The best part of all small startup businesses and their owners are simply terrified of creating a startup business plan. But that’s because you are, probably, overthinking it. Look at it this way. Creating a startup business plan is exactly like setting up a game plan. Have you ever played football? It’s like that. So why be so scared?
Here are the steps you need to take to create a simple, yet efficient and killer business startup plan.
The Simple Steps to a Business Startup Plan
As mentioned above, here are the 12 steps which every winning business startup plan should contain.
Step 1. Your executive summary. The basic definition of this concept will tell you that it must comprise all the elements of your business.
Step 2. Your company’s description. You need to create an introduction for your readers and investors about your business. What is your idea about?How about your goals? What is the concept you are bringing forward?
Step 3. Analysis of the industry. Describe the industry in which you are now launching. Where do you and your business stand? In the mainstream, in the underground of the industry or do you have a groundbreaking idea which will place you in a niche of your own?
Step 4. Your competition and market. Examine both the market in which you want to activate as well as your competition in it. By reviewing them together, you will be able to reach one important conclusion. What is your market share?
Step 5. Your goals and strategies. After you have analyzed your market and who is competing against you, you will know where your products or services fit in. What does this mean? That you will be able to maximize your position by making use of your target market.
Step 6. Your products or services. This is an easy one. What are you selling? Describe it and let your investors know how your products or services fit into the market. Do they align with your goals? Because if you’re trying to feed the less fortunate by selling handbags, there is no alignment and your startup business plan is not very good.
Step 7. Sales and marketing. What is your marketing strategy? Do you have one? If not, why?
Step 8. Leadership and organization. Describe in detail your personnel. Start from the top, meaning who will be the CEO and end with the cleaning people. Do not leave anybody out. They will all be paid by you, so why overlook them when drafting the startup business plan?
Step 9. Operations. How exactly will your business be run and by whom?
Step 10. Financial pro reformas. Try to forecast the financial success of your endeavors. One crucial piece of advice here for all drafters of a startup business plan is this one. Do not be overly optimistic. Remember you only have a small business and it’s just launching on the market. It is highly unlikely you will have legions of clients from day one. Be realistic.
Step 11. The financial requirements. What type of financing will you need? How much money will it take to lift things off the ground? Where do you plan on getting it? Will it be enough to cover all your projects?
Step 12. Exhibits. These items are, by definition, something you include at the end of each startup business plan to close it officially. They also serve the purpose of separating the plan itself from any additional material which would, otherwise, interrupt your flow.
See? Creating a startup business plan doesn’t seem so scary anymore, does it?
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