Business Plan: How To Develop It

The business plan is the roadmap to follow in the creation of a business project. Therefore, this plan contains a temporal sequence of the concrete steps you must know to undertake.

This business plan projects, from the present, the future of the company, an action map with which to travel the road that separates the current state from the desired state, that is, the short-term objectives.

It should be pointed out that a well detailed business plan is vital to get potential investors since it is a practical way to show the viability of a project. This plan is the theoretical materialization of a practical project that takes this action map as a constant reference guide.

Objectives of a business plan

There are three main objectives that meet a good plan for companies: to specify the business model, ensure the financial viability of the idea and generate a corporate value of the brand to potential customers.

In addition to the analysis of the business idea, it is also essential that you analyze your training, personal qualities and practical skills as an entrepreneur to see if they fit the essence of the project.

An entrepreneur can start his adventure alone or do it in collaboration with a partner. But the ideal is to make the decisions as soon as possible so as not to leave anything open at random. The business plan is the way through which, as an entrepreneur, you can increase your proactive attitude to work your luck.

Tips to make your business plan

In this sense, the main steps to carry out your business plan are the following:

  1. You must specify what are your motivations to undertake, the reasons for doing so.
  2. Description of the target audience, that is, identification of the profile of the buyer who will demand the product or service offered. For example, ages, purchasing level or lifestyle.
  3. Marketing plan, that is, an action plan to disseminate the project and create positive publicity that connects with the values ​​of the company. In this section you must specify the dissemination strategies of the idea, integrating the online and offline communication channels if it is a physical business.
  4. Description of the products or services offered by the business, also specify the prices.
  5. Choice of suppliers with whom you will establish a collaboration.
  6. Analyze the strengths and weaknesses of the location of the place where the business is located. In this context, it is also important to address environmental factors, for example, competition from the sector.
  7. Management of the company’s human resources.