These 6 Key Elements of a Business Plan come from a wide variety of authors, articles, posts and conversations. I am simply summarizing them here. If you want to learn more or look at other elements, simply Google: “Simple Business Plans” and you’ll get more information than you ever wanted.
We’ve simply identified these 6 steps as being the “foundation” to any business plan:
#1) WHAT IS YOUR MISSION STATEMENT/EXECUTIVE SUMMARY?
At the opening of your plan, simply state who you are, what your experience is and share the “big idea” around your plan. Keep it clear and simple. I also include what the “ask” is: What do you need?
#2) WHAT IS THE MARKET OPPORTUNITY?
What is the need around your business? Why is your business important? If there’s no need or opportunity, then your business will fail! Who is your competition?
#3) WHAT IS YOUR PRODUCT?
What exactly are you going to do or provide? What is your core product?
#4) WHAT IS YOUR MARKETING/SALES PLAN?
How will you let people know about it? What is your marketing strategy?
#5) WHO IS YOUR TEAM?
Are you doing this on your own, or do you have people helping you? Describe the people and the experience they bring to the business.
#6) WHAT ARE YOUR FINANCIALS?
What is your start-up financial plan? What is your successful financial model with realistic expectations?
You will need to be able to defend these 6 questions to potential investors, to partners and to your first customers. Work out the details of this plan before you start!