail. The speaker also shows a timeline, portraying the stages of business development. This shows the achieved goals and the future goals. He also recommends adding details on how to achieve those future ones.
Still in this video, projective leads and sales for each market tactic are well-described. It would be more believable and accurate, according to the speaker, if previous statistics from actual marketing activities are included. Next is competitor analysis. The speaker suggests discussing it in two columns: (Column A) what you can do and they can’t, and (Column B) what they can do and you can’t. He says that this is the clearest way to tackle your analysis. Moving on, he talks about the SWOT (strengths, weaknesses, opportunities, threats) analysis that your business encounters. Another one is PEST (political including legal, economic, social, and technological) analysis that depicts issues that your business faces. The speaker also makes it a point to include positive and negative issues in the SWOT analysis. Then, he presents the management team with their respective details.
Section 3 talks about financial projections. Here, the speaker denotes the financial projections summary through sales assumptions, profit/income projections, and the balance sheets which should be over three years. Other inputs include the cash flow, which he recommends to present it in a line shark containing significant notes about financial projections. Lastly, he recommends adding the current objectives and milestones of the business plan to complete the presentation. This informative video concludes that writing a business plan can be easy if you follow the sample template shown.
Run time: 6:17 minutes
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