A business plan proves whether your start-up idea is worth investing money, effort and most importantly, your time.
Any business plan is a fruitful opportunity to carefully think through every steps of starting your company or running your company smoothly so that you can prepare for the guaranteed success.
Most of the startups failed at early stages because they never think about business plan in detail or have ONLY in their mind and directly jumped for implementation, resulted in a failure!
A good business plan is always/should be clear and concise. Any person outside the industry should able to understand it.
Any business plan should involve enough time for researching and thinking. Make sure to document you research, including sources of any information you hunted.
FSS Business Plan Executive Summary:
The executive summary is the most vital part of any business plan. Often, it’s the only part that a prospective investor or lender reads before deciding whether or not to read rest of the plan. It should convey your enthusiasm for your business idea and get readers excited about it, too.
- An overview of your business idea (in one or two sentences).
- A description of your product and/or service. What problems are you solving for your target customers?
- Your goals for the business. Where do you expect the business to be in one year, three years, and five years?
- Your proposed target market. Who are your ideal customers?
- Your competition and what differentiates your business. Who are you up against, and what unique selling proposition will help you succeed?
- Your management team and their prior experience. What do they bring to the table that will give your business a competitive edge?
- Financial outlook for the business. If you’re using the business plan for financing purposes, explain exactly how much money you want, how you will use it, and how that will make your business more profitable.