How to Make a Business Plan Before the Start?

For a start up business, creating a business plan is like making a game plan for the World Cup finals. It is either my way or highway. You need to collect every piece of information, utilize the resources to make a winning combination. 

It is a complete vice versa to existing companies business plan, where overall emphasis is laid on future goals, latest technology, new product launch or evaluating performance of specific operations.
Start up business plan is about the formation, operation and establishment of the business. It is the master plan or roadmap, highlighting the structure, vision, capital, strengths and weakness of the business.

Creating a business plan is never easy, it takes time, effort and a lot of research. In today’s world, it is imperative to understand the pros and cons before entering into the business venture. Before writing the business plan, it is important to write down the check list you would be needing in the near future.

• Are you ready to enter into business?
• Have you decided the nature of the business
• Have you decided the products and the services
• Have you decided the location
• Estimated financial capital and investment cost

During our business coaching in India, we explain the 7 basic elements required for a start up business plan, which includes:-
 

Financial requirement-  Identifying the type and the finances required to run the whole business
Operations- Highlighting how your business will be controlled through various departments.
Management- Highting the management team, which will run the company and take the necessary decisions.
 

Product and services-  Identifying the offered product and services and how are they contributing to the company’s goals.
 

Strategies and goals- Analyzing the market competition and determining the best place for company product to fit in strengthening the market position.
 

Company Overview- Introducing your company and its services to the customers and why are they different than other competitors.
 

Industry- Keeping the larger picture in frame, it is important to high the industry type and your position on industry level.