Important Aspects of Startup Business Plan
An entrepreneur who is looking for funds to help launch a new undertaking needs a business plan. It is all about what you are going to do in business and how you are going to do it, simply stated it is drafting your business strategy. Business plans are drafted by entrepreneurs who are seeking investment from investors. Many, many great enterprises had their roots on paper, in the form of a strategy that was used to persuade investors to bring in the money they needed to get them moving.
A business plan conveys your business goals, the tactics you will use to accomplish them, future challenges your business will face and solutions to overcome them.It will also reflect your company’s organizational structure (including titles and responsibilities), and ultimately, the amount of money needed to fund your venture and keep it running until it breaks even.
There are three basic aspects of a business plan.
1.Concept of the business:
Where you address the Industry, the structure of your company, your specific product or service, and how you intend to make your business a success.
In which potential clients are identified and analyzed who and where they are, what makes them buy, and so on. You explain the competition here as well and how you’re going to position yourself to beat it.
Here you focus on aspects such as Balance sheet,other financial ratios, and break-even analysis.
Apart from these, business plans should consist of other Major aspects such as.
1. A business plan should have a cover, title page and table of contents.
2. Description of the business
3. Strategies for marketing
4. Competition Analysis
6. Development Plan
7. Financial Aspects
Your Business Plan should be how long?
It depends on the fact what you want to use it for, you can use a detailed plan to describe an entire company or instead use the one that conveys what requires to be communicated. A typical business plan comes about 15 to 20 pages, but it can always vary.
The size of your business plan also depends on the nature of the business, if you are exploring a new concept you may need to give an elaborate explanation in order to convince. Simple and known concepts may require few words.So, all these factors determine the length of your business plan. These are important aspects that need to be focused while drafting a business plan.