Business Plan Is The Key Factor for Every Successful Entrepreneur

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A business plan is a roadmap for your business implementation. Business plan is the key factor for every successful entrepreneur because  It outlines your vision, goals and showcases the plan of achieving them.

Why do you need a business plan?

– Analyze the feasibility of your Idea: Helps You Decide to Proceed or Stop
– Planning Improves Your Odds of Success
– Valuable Insights: Helps you improve Your Business
– Helps You Keep on Track
– Communicate your idea

What are the uses of a business plan?

– Raising Funds
– Communication to stakeholders
– Project Roadmap for structured implementation

How do You create a business plan? What is the process?

IDEATION & FEASIBILITY – Basic documentation of the idea. Understanding the conceptual feasibility.
– MARKET ANALYSIS – Economic, Industry, Competitor analysis. Understand the opportunity.
– STRATEGY FORMULATION – Draw out the marketing, operation, human resource strategy for your venture.
– FINANCIAL PROJECTIONS – Forecast your costs and sales over the timeline. Understand the start-up expenses.

What does a typical business plan looks like?

– Executive Summary
– Company Overview
– Products & Services
– Business Model
– Strategies & Tactics
– Milestones
– Startup Expenses
– Financial Statements
– Financial Statements
– Return On Investment

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