Make your business plan

Make your business plan

When setting up an ambitious project, the most strategic approach is to start by establishing a diagnosis of the situation, which is called a market study, then to develop an action plan: it is the business plan. Behind this somewhat impressive Anglo-Saxon term, you have to know what aspects to address, and how to set up this business plan in the most professional and efficient way possible. It is possible to rely on a model, but the best strategy is to rely on advice for writing a unique business plan.

Publication of legal notice for the creation, modification or cancellation of a company

encrypted data

Building a business plan can only be done by taking as a basis the data collected in the market study. This data must reflect the reality of the sector of activity, the competition, the prices charged by other companies, as well as the target clientele and the opportunities that could arise on the market.

All of this data must be quantified with precision: the number of potential customers, the number of competitors and their turnover, the costs and prices observed on the market, the amount of the advertising campaigns are all figures that will enable the entrepreneur to develop a solid business plan.

Market research can take the internet as its primary source, but directly interviewing competitors and prospects can be very useful too.

Concrete proposals

Once the basic data has been identified, the business plan must formulate an objective and propose a set of processes intended to achieve this objective. Whether it is the sale of products or services, a restoration project or a real estate investment activity, the business plan must be clear in its description of the forecasts and the plan to follow to achieve them.

The project will need financing, and the business plan is intended to be presented to investors. It must therefore constitute a practical guide to all the essential elements for their decision-making: competitor analysis, market positioning, development strategy, the type of structure to be created, the team to be brought together.

Its wording must be clear, the investment required must be quantified, and the development and investment plans must be credible.

The part of the business plan called the “executive summary” concentrates on the creation of the company necessary for the project.

A clear vision

The planned activity must of course be viable. Very often, this viability requires an innovative, original and visionary project. But this vision should not stop at the initial project: indeed, beyond the short or medium term planning (generally two years), it is necessary to plan for the long term so that investors can understand the general scope. Will the business expand internationally? Will the company proceed with new product development after the first successful launch?

This vision is essential to the business plan, in the same way as the strategy and the short-term financial plan.

Article written by

Author

This text is published under the responsibility of its author. Its content does not in any way engage the editorial staff of Les Echos Solutions.

Leave a Comment

Your email address will not be published.