Writing a business plan takes your idea and turns it into something you can act on. A business plan can help you focus your effort and energy and determine whether or not your idea makes sense. Check out our infographic to help walk you through the process of creating a business plan.
Writing a Business Plan: Got a business idea?
The 8 questions:
Whether your business plan is a formal document or a brainstorming exercise, it should still answer the same basic questions:
1. What is the business?
2. How does it work?
3. Who is the team?
4. What is the market?
5. Who are your competitors?
6. What is the market strategy?
7. What are the numbers?
8. What do you need?
Writing a business plan
What is the business?
- Summarize it in a way that shows the value you’re creating for your customers
How does it work?
- What product or service will you provide?
- How will you make money?
Who is the team?
- Identify employees, mentors and advisors
What is the market?
- Who is it for?
- Are there enough potential customers to support your business?
Who are your competitors?
- Do you have any direct competitors?
- How are you different from them?
- Are there similar businesses in other industries that inspire you?
What is the market strategy?
- What are the steps you will take to grow your business?
What are the numbers?
- What are your costs and revenues?
- What is your pricing strategy?
What do you need?
- What equipment, materials, resources and support structures do you need in order to be successful?
Source: The Wharton School