How to develop a business plan
Writing a business plan is extremely important in order to know where you stand. The BP can be a game-changer for small businesses, to guide you through every stage of launching and managing your company. It will be your roadmap for how to structure, run and grow the business.
It can also be an excellent help to get funding and bring in business partners.
Your business plan should include:
Executive summary: This should contain your mission statement, what product or service you will be selling and providing, and all the necessary information about your team, employees and location. It should also include growth plans and financial information.
Company description: In this part, you should provide detailed information about the problems you will solve. List the consumers or businesses your company plans to serve. Explain also your competitive advantages.
Market analysis: Get a good overview of the industry and target market. This part should contain research about the market, and also the strengths of your company.
Organization management: This is how you will structure the company, and the legal structure of your business. An organization chart will help to provide a deeper understanding of your team.
Service and product line: This should be easy if you are in the fashion industry. Write down what service/product you offer. Explain a little about the benefits your customers will have, and provide very detailed information about your SKUs.
Marketing sales: This section should contain your marketing plan. Your strategy should include how you will attract customers and retain them, how the sale will happen, and even the financial projections for marketing spend.
Funding request: You should only write this one if you are asking for funding. If you are, you should specify the funds that the business will need and how you will use this funding.
Financial projections: This should justify why your business is stable and how it will be a financial success. If you have an income, you should include balance sheets and cash flows (for the last three to five years). If you are starting your company, provide a prospective financial projection for the next five years: forecast income, cash flow and capital expenditure budgets are some of the essential information you should include.
Feel like starting your business already? Learn some steps before starting here.