The government is also promoting it a lot, due to which great startups are coming out even from small cities. If you want to make your startup big and successful, then you need a lot of funds. You either get this money from investors or you have to take a loan from the bank. A business plan is needed for both of these. Now the question is how is this business plan made. Let’s know in 6 points.
Tell the story of your financial plan
Under this, you will have to tell how much revenue you can earn in the next 3-5 years or any period, how much expenses can be incurred and what can be your profit according to this. Whenever an investor reads your business plan, he is most interested in this section, because this is the section that shows the way to earn.
Describe your strategy
Under this, you have to explain the marketing and sales strategy with the help of which you want to promote your startup and attract customers. Include your digital marketing campaigns, social media engagement, content creation and traditional advertising methods in it. Identify effective marketing channels and explain your promotional methods.
Building a team for business
You will also have to tell about the work, responsibilities and necessary education of all the team members. In this, definitely tell about your mentor or advisory board as well.
Market Analysis
Under this, you should understand the target market, understand the buying pattern of people. Their feedback should also be given importance. Not only look at the opportunities present in the market, but also see what are the challenges for you in those markets.
Tell us about the company
You have to tell what your business is about, what is its legal structure and what is the location of the business. You have to tell about your product and service, highlight its unique feature and tell how that product will meet the needs of the target audience. While telling about your target market, you have to tell how you want to position your business in that market.
Create a Business Executive Summary
It is very important for you to make an executive summary, because it reveals many things about your business. In this, things like vision and mission of your business, target market, comparison with the competition are written. After reading this, anyone can understand your business well and make their future strategy on that basis.
