Business Plan Parts

Business Plan Parts-40
If you’re in tech, are you trying to build the next Nest?If you’re in food and beverage, are you aiming to be the next Chipotle?In other words, how big is this company going to get, and why should an investor/partner/hire be excited to be a part of it?

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Are there any specific brands or products you can point to that illustrate the demand for products/services like (but not too like) yours?

Are there any examples of similar companies that investors have supported that you could point to?

A quick explanation of the one or two key problems and/or trends your product/service addresses, and how it translates to a big opportunity for your company (and investors).

Highlight a few of the biggest accomplishments that you have achieved and describe how those accomplishments lay the groundwork for what’s to come.

The goal here is less about describing how your product or service actually works (you’ll get to that in the “How It Works” section later) than it is about communicating how your solution connects back directly to the problem that you just described.

Key questions to consider: While your problem and solution statements help set the stage and provide readers with insight into why you’re starting this company in the first place, clearly defining your market will allow you to call attention to the trends and industry conditions that demonstrate why now is the time for your company to succeed.Are there any recent acquisitions (examples of larger companies buying up companies similar to yours) that could bolster the case for your own exit strategy?Are there any similar companies that have recently IPO’d (gone public)? Let’s say you were building a subscription box service for pet flea treatment.Key questions to consider: If your product or service has some sort of proprietary element or patent at the core of what makes it work, you might be a bit hesitant to show your hand for fear that someone might run off with your idea.While this is a completely understandable concern, know that this pretty much never happens.That being said, you can still give your readers a clear idea of how your product or service works by explaining it through the lens of how it relates to the problems that your customers face without giving up your secret sauce.Put another way, you don’t have to explicitly tell your readers the precise source code to your new app, but you will want to call attention to all of the great things it makes possible for your customers.As is the case with most big projects, crafting a business plan is one of those things that takes an incredible amount of diligence and no shortage of courage.After all, your business idea is probably more than just some passionless money-making ploy — it’s your dream that you’re getting ready to lay bare for the world to scrutinize! If you approach this with a firm understanding of what key information to include in each section of your business plan and know how each section works together to form a cohesive, compelling, and — above all — persuasive whole, it will make the writing process a whole lot less daunting.How do other solutions in the market fail to alleviate that problem, thus creating a major need for my product?Once you’ve thoroughly explained the problem you’re setting out to solve, it’s time to tell investors how your product/service solves that problem beautifully.

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