While data is good, and more data is great, sifting through and making sense of too much data can be daunting. So a solid business plan should be a blueprint for a successful business. Do they focus on a specific customer type, on serving the mass market, or on a particular niche? If you are pitching a new product to your investors, you may also want to include your funding requirements. Bottom line results indicate the success or failure of any business. Why? Clearly define your type of business. What ranks high in terms of importance? The industry enjoys relatively high profit margins, Entering the market is relatively easy and inexpensive, The market is growing--the more rapidly it is growing the greater the risk of competition, Supply and demand is off--supply is low and demand is high, Very little competition exists, so there is plenty of "room" for others to enter the market. 2. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed. Some business plans include less essential but potentially important information in an Appendix section. The following is a comprehensive guide to creating a great business plan. The rental shop will solve that problem by offering a lower-cost and convenient alternative. Changing any one element may change other elements; if you cannot afford to purchase expensive kitchen equipment, you may need to adapt your menu accordingly. As you map out your plan, you may discover issues or challenges you had not anticipated. Our marketing strategy will focus on three basic initiatives: We will not be the low-cost provider for our target market. Any business can sell a product online and ship that product around the world. In our rental example, one problem is cycling enthusiasts who don't--or can't--travel with bikes. Focus on the basics first: If you are still stuck, try answering these questions. Financial projections describe where you plan to go. While it can be tough to fit on one or two pages, a good Summary includes: I know that seems like a lot, and that's why it's so important you get it right. You've already defined and mapped out your products and services. They can make or break a sale within a certain period of time. GST302 – Business Creation and Growth, NOUN Students GST302 Business Plan Submission and Presentation Date in 2020_2 Semester. That process requires asking, and more importantly answering, a number of questions. You can use Creately Viewer to add this to your online documents, websites, intranet, Wiki, or business plan presentations. Who makes the decisions? How will you get it done? How much? It depends on the nature of the products the company plans to rent to customers. Certainly feel free to do so, but first play around with the reports yourself. How will they respond when you enter the market? This way anyone who refers to the mind map can easily access the linked resources from one single place. What may have seemed like a good idea for a business can, after some thought and analysis, prove not viable because of heavy competition, insufficient funding, or a nonexistent market. Your products and services have to stand out from the competition in some way. Will you need sales representatives (inside or external) to promote your products? In the cycling rental business example we've been using, products and services could be a relatively simple section to complete or it could be fairly involved. Once you work through this list you will probably end up with a lot more detail than is necessary for your business plan. A joint venture is a formal agreement to share the work--and share the revenue and profit. And it's only … For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business. Now distill what you've learned by answering these questions in your business plan: The Competitive Analysis section for our cycling rental business could start something like this: Our nearest and only competition is the bike shops in Harrisonburg, VA. Our next closest competitor is located over 100 miles away. Update Key Slide Text. Keep in mind this is just a made-up example of how your Summary might read. SWOT analysis is a great way to determine the strengths and weaknesses of your competitors and the opportunities and threats they bring to you within the industry. Our website will attract potential visitors to the resort. It helps you look into. And, even if you do not ever plan to seek financing or bring in investors, you absolutely must know your competition. Break-Even Analysis: A projection of the revenue required to cover all fixed and variable expenses. As an entrepreneur, you will have to present a business plan to third parties at some point, especially when you are seeking equity or debt financing. Joint ventures are like partnerships between two companies. How can you increase your market share over time? You should think through and create a detailed plan for each category, but you won't need to share the results with the people who read your business plan. question. A great business solves customer problems. If a business seeks outside funding, providing comprehensive financial reports and analysis is critical. On the other hand, they offer inferior-quality equipment and their location is significantly less convenient. To make the process easier, stick to analyzing companies you will directly compete with. (They'll show up later.) (In this case the products and services are obvious, so including a specific section would be redundant.). But if you're creating a new product (or service), make sure you thoroughly explain the nature of the product, its uses, and its value, etc.--otherwise your readers will not have enough information to evaluate your business. Most of the information you need about products, services, prices, and company objectives should be readily available. And that means you'll need to do a little research. In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace. question. You need semi-skilled employees capable of sizing, customizing, and repairing bikes. What is the size of your intended market? A brief description of products and services, A high-level justification for viability (including a quick look at your competition and your competitive advantage), The economic outlook indicates fewer VA, WV, NC, and MD cycling enthusiasts will travel outside the region, The park has added a camping and lodging facilities that should attract an increased number of visitors, The park has opened up additional areas for trail exploration and construction, ensuring a greater number of single-track options and therefore a greater number of visitors, Initial growth will be moderate as we establish awareness in the market, Initial equipment purchases will stay in service for an average of three to four years; after two years we will begin investing in "new" equipment to replace damaged or obsolete equipment, Marketing costs will not exceed 14 percent of sales, Residual profits will be reinvested in expanding the product and service line. If one does want to dig deeper, fine--he or she can check out the documents in the Appendix. Absolutely not. Recreational sports in general and both family-oriented and "extreme" sports continue to gain in exposure and popularity. What will you do if competitors drop out of the marketplace? Online initiatives like online renewals and online reservations enhances customer convenience and positions us as a cutting-edge supplier in a market largely populated, especially in the cycling segment, by customers who tend to be early technology adapters. Financial projections and estimates help entrepreneurs, lenders, and investors or lenders objectively evaluate a company's potential for success. Then we'll look at each section of a typical business plan: So first let's gain a little perspective on why you need a business plan. Search the Internet for news, public relations, and other mentions of your competition. Use simple terms and avoid industry buzzwords. What are they trying to achieve? They are established businesses with excellent reputations. Business Plan PowerPoint Template (20 free unique slides). Once you identify your main competitors, answer these questions about each one. A good business plan analyzes and evaluates customer demographics, purchasing habits, buying cycles, and willingness to adopt new products and services. Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well. What benefits do you deliver? Enfin viendra le moment où vous participerez à un concours de création d’entreprise ou vous devrez défendre votre projet devant des business angels. How to write a Business Plan? Do they attempt to capture premium clients? Think about your business and your industry, and if the following conditions exist, you may face competition does the road: In general terms, if serving your market seems easy you can safely assume competitors will enter your market. The Sales and Marketing section for our cycling rental business could start something like this: The target market for Blue Mountain Cycling Rentals is western VA, eastern WV, southwestern MD, and northern NC. Most business plans include at least five basic reports or projections: It's easy to find examples of all of the above. What do customers expect to pay for my products and services? For example, your Business Overview and Objectives section could start something like this: Blue Mountain Cycle Rentals is a new retail venture that will be located at 321 Mountain Drive, directly adjacent to an extremely popular cycling destination. Competitive Analysis. Net income is projected to reach $105,000 in year three as sales increase and operations become more efficient. Simply flesh out the highlights with more detail. Additional descriptions of products and services, Examples of marketing and advertising collateral. Is price an issue? It's easy to identify weaknesses in your competition, but less easy (and a lot less fun) to recognize how they may be able to outperform you: While these questions may seem like a lot of work to answer, in reality the process should be fairly easy. List them down in this section along with their expertise. Once underway, we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products. Use your plan to dip your toe in the business water. It's serves retail customers. The key is to show you understand your market and you understand how you will reach your market. Shows when, under specific conditions, a business can expect to become profitable. The Management Team section for our cycling rental business could start something like this: Joe has over 20 years experience in the cycling business. As you develop your Summary, you will naturally focus on the issues that contribute most to potential success. Your business plan shows how you will get there. All slides are fully editable. Our projections are based on the following key assumptions: We project first-year revenue of $720,000 and a 10 percent growth rate for the next two years. Browse. Acquiring the right location? Our location is also a key disadvantage where non-park rentals are concerned. Our initial goal is to become the premier provider for bicycle rentals. One of the bike shops in Harrisonburg is a subsidiary of a larger corporation with significant financial assets. Business proposals are always vital to a company. It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--persuade a lender or investor to jump on board. Numbers tell the story. Total households. So think of it as a snapshot of your business plan. But most important, financial projections tell you whether your business has a chance of being viable--and if not let you know you have more work to do. And it’s easier to write a meaningful summary once you have filled in the rest of your plan. Do you know what to include in a business plan, especially … What segment of the market do I plan to target? Blue Mountain Cycle Rentals will be located at 321 Mountain Drive, a location providing extremely high visibility as well as direct entry and exit from a primary national park access road. When you draft your Products and Services section, think of your reader as a person who knows little to nothing about your business. The market potential inherent in those visitors is substantial. Here are some more tips on making your presentation a hit. What is their market share? Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. can be organized here. What salary levels will be required to attract qualified candidates for each position? Finally, when you create your Management section, focus on credentials but pay extra attention to what each person actually will do. It’s a tool you can use to ensure that your product or service fits the requirements of your customer. Can u mail to my ID? In our example, defining the above is fairly simple. and financial projections based on the impact of your new product. (Although it's also possible that they--or, say, Amazon--are your real competition. You should already have a feel for the competition's strengths and weaknesses--if you know your market and your industry. Who are the key leaders? Let’s start by clarifying the business plan definition. Senior citizens could very well have a lower income level than males or females age 45 to 55 in the prime of their careers. A business plan is a document that describes your business in terms of what it does, the products and services it offers, your business strategy and business goals, and your action plan outlining how you plan to achieve your goals and earn money. ADMINISTRATION PLAN 3. If you plan to open a clothing store, you will compete with other clothing retailers in your area. The following is a breakdown of anticipated rental price points, per day and per week: Blue Mountain Cycle Rentals will have clear advantages over its primary competitors, the bike shops located in Harrisonburg, VA: Expansion will allow us to move product offerings into new equipment sales. How successful are they? Make use of the templates that are provided to make your presentation more eye-catching and easy-to-understand. Tout d’abord, avant de présenter votre business plan à des partenaires potentiels, il est indispensable de le valider avec un professionnel (un … Backup for market research or competitive analysis, Additional financial documents or projections. (Creating an organization chart might be helpful.) If we, as hoped, carve out a significant market share, the corporation may use those assets to increase service, improve equipment quality, or cut prices. Out target market has one basic need: The availability to source bicycle rentals at a competitive price. She also has extensive customer service and sales experience, having worked for four years as the online manager of Pro Parts Unlimited, an online retailer of high-end cycling equipment and accessories. Initially the people reading your business plan don't wish to plow through reams and reams of charts, numbers, and backup information. You could focus on high fashion, or children's clothes, or outdoor wear, or casual--you could segment the market in a number of ways. The success of a business plan often depends not only on its contents, but also the quality of the presentation … (If actual people have not been identified, describe the type of people needed.) He served for 10 years as a product manager for Acme Bikes. Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. This is to inform all National Open University Of Nigeria(NOUN) students that are offering GST302(Business creation and Growth) that Uploading and Presentation of GST302 business plan … This PowerPoint template is excellent for dynamic presentations. You need a retail location, furnished to meet the demands of your business. If you plan to set up an accounting firm, you will compete with other accounting firms in your area. But say you decide to open a clothing store. Many investors and lenders feel the quality and experience of the management team is one of the most important factors used to evaluate the potential of a new business. (Ferraris are awesome, but you're unlikely to sell many where I live.). Ltd. All rights reserved. After you complete your research you may feel a little overwhelmed. Our only other competition are the bike shops in Harrisonburg, VA, and our location will give us a competitive advantage over those and other companies who try to serve our market. What niche will you attempt to carve out? A partir de ce plan d’affaires vous élaborerez un « Executive summary » que vous enverrez à des investisseurs pressés. Serve as a guide to the business's operations for the first months and sometimes years, creating a blueprint for company leaders to follow. It’s a great way to examine how the external forces in your market can impact your company. (Unless you plan to open a grocery store, you should be unlikely to answer, "Everyone!"). We will then leverage our customer base and position in the market to offer new equipment sales as well as comprehensive maintenance and service, custom equipment fittings, and expert trail advice. Creating a business plan lets you spot opportunities and challenges without risk. Your marketing plan should clearly identify benefits customers will receive. Our goal is to provide mid- to high-end equipment. Income by demographics. Like any other investment you would make, money spent on marketing must generate a return. Your business plan is the foundation of your business. Competitive analysis can also help you identify changes you should make to your business strategies. Your goal is to answer the following key questions: Operations plans should be highly specific to your industry, your market sector, and your customers. We has collected all possible options of slides that you had all options for … The key is to define your market--and then show how you will serve your market. So is describing why your products and services are needed if no market currently exists. You may want to add other categories to this section based on your particular industry. What pain point do I solve for my customers? Use a sample as a guide. While the outdoor tourism industry as a whole is flat, the park expects its number of visitors to grow over the next few years. But keep in mind marketing is not just advertising. How will your company be different from the competition? We will overcome that issue by establishing a satellite location in Harrisonburg for enthusiasts who wish to rent bicycles to use in town or on other local trails. Enlist your management team, or for a sole proprietor, trusted family and friends, to contribute to your plan using a checklist business … 4. Blue Mountain Cycle Rentals will offer road and mountain bike rentals in a strategic location directly adjacent to an entrance to the George Washington National Forest. Include geographic descriptions, target demographics, and company profiles (if you're B2B). Business plan presentation Construct a business plan presentation with this template and outline. Explain the problem you solve. It should be concise and appealing to the reader. Because of his extensive industry contacts, initial equipment inventory will be purchased at significant discounts from OEM suppliers as well by sourcing excess inventory from shops around the country. A business plan is a formally written document that embodies the detailed process on how a business will operate to achieve its objectives and the steps that it will take to ensure the growth of the company. Bottom line: Provide some sizzle in your Executive Summary, but make sure you show a reasonable look at the steak, too. Web initiatives. Think of it as a written elevator pitch (with more detail, of course). You can also determine income levels by age group, by ethnic group, and by gender. And, most important, it will help define your customer. (For example, before there was Federal Express, overnight delivery was a niche business served by small companies. If the company plans to be the low-cost provider, then describing specific brands of equipment is probably not necessary. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows. Using it you can understand whether you new product or service is profitable. Sample Business Plan Presentation 1. Identify your customer. The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market. Because of the somewhat seasonal nature of the business, part-time employees will be hired to handle spikes in demand. Advertising should help you quickly determine how a company positions itself, who it markets to, and what strategies it employs to reach potential customers. Where will I fail to solve a customer problem, and what can I do to overcome that issue? You may decide to include, as backup or additional information: Keep in mind creating an Appendix is usually only necessary if you're seeking financing or hoping to bring in partners or investors. Before you start a business you must be sure there is a viable market for what you plan to offer. A service that is viable in New York City may not be viable in your town. Determine how you can best reach potential customers. These are professional slides for your presentation. And you know your customers: cycling enthusiasts. Here are some visualizations you can use to make this section more interesting to your audience. In short, make readers want to turn the page and keep reading. And if you plan to develop a product or service, you should thoroughly describe the development process as well as the end result. Préparer la présentation du business plan. For example, if you plan to open an office supply store, you may have three competing stores in your market. Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed. For the most part rental bikes are more of a commodity. What is your budget for sales and marketing efforts? How will you acquire your products? It will also help you shape your marketing strategy and develop your risk management plan. While customers in the counties surrounding the George Washington National Forest make up 35 percent of our potential customer base, much of our market travels from outside that geographic area. How customers perceive your business makes a dramatic impact on sales. Have friends stop in or call to ask for information. Successful businesses create customer value by solving problems. Keep in mind that highly detailed or technical descriptions are not necessary and definitely not recommended. What will you do if new competitors enter the marketplace? What is your market? Most of all, a good business plan is convincing. Focus on what customers. Does your market area have sufficient spending power to purchase enough of your products and services to enable you to make a profit? that your business makes sense, keep in mind most investors look closely at your competitive analysis. Is demand for my specific products and services rising or falling? A good business plan delves into each of the above categories, but it should also accomplish other objectives. It will also help you evaluate the skills, experiences, and resources your management team will need. By offering mid- to high-end quality equipment, we provide customers the opportunity to "try out" bikes they may wish to purchase at a later date, providing additional incentive (besides cost savings) to use our service. As a new company, you will likely be an unknown quantity in your market. Over time we will be able to market specifically to those customers. Take a look around. In some cases determining the number of total households is important depending on your business. Always remember it's much easier to serve a market you can define and quantify. Then Financial Analysis can help you answer the most important business question: "Can we make a profit?". Are products or services in development or existing (and on the market)? Visuals make anything easier to understand. It indicates the financial health of a business. See your industry through their eyes. We do not plan to sell bicycles for at least the first two years of operation. These aptly summarize all your findings on your customers such as their demographic details, jobs, responsibilities, needs, challenges etc. We will also explore maintenance and fitting services, leveraging our existing maintenance staff to provide value-added services at a premium price. (Although you'll notice in our Products and Services section, we decided to provide "high-end" rentals.). One key note: Don't be tempted to add a "name" to your management team in hopes of attracting investors. She worked in product development for High Tec frames, creating custom frames and frame modifications for professional cyclists. Let's revisit the typical structure of a business plan: 1- Cover Page and Table of Contents. For the purposes of your business plan, narrow your focus and focus on answering these main questions: The Market Opportunities section for our cycling rental business could start something like this: Consumer spending on cycling equipment reached $9,250,000 in the states of VA, WV, MD, and NC last year. By no means is this business plan template limited to presentations; you can also include these diagrams in your business plan documents to make them more readable. What is the size of the market? After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success. Determining if an idea fails on paper can help a prospective founder avoid wasting time and money on a business with no realistic hope of success. Your market analysis should also include a competitor analysis, where you will research your key competitors in terms of their influence in the market, their strengths and weaknesses, the threats they pose to you, their products and services, their pricing plans, their marketing strategies etc. For example, you might decide to provide information about Market Segments. The Executive Summary is a brief outline of the company's purpose and goals. With your marketing strategy, you have to consider factors like your marketing or communication channels, marketing goals, marketing budgets, resources etc. It helps you make sense of your product or service’s competitive positioning through the survey data at your hand. 2- Executive Summary. Through a market analysis, you can find enough detail to define your target market, its size, customer segments, and their needs. But putting work into the Management Team section will not only benefit people who may read your plan. When and how will you add staff? If customers don't feel you are different, then you aren't truly different. Who will you target? That's why marketing plans and strategies are critical to business success. That way the operations section answers the "How?" Aujourd'hui, nous allons voir quels sont les 12 slides à mettre dans la présentation de votre business plan à des investisseurs. Customers don't think in terms of products--they think in terms of benefits and solutions. Competitor Intelligence Mind Map Template. What competitor strengths will you need to overcome to be successful? it is an excellent presentation format.Can I use this for my company? In our case, the cycling rental business does not require much segmentation. But the odds are greater that those entrepreneurs will fail. question. Business plans provide opportunities to raise money for your business … If you open a restaurant, what you plan to serve will in some ways determine your labor needs, the location you choose, the equipment you need to purchase. 3. Within three years we intend to create the area's premier destination for cycling enthusiasts.