Students and entrepreneurs, are you planning to start your own business? Well, before you get started in your project, it is advisable to have a minimum of preparation. This is why it is important to carry out feasibility studies without forgetting to make forecasts. In a word, it is necessary to elaborate a business plan, a preliminary necessary for any project, in particular for the obtaining of a professional credit.
But writing a business plan can be a real obstacle course. It is even the bane of some entrepreneurs. Moreover, as this approach can not be improvised, it must not be done lightly. Also, here are some ways to follow to achieve an impeccable business plan.
What is meant by business plan?
The business plan is a reference document for the implementation of a project such as the creation of a company. As a structuring tool, it allows the entrepreneur to describe the future strategy of the company. It is also a presentation tool, a key element of communication to convince investors and to convince themselves of the feasibility of the project. In short, to persuade is the watchword of a BP.
Much more than just a financial plan, it serves as a guideline for setting up a business. In fact, it manages the evolution of the project while adapting to the context and the interlocutors (partners, employees and financial partners). Of course, the background and the form of the document should not be neglected. It is essential to respect a certain formalism that will play a crucial role in the success of a project, especially the search for funding.
What is the purpose of a business plan?
As already mentioned before, the main goal of a business plan is to convince. And for good reason, it will be presented to third parties, whether natural or legal persons. This is true of its future partners, customers, suppliers, specifiers and investors (banks, crowdfunders…). It is for this reason that an irreproachable business plan must be above all convincing.
Thus, the idea and the concept must be understandable. Market potential, marketing strategy, business model, organization, it is essential that these different points are as persuasive as possible. As for the future risks that will weigh on the company, it is necessary that the information present in the BP reassure the interlocutors.
Writing a good business plan must also be done with precision and rigor. One should be able to discern the strengths and weaknesses of a project. This will then allow the contractor to rectify the shot and put all the chances on his side. In addition, this document must demonstrate the profitability of the project.
The keys to writing an irreproachable business plan
Readability is a non-negligible point to persuade people to talk to. Therefore, when writing, the question of form must be taken into consideration. A business plan must be attractive at first, especially when you go from one party to another.
- It is better to go straight to the point by favoring simple sentences.
- Instead of long, boring paragraphs, the data will be much more visible if it is presented as tables and points.
- Important information must be well highlighted.
- It is essential to sharpen one’s arguments with concrete and verifiable facts (statistics…).
- We must show our interlocutors that we have identified all the risks and that they are not insurmountable.
- Why not allow readers to project themselves into their company through illustrations or scenarios?
- The document must make you want, be expressive, in short, captivate the reader. Color, font size…, all means are good to gain his attention and interest.
- Do not forget to re-read the business plan when it is finished and have it re-read by outsiders
The uniqueness of the business plan: a very important point to take into account
Many business plan templates currently exist. However, it is important to remain attentive because not all projects are alike. So, it is essential to customize your business plan according to your project.
Also, it is wiser to be accompanied by a structure for the realization of his professional project. Indeed, an accompaniment increases the durability of the companies. It also makes it possible to examine the coherence of the project. In addition, it is a non-negligible asset for the search for professional credit.
In short, to build a business plan in concrete, it is necessary to make a precise study and rely on good choices.