Developing business plan documents is a neat combination of art and science. The financial projections, for example, are typically mostly hypothetical – but they function best at convincing the reader when they're pinned back to industry averages, market research figures, or, with existing businesses, past performance data. The science is finding competitive comparables that you can mimic or model after, while the art is massaging those inputs into a meaningful presentation that is at once appealing for investors and reasonable in its projections. It's a delicate dance, but done correctly, a stellar plan will be your reward. What else is vital when developing your business plan? Cover these topics in full:
• What product or service do you deliver to the market?
• What are your start-up costs likely to be, by category?
• What competitors do you face (direct and indirect)?
• What is the revenue potential within 3-5 years?
• What risks will the business encounter? What are its strengths/weaknesses?
• What are your staffing needs going to be, do you think?
Some of these questions might be too advanced for your stage of business plan development, but making working assumptions and estimates – even if they're basically placeholders in the early going – is important as you develop a functional model and a basic market analysis. You should also be able to put pen to paper about what marketing methods you might employ, paying attention to which initiatives give the most ROI on your money. If you're not sure where to start or got stuck in the middle, call MasterPlans today. Our team of professional business plan writers can take this tough task off your hands for a reasonable fee. Call 877-453-2011 to speak with a consultant now!
