The business plan is a working paper to lay the foundations for the company project. This outlines every stage and the strategy to ensure the company’s development. The business plan thus answers other needs: it describes the job path to be pursued, it provides the families and partners with the idea. The client has confidence in your business and the way you manage it at the conclusion of the meeting. We are offering you the advice to apply in your conversation to succeed in this paper.
10 tips for your business plan
WHAT FUNCTION DOES THE BUSINESS PLAN FULFILL?
Several contexts lead to the need to have a business plan ready to be presented. It is an exercise in style that is often required of young entrepreneurs and start-up creators. It allows a detailed presentation of the entire project, as well as the positioning adopted on an existing or new market. Among the interlocutors interested in such a case, we can cite business incubator, bank, broker, family circle and friends, potential partners, business angels. The business plan appears to be the hard copy of your speech. Your word is indeed the first tool to convince people outside your company. Your business plan then provides the complements for a more global vision of your business.
PRESENT YOUR COMPANY
It is about shedding light on the members of the team that founds the company. Of mini CV are more than useful to highlight complementary profiles; the combination can be decisive for the development of the activity. This part identifies each person’s expertise, as well as the networks available to people to encourage contact. You are able to demonstrate that your team has real differentiating know-how. Each member has an essential added value.
DEFINE PRODUCTS AND SERVICES
Innovation has many faces. When your project is completely innovative, you have the capacity to convince of its relevance. Likewise, it is likely that you are looking to establish yourself in a market that already exists, but for which you have added value that makes all the difference. The definition of products and services sheds light on the different facets of your business. This presentation also makes it possible to show the ranges that you offer, and therefore the targets to which you are addressing. Your project is mature and deserves the full attention of the reader of your business plan.
SUMMARIZE THE KEY POINTS OF THE PROJECT
Although your business and its development are not meant to last only a few months, and you have growth objectives over several years, it is essential to be able to summarize the project. Indeed, never forget that a business plan is a communication medium. Although its content may seem demanding, it is nonetheless a tool to present your business. As a result, it is digestible, pleasant to browse, and synthetic.
PRESENT YOUR MARKET RESEARCH
Market research is not only an element to be included in the business plan. Any entrepreneurial project begins with a study of the market in which it will take place. Even insofar as you would bring innovation, it is a question of making your place precisely in relation to an already existing market. Make sure you are relevant to the response to the needs identified and do not hesitate to present the results of any surveys you may have conducted.
STRATEGY AND RESOURCES PUT IN PLACE
Having a real positioning is one thing, leading it to the success of your business is another. You must have an action plan to present along with the factors that will lead you to success. These objectives and the means implemented to reach them, even progressive ones, are thus quantified according to the development phases of the activity. Among the means, it is relevant to cite, for example, marketing and communication budget, investments in equipment and human resources, sales processes, your ambition for local or international development. The major resources that you have to hire is business plan consultants for quality business plans.
ESTABLISH YOUR FINANCIAL PLAN
Your financial planning takes into account all the expenses of the company, the sources of turnover, and the remuneration of the directors. It also includes the costs generated by the hiring of employees and an estimate of the gain from the investments. For this part, accompany yourself with a chartered accountant who is competent to inform you of all the real expenses incurred by your business management. The financial plan, therefore, provides the reader of the business plan with a forecast in figures for the future of your business. It allows you to certify that your project is economically viable.
CHOICE OF CORPORATE FORM
The social form of your company is justified by the economic motivations and the governance models provided. This is an important step, it also foreshadows the development axes of your activity. Indeed, a EURL does not evolve in the same way as a joint-stock company. In addition, the choice of the social form defines the tax regimes on which you depend, as well as the remuneration systems. For example, it is common for the manager not to get paid to set aside the profits that will be reinvested later.
We cannot protect the ideas themselves. For your project, it is the technical procedures for its implementation that have protection under intellectual and industrial property law. Having a confidentiality agreement signed before submitting your business plan can be a bad idea. Indeed, when it comes to convincing investors, communicating a temperament that is not very trusting towards others does not encourage you to trust yourself in return. To protect your innovations, plan instead to register a trademark or even file a patent, and favor the confidentiality agreement only if it seems necessary to you.
BE ABLE TO DEFEND YOUR BUSINESS PLAN
Once in possession of the perfect business plan, you will have to defend it in front of the interlocutors. No matter how hard you try to write it, it will never fail to raise questions. This is all the more the case when you communicate the business plan in order to receive something in return: the agreement for a professional loan, the confidence of a business angel (investor), the entry into a nursery, or the request for public funding.
If you have a business creation project, you must evaluate your project before starting to write the business plan. Our partner Create-My-Business-Plan.fr offers a free tool that will give you the strengths and weaknesses of your idea.