Starting a business for the first time is exciting and scaring all at once. To help you assess properly
your business environment, we’ve written
and compiled a checklist of key steps.
BEFORE STARTING YOUR BUSINESS
A business plan is a formal document outlining your business objectives and the strategies required in order to achieve those objectives. It identifies how you drive your business’s future and aims to make your company successful. It will be particularly convenient when looking for financing, partners or to simply keep a clear overview of your business project.
WHY DO YOU NEED A BUSINESS PLAN?
Planning is essential when you starting a business. Creating a business plan is a worthwhile activity for entrepreneurs or business owners. It can help you:
- Create the structure of your new business, so you know who is doing what and what you are producing and selling.
- Setup a roadmap for your business future
- Get a loan to properly finance your activity
WHEN SHOULD YOU USE A BUSINESS PLAN?
- Gain initial investment as a new business or startup
- Plan market expansion for an existing company
- Undertake product development
- Plan divestment
- Gain or sustaining a competitive advantage
- Evaluate resource allocation and strategic goals
6 STEPS TO WRITE A PERFECT BUSINESS PLAN
#1 Business Overview:
- Introductory information
- Business summary
- Current business position
#2 Business Objectives:
- What business objectives have you set for the coming year (short term goals)?
- How do you picture your business in the next 5 to 10 years (long-term goals)?
- Are they SMART – specific, measurable, attainable, realistic and time-bound?
- What would you need to reach these objectives?
#3 Structure & Ressources:
- Structure of your company
- Number of staff
- Key staff, advisors and mentors
- Existing assets & resources
#4 Business Operations:
- Products/Services & Pricing
- Payment (how are you going to get paid, manage the cash, protect your funds, maximize your revenue, etc.)
- Risk management (industry regulations, business, customers, employees’ protection, etc.)?
#5 Marketing Strategy & Plan:
- Market Research
- Opportunities in the market
- Target market and proposition
- Customer management
- SWOT analysis
- Strategic direction
- Advertising & promotion
It is one, if not, the most important step in the development of any business plan.
#6 Financial Forecast:
BFL Team is here to provide guidance around your business financial needs, but you should start with:
- 3 years sales forecast
- Expenses budget
- Cash flow forecast (P&L)
- Breakeven analysis
- Financing needs
Don’t forget that having a great plan will help you sell your business idea to financial institutions, private funding sources or any other funding.
Contact us if you wish to know more about our financing solutions for your business!