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www.createmedia.ie: 8 STEPS TO YOUR BASIC BUSINESS PLAN

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createmedia.ie brings you this simple, easy to follow business plan basics. Start your entrepreneurial journey today! For more resources & guides, including how to secure that all important funding, …

createmedia.ie brings you this simple, easy to follow business plan basics. Start your entrepreneurial journey today! For more resources & guides, including how to secure that all important funding, see www.createmedia.ie

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  • 1. 8 STEPS TO A BASIC BUSINESS PLAN
  • 2. #1. TITLE PAGE OUR ADVICE • Keep it clean – not boring • Minimise text • Include colour and/or pictures INCLUDE 1. Your name 2. Company motto/tag line 3. Logo 4. Date
  • 3. <Company Logo> <Company Name> Business Plan <Tag Line> Prepared by: <Date> #1. TITLE PAGE
  • 4. It’s your business plan so make sure you’re hap- py with how it looks. It can vary from this to this #1. TITLE PAGE
  • 5. #2. EXECUTIVE SUMMARY OUR ADVICE • Although at the beginning of the report, this should be written last. • It should highlight all the goals and milestones that will be achieved. INCLUDE • Purpose of the business plan • About your company • About your product or service • Marketing • Management • Financial projections
  • 6. #3. BUSINESS DESCRIPTION OUR ADVICE • It’s essentially a longwinded version of your summary INCLUDE • What is your current outlook? • What is your future outlook? • What are your objectives? • How will you achieve them? • What is your overall goal?
  • 7. #3. BUSINESS DESCRIPTION OUR ADVICE Have a definite end goal. It should be: o Realistic o Challenging o Positive EG. IKEA “The IKEA vision is to create a better everyday life for the many peo- ple. We make this possible by offering a wide range of well-designed, functional home furnishing products at process so low that as many people as possible will be able to afford them.”
  • 8. #3. BUSINESS DESCRIPTION OUR ADVICE • Acknowledge your competitors • Every company has a competitor, make sure you are aware of yours. Be aware of your market • Are there new products coming out that will affect yours? • Know your market inside out
  • 9. #4. MARKETING STRATEGY OUR ADVICE • Do your research • Have surveys or pilot runs • Knowing your market is key • Nobody will invest if there isn’t a market for your good/service. INCLUDE • The five C’s • Customer (and user) • Company • Competition • Collaborator • Context
  • 10. • Customer (and user) – These may be different, customers are those that give you your profit, and the your user... uses it! Market size and growth. How is your product purchased Know consumer trends • Company – Can the company meet the customers and users needs? • Competition – Who competes with your company? Draw up a table so you can compare and contrast. Knowing your competition helps strengthen your business and allows you follow others strengths and improve on their weaknesses. • Collaborator – Who else do you need involved? Get strong relationships from the start, loyalty will stand to you. Manufacturers, distributers, suppliers etc. • Context –What external factors influence you? PESTEL Analysis
  • 11. PESTEL analysis • Political: Legislations, trading policies, funding and grants, government policies etc. • Economic: Home and overseas economy, trends, tax issues, interest, exchange rates etc. • Social: Media views, lifestyle trends, demographics, ethics etc. • Technological: Maturity of technology, research funding, information and communication, manufacturing capacity etc. • Environmental: Weather and climate change, creation of new markets and diminishing or destroying of existing ones. • Legal: All aspects of the law relating to business; contract, consumer, employment, health and safety etc.
  • 12. #4. MARKETING STRATEGY ALSO INCLUDE • The four P’s • Price • Product • Promotion • Placement
  • 13. • Price – What is the cost to the consumer of your good/service? Is it price sensitive? Are you willing to offer discounts? How does your cost compare with competitors? • Product – What does the consumer want from the product and what do you need to do to meet this? What are the aesthetics of the product? – (size, colour, branding) How is it different to your competitors? • Promotion – What medium will you use to reach your market? Where and when can you send messages to your market? How do your competitors promote? – Does this influence your promotion? • Placement – What methods are you using for distribution? Are these the right methods or do you need access to others? Where do consumers look for your product? What are your competitors doing? Can you improve or change from that? #4. Marketing Strategy
  • 14. #5. COMPETITIVE ANALYSIS INCLUDE • A SWOT analysis • STRENGTHS: Your product, team, expertise, process, reputation? • WEAKNESS: Lack of knowledge, poor technical support or product quality, weak management? • OPPORTUNITIES: New market, weak competitor’s, strong economy, emerging technology? • THREATS: New competitor, products or regulations, price competition?
  • 15. #6. DESIGN & DEVELOPMENT PLAN OUR ADVICE • Have a lot of research in your development plan completed • Explain the technology that you will require and what the current status is of your product – what is needed to make it marketable. INCLUDE • Answer the following • Are you able to do it or will you require expert help? • Who else will be involved in this work? • What are your current difficulties or risks and how will you overcome these? • Is there any ongoing research into your product? - Are you doing enough to stay competitive? • Do you require or are you seeking a patent, trademark, copyright?
  • 16. #7. OPERATIONS & MANAGEMENT PLAN INCLUDE • Answer the following • Where is the current or desired location of the business? Why here? Advantages or disadvantages associated with your location. • What space requirements do you have? • Do you have the required equipment? • What is your manufacturing process – can you complete it or is it contracted? Detail. • What employees do you have? • Is this a sufficient amount or will you need to expand? • What skills do you require and in what section are they needed? • In this section you should also include any relevant regulations coming up that may affect your business.
  • 17. #8. FINANCIAL FACTORS OUR ADVICE • Make sure your cost are as accurate as possible at the time of sending out your business plan. • Your cash flow projections should cover the first three years, if you are confident about further projections include them. • Don’t include extra years for the sake of it INCLUDE • Answer the following • How will you make money?
  • 18. #8. FINANCIAL FACTORS OUR ADVICE • Get a number whizz to draw you ip something like this
  • 19. END: APPENDICES OUR ADVICE • Include any extra information that doesn’t fit specifically into your plan: INCLUDE • Your CV • Full company accounts • Your full market research • Promotional material • Anything else you want included