A business plan is a document that allows a developer or entrepreneur to write down his or her ideas. Before embarking on a project, it is essential for the entrepreneur to show that he has mastered his subject. The business plan therefore describes in detail all the aspects necessary for the success of a project or the launch of a business.

Why write a business plan?

An entrepreneur draws in his head a project that he wants to realize. It can be the creation of a company, the launch of a new product, or any other business opportunity. Often, the entrepreneur wishes to associate technical and financial partners, and therefore investors and technicians to his project. This is where the business plan comes in, serving as a support to convince potential future partners of the project. This document is a plea indicating to the interested parties that the project is indeed viable. On the other hand, the business plan also serves the entrepreneur himself as a roadmap. Indeed, the plan contains the deployment strategy of the project and all the key indicators that will serve as a reference.

What should a business plan contain?

A business plan must be written in relation to the project to be supported, but also to the reader for whom it is intended. It can be for example a business angel or a bank in the case of a search for financing. The business plan must therefore be personalised and not simply copied from existing documents. But generally speaking, the body of a business plan is made up of 06 major parts, namely :
  • The presentation of the company or project,
  • The presentation of the services or products that will be offered,
  • Market research,
  • The development of the commercial strategy,
  • The description of the technical process for the services to be offered or the products to be manufactured,
  • The financial analysis that will answer key questions about financing needs, profitability and return on investment.
For the performance of the business plan, each of these parts must be written with the utmost care, in the most complete way possible and with tangible supporting data.  

Summary and Appendices

While the body of the business plan is the most developed part, the executive summary and annexes must also be carefully drafted. The executive summary is placed in the very first part of the business plan. Very often, it is the page that is read first by the recipient of the business plan. The summary must therefore be clear and persuasive. Investors sometimes reject projects without reading the business plan, even if the project has great potential, simply because the summary is not convincing. The same applies to the annexes, which should serve the interest of the whole document by providing concrete and complete facts and figures to convince.
Start alone or with others

It’s possible to set up a business alone or with others. Starting a business alone is associated with independence. It lets you avoid conflicts with partners and control everything! A joint venture, on the other hand, allows you to raise more capital and share tasks.Collegial decision-making, sharing risks and responsibilities are also the advantages of this solution.

Understanding your competitors

It is essential for a company to understand its competitors and know how effectively they communicate, what produce do they have, the prices they charge, etc. Undoubtedly, competition pushes companies forward and encourages them to reinvent themselves if they want to stand out from the competition. In addition, it encourages managers to look for the best ways to work smartly and more efficiently.

Learn to establish a business model

When starting or taking control of a company, it is crucial to develop a business model. This is the most important part of a business plan. This document, actually, characterizes the strategy the company sets for itself. Accordingly, it takes into account the financial, human, and technological means by which the company intends to achieve its objectives.