make a business plan

How to make a business plan?

Posted on 21/04/2020

If you are going to start a company from scratch, it is important that you make a complete business plan. This is a very important document, since it contains the objectives, strategies and costs in writing, as well as the viability of the business before starting it.
 

Developing the business plan for your company will be easy, as long as you are clear about the business you are going to start.
 

Structure of the business plan
 

It works for any type of company and must have the following parts:
 

1. Executive Summary
 

This includes basic information about the business, a brief description about the company, the structure, the products or services that will be offered, the market and the financial part.
 

2. Description of the business or company
 

Here you must put: the name of the business, the location, the type of company (for example if it will be a civil society, a limited liability company, a corporation, etc.), the type of activity (production, marketing, provision of services, etc.), shortly the products or services that you are going to offer and the characteristics that allow you to stand out against the competition.
 

In addition, at this point it includes the mission, vision, objectives and strategies of the business.
 

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3. Market analysis
 

This is one of the key steps, since market research will let you know how viable your business is. Previously, you must have collected data about your competition.
 

Define your target audience (who your product or service is for), be specific in gender, ages, tastes, purchasing power, among other characteristics.
 

Furthermore, you should be clear about your competitors, where they are, their prices, what their weaknesses and strengths are, including their strategies.
 

And finally, you must present the main marketing strategies that you will use for your products, their distribution, promotion and prices.
 

4. Technical study
 

Here you must specify the physical requirements for your business, that is, how is the premises, building or space you need and the furniture.
 

In addition, you can put how the purchase of inputs will operate, how they will be transformed into the final product, its storage and distribution. This point depends a lot on the type of business and the final product or service.
 

5. Products or services
 

Detail what you are going to sell and how this product will benefit your target audience.
 

6. Business organization
 

Here you will define what the structure of the company will be like, what areas you need, how many people and you can specify the positions and functions. Also, you can set wages for each worker.
 

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7. Financial analysis
 

Without a doubt this point is important, because with all clear you can calculate how much money you need to start your business and if you will have to find a partner or investor.
 

List the costs of the purchase or rental of the premises or building, of all the furniture, machinery, computers and any item you need to function. Also, it includes the expenses of setting up the company, salaries that you are going to pay, public services, including an amount for unforeseen events.
 

Here you can also include how much you expect income and possible sources of financing, if you need them.
 

8. Conclusions and annexes
 

This final part is optional, but, based on the above, you can conclude if the business is viable and if it will be profitable.
 

And as attachments, you can add important business documents (images of products, ideas for advertising pieces, contracts, agreements between partners, etc.).
 

Once completed, your business plan is ready for you to present to potential investors.

 

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