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Business plan in simple terms
A business plan is a document that describes the goals and plans of a business and how to achieve them. It can be used internally or shared with external users, such as investors, banks or potential partners.
Borfexan's leading consultants explain in simple terms what a business plan is and how to create one.
Borfexan's leading consultants explain in simple terms what a business plan is and how to create one.
Why you need a business plan
Starting a business without a plan is a bad idea. Without a business plan, you'll be mired in losses, and your competitors will eat you for lunch. So it's better to make one. A business plan will definitely come in handy more than once.
You need it in order to:
The business plan describes all the components of the business. For example, what goods the company will sell or what services it will provide, where it will raise money and what expenses it will incur, what risks it may face and how to avoid them, what the profit will be, etc.
Business plans are developed not only at the start of a business, but also when the company is already operating. Borfexan Ukraine has a clear and structured business plan that helps to keep the pace and achieve results. It is necessary to see the current state of affairs and update the data if necessary.
Starting a business without a plan is a bad idea. Without a business plan, you'll be mired in losses, and your competitors will eat you for lunch. So it's better to make one. A business plan will definitely come in handy more than once.
You need it in order to:
- Get funding. Any investor wants to know what will be done with their money.
- Estimate the amount of work to be done. You may decide afterwards that you don't need such a business.
- Turn your idea into a clear course of action.
The business plan describes all the components of the business. For example, what goods the company will sell or what services it will provide, where it will raise money and what expenses it will incur, what risks it may face and how to avoid them, what the profit will be, etc.
Business plans are developed not only at the start of a business, but also when the company is already operating. Borfexan Ukraine has a clear and structured business plan that helps to keep the pace and achieve results. It is necessary to see the current state of affairs and update the data if necessary.
How to create a business plan
Step 1. Market analysis
First, you need to understand whether the market needs your product. Create a portrait of your potential customer: who they are, what they like, how much money they pay for similar or similar products now, and what they are willing to pay more for.
You also need to analyse your competitors. Find out as much information about them as possible: products, prices, advertising, reviews, etc. You should clearly understand the advantages of your competitors. This will help you determine how to outperform your rivals. You should also analyse your own project in detail. A SWOT analysis will help you with this. Identify strengths, weaknesses, opportunities for development, and threats that could destroy your business model.
Step 2. Marketing strategy
Use the information you've gained from your market analysis to the benefit of your product.
Use the information you've gained from your market analysis to the benefit of your product.
- A good marketing strategy includes the following sections:
- Target audience: gender, age, marital status, income level, etc.
- Channels and methods of customer acquisition.
- Pricing strategy: how much a product or service costs, what determines the price, when it can be increased and by how much.
- Estimated sales plan.
Step 3. Financial plan
At this stage, you need to calculate your expenses and income. How much money do you need to start your business? How much will you spend each month? Record all fixed and variable costs. Don't forget about taxes. Specify the planned sales volume, net profit, sources of financing, break-even point, and profitability. You can calculate indicators for several scenarios of the company's development.
The financial plan needs to be constantly adjusted in accordance with changes in the market situation, exchange rates, etc. Your financial plan should be ready for any unforeseen circumstances and remain viable even in the worst possible scenario. Borfexan LLC has a main financial plan and several sub-plans.
At this stage, you need to calculate your expenses and income. How much money do you need to start your business? How much will you spend each month? Record all fixed and variable costs. Don't forget about taxes. Specify the planned sales volume, net profit, sources of financing, break-even point, and profitability. You can calculate indicators for several scenarios of the company's development.
The financial plan needs to be constantly adjusted in accordance with changes in the market situation, exchange rates, etc. Your financial plan should be ready for any unforeseen circumstances and remain viable even in the worst possible scenario. Borfexan LLC has a main financial plan and several sub-plans.
Step 4. Summary
In this section, you should briefly and clearly describe your business idea. What does the company do, what is its peculiarity, what are its growth prospects and whether it will be able to make a profit. This is like a ‘trailer’ for the business. If people are interested, then they will watch the film, i.e. they will consider the main part of your business plan. Learn to explain your idea in a few minutes. Be brief and to the point. This section is often the only thing people read in a business plan. Based on it, they decide whether to delve further into the document or not to waste their time. Although the executive summary is the last to be created, it comes first in the business plan, both in order and in terms of importance. If you are new to business or are reforming an existing company and don't know how to create a business plan, contact Borfexan professionals and we will help you!
In this section, you should briefly and clearly describe your business idea. What does the company do, what is its peculiarity, what are its growth prospects and whether it will be able to make a profit. This is like a ‘trailer’ for the business. If people are interested, then they will watch the film, i.e. they will consider the main part of your business plan. Learn to explain your idea in a few minutes. Be brief and to the point. This section is often the only thing people read in a business plan. Based on it, they decide whether to delve further into the document or not to waste their time. Although the executive summary is the last to be created, it comes first in the business plan, both in order and in terms of importance. If you are new to business or are reforming an existing company and don't know how to create a business plan, contact Borfexan professionals and we will help you!
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