What is Business Plan?
A business plan is a strategic document which details the business model and key tactics for a
growing business or startup. It is especially important during the tricky first few years, or whilst seeking
external investment. A document that defines in detail a company's objectives and how it will achieve
them.
Understanding about business plan
A business plan is a detailed description of every facet of your enterprise with an emphasis on
its economic feasibility and business model. A business plan includes a description of your competition,
an analysis of your business model, and a statement of your company's goals.
How to Write a Business Plan
It is easy to find a business plan sample online, and you can spend hours combing over
all the different details that go into a business plan. The only way you can truly get to know your
business, and be an effective advocate for your business, is to be the author of your own plan.
That means writing out all the details of your plan in your own words.
Executive Summary- An executive summary is a brief introduction and summary of your business plan.
It should describe your business, the problem that it solves, your target market, and financial highlights.
Company Description- need to know how to pitch to investors and lenders to captivate their interest.
Your description should answer who, what, where, when, why, and how right off the bat.
Market Analysis- A market analysis provides insights into potential customers and your competition.
Product and service description- What is your product and service, and how does it work? How does it
benefit customers? How do you make it or how will you get it made?
Marketing strategy- A marketing strategy refers to a business’s overall game plan for reaching
prospective consumers and turning them into customers of their products or services.
Financial projections- use existing or estimated financial data to forecast your business's future income
and expenses.
Business Plan Appendix- a supplementary final section of your business plan that provides additional
documentation and validation that your business plan is on point.
Traditional Business Plan
A traditional business plan covers a wide range of topics necessary for a company to
obtain financing, make future projections and effectively market to customers. Business plans
are designed to speak to a specific target audience.
What Is a Lean Startup Business Plan?
A lean startup business plan is a short roadmap that outlines the startup’s goals and the steps to reach
them. Concise in nature, sometimes only as long as one page, a lean startup plan starts by identifying a
problem and solution.