understanding business plan – quick overview

understanding business plan – quick overview

you have a product or a service you have
your first customer now you need a plan for how you’re going to make money a
business plan is a formal statement defining your business goals the reasons
you think they can be achieved and how you’re going to achieve them there are
several different types of business plans the elevator pitch a 30-second
summary or teaser for potential investors typically used it in formal
meetings a pitch deck with an oral narrative also to pique the interest of
potential investors there’s also a detailed written proposal targeted at
external stakeholders such as when you’re trying to secure a business loan
and an internal operational plan that includes detailed guidelines for how
management plans to execute on its business idea as you turn your idea into
a business it’s important to think like a CEO creating a business plan can be an
initial step in this transformational process in writing this plan there are a
number of different resources available such as Bill Salman’s how to write a
great business plan but for now you want to just get started and getting started
starts with a simple checklist for example I want you to think about what
will you sell what problem will you solve what will you charge and who will
buy your product how will people find out about you how will you make the
product or provide the service and what will it cost
do you have competitors why will customers prefer you where are you
disrupting another company does this business play to your strengths what are
some obstacles or challenges you are going to face and by when will you start
it can be that simple you may at some point need to do a more in-depth and
detailed business plan especially if you need external funds whether borrowing
money we’re raising equity but in the spirit of a Minimum Viable Product this
is a good first iteration one that you can use to vet your idea with trusted
advisors be aware that your plan will change in fact if your plan isn’t
changing you may not be learning enough about your product and potential
customers as stated in the module on finding your first customer business is
about idea generation prototyping data collection and analysis and learning the
importance of the plan is far less about where you end up but rather thinking
through how you will get there how you make money may change but start with a
plan you

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