What is a business plan?

A business plan is a report on how a newly formed company will carry out its business processes. The business plan format allows you to analyze the competitive environment and identify strategies that will help you stand out from other companies. By analyzing the market, you can see what is needed, what the market lacks, and what is being done wrong, and you can improve your work accordingly. In order to be successful in this industry, it is important that you first create a good strategy and have a well-prepared business plan. Creating a good business plan will ensure that your company becomes a long-term and profitable business.

1. How should the introduction of your business plan be written?

When writing the business plan, make sure it is not too long. The language should be simple and easy to understand. In the introduction, include the recipient's address, the date, your own address, and in the next paragraph, explain why you contacted the recipient and what you did. You should also tell them that you expect something in return. After your introduction, of course, include information about the company. Since this page will be like the cover of your presentation, make sure it is simple. Include your logo and company name in your introduction and on the next page. Create a table of contents with a photo of your product so that the person viewing the presentation can see the contents.

2. Management Summary

One of the most important details is this part where you talk about how you will manage your business. In this section, you should explain what you do. What is your concept? What is your goal?  What are you going to do? What makes your product different from others? It is important to stand out from the crowd. Who is your target audience? Who are you targeting? Describe your marketing plan. What is your current financial profit? How much do you have to invest? And you should give information about your team, which is another important detail. You should prepare your management summary with all the details.

3. Summary about your company

In this section, there are some points you need to mention about your company. How long have you been planning your business, have you started this business or do you have a partner? You can include answers to questions such as how many people are in your team in this section. You should explain how your company is different from other companies. What gaps do you fill in the market or what opportunities do you offer? You can include the answers to these questions.

4. Market analysis and competitors

Market analysis is an important point to focus on when creating a business plan. In this part, you may need to prepare your market research in an interesting way. How big is the market you intend to enter? If there is a gap in this market, are you sure about it? What can you prove? Show these. What is the gender and interests of the audience you are addressing? Have you ever sold a product, and if so, who bought these products and why? After creating the market analysis at such points, the other point of writing a business plan includes competitor analysis. What are the shortcomings you see in your competitors? What are your competitors doing right, what are their pros? You can contribute to the development of your own product in the light of this information. You can benefit from the shortcomings you see in your competitors.  What are the features that distinguish you from others? You should pay attention to these details while creating your competitor analysis.

5. Marketing

You should also prepare a detailed study on marketing. Marketing plays a big role in your company's sales and growth. If you get your strategies right, your sales will increase. Are there other places implementing your strategy? Does your service meet the needs of the consumer?  How does it fulfill it? Why should they choose you? You should include these. What will be the price, quality and after-sales services of your service? You should have information about the details that the consumer is curious about and why they should choose you.

6. Your team

In this section you will include details about your team. How many people you have in your team or how many partners you have. What are your strengths and weaknesses? What are your team's past experiences? Are these experiences closely related to your business? Do you know anyone else who works in the same sector and can they help you with advice?

7. Operation

You should include details about your operations in your presentation, even if they are not very complex or detailed. You can mention whether you have a website. Do you have an infrastructure that can sell over the internet? Is your e-commerce infrastructure secure? Are alternative payment systems available on your site? Do you need a warehouse for your products or do you already have a warehouse? What kind of devices and software are needed in your company? Is your team sufficient for your company? How much do you plan to grow?

8. Sales Report

If you have started making sales, you should prepare a report for this. In this section;

Whether you have sold your products yet, how long does it take to be ready for sale, are your products manufactured from scratch or do they need to be procured, how do you aim to reach your customers? What are the average prices of your products in different categories? What is the usage period of the purchased product? Can the products purchased be marketed and sold online in a short time?

9. Financial Foresight

We have come to the point where the people who will invest in you will be most interested. At this point, you should state your current and future financial situation and projections. What will your average monthly income be, how much money will the company have left after expenses such as marketing and sales, what will your cash flow be, is your company currently self-sufficient? What will be your worst case scenario? What are your profit and loss projections? And how much financial support do you need? How much investment does your company need? In which areas will you make improvements with this investment? How long and how do you plan to repay this money? You will include details such as.

As a result, you need to address such details in order to create a business plan. You can write your very detailed and comprehensive business plan with the relevant headings in 9 steps through the articles here.