Many entrepreneurs wonder if they need to make a business plan or if the business plan is enough. Especially if you intend to go to investors, participate in grants or present your idea to subsidized projects, it will be essential, and it must also be perfect.
But even for day to day it is important to have this roadmap to avoid getting the idea out of its original path.
How to make a business plan: step by step guide
When it comes to how to make a business plan, there is doubt about who should prepare it and what are the requirements or conditions that must be met.
How to make the general structure of the business plan
Every business plan consists of a few minimum sections , it must be written in an intelligible way for anyone else and be clear and concise. The length should not exceed 50 pages, and always with a suitable executive summary that synthesizes and presents the rest of the document.
- Executive summary: details the overall impression of the project, with the key data to understand at a glance if it is feasible. Its maximum recommended length is 3 pages.
- Description of the product or service: every business plan must identify the market need that is covered and what its proposed solution is.
- The management team: every good idea must have a team that generates confidence, especially in attracting investment. If the managers demonstrate knowledge and experience in management, in addition to their commitment to the business idea, there will be more willingness to participate financially in the project.
- Market analysis: the business plan cannot fail in the dimension, segmentation and identification of the market to which it is directed. Likewise, a documentary analysis of the competition, current and future, of direct, substitute and complementary competitors must be included.
- The Marketing plan : of course, we cannot consider how to make a business plan without a clear sketch of the marketing plan focused on the business and the market.
- Business system: in this section, the steps, processes and actions necessary for the production and sale of the product or service should be described, including, in addition, a planning of human resources, elements of personnel management and the basis of the culture organization in which it intends to function.
- Action schedule: it should be realistic planning based on data and resource analysis.
- SWOT analysis : every business plan must define precisely what are the Weaknesses, Opportunities, Strengths and Threats of your product or service in the market, and how to manage them to enhance the positive and minimize the risks associated with the former.
- Financing plan: this is a critical element. It must be based on a detailed analysis of the REAL financial situation of the business, its future projection, and what are the financial needs that it must cover to achieve it.
- Conclusions: as a summary, it will highlight the key factors of the reality of the business idea carried out, without hiding or underestimating the risks.
As for the first question, the ideal is that it is the employer himself or the partners who get involved. However, either due to lack of time or the desire to have an independent professional, it is advisable to seek advice and hire a specialized consultant that guarantees work in close collaboration with the business promoters .