What do the most respected business plans all have in common? One thing above all is so obvious it might slip your mind: they all describe a clear, addressable market need with an airtight business model that can deliver results. You can write an amazing business plan for an outrageous venture – pie-in-the-sky projections, colorful charts, and beautiful writing won't get you anywhere if they describe something that's already been done or could never be capitalized. So, the most important factor in a respected business plan is simple: it needs to be understandable, realistic, and reasonable. A great plan answers all of these questions without leaving any doubt:
• What is the market need you fulfill?
• Who benefits from this product or service?
• What is the target market segment strategy?
• What are the costs involved in running this business long-term?
• What companies are doing something similar?
The business plan should look at the competitive comparables in a meaningful way that not only lists out the business models you're up against, but says something important about their advantages and weaknesses. If you know what their price points are and can guess at their COGS, net profit, or staffing levels, use this data to inform your own financial model. Your plan will need a 3-year or 5-year projection that illustrates your intended use of funds, the working break-even point, and the ultimate profits the business can achieve. If you're uncertain about how to approach this, or want to work with a team that has authored more than their share of respected business plans, call MasterPlans.com today to speak with our trained consultants: (877) 453-2011.
