Today, the business plan is a real sesame to enter the world of entrepreneurship. Writing this business plan may seem complicated, but it is crucial to finance and bring your project to a successful conclusion. So how do you create a solid and compelling business plan? Bpifrance gives you some tips for obtaining financing and realizing your project!
What is a business plan?
If you want to start a business, the business plan or business plan is an essential tool. This allows you to outline the contours of your project, namely strategic thinking and operational implementation. Both comprehensive and attractive, the purpose of the business plan is to ensure the viability of a project. It also includes the evolution of your future company and thus the growth and sustainability of your company in the following years (usually three years). The business plan thus allows you to convince your potential partners, as well as banks and investors, to follow you in your steps.
What is a business plan used for?
To acquire the appropriate equipment, recruit or use new technologies, you must necessarily raise funds. The business plan is not only an important argument about the economic and financial feasibility of a project, but also guides the future entrepreneur in all his steps. Like a roadmap, you can organize your ideas to take action. The business plan is therefore a real engine to start up your activity and carry it out serenely in the long term.
Tips for a top-notch business plan
Do you want to take the chance to present a concrete business plan? You just need to follow a few valuable tips:
- Improve the layout of your file : this detail is not one! Your business plan should follow a neat thread, both in writing style and pagination as well as spelling. We therefore recommend that you proofread it before each presentation.
- Opt for synthetic content : to grab your reader’s attention, get straight to the point! Save him the trouble and focus on the essential elements that support the viability of your project.
- Organize your ideas: the course of the business plan must be clear and understandable. By means of a well-structured summary you show the entire project without losing sight of a step. When writing a business plan, it is important to maintain some consistency.
- Prove what you’re up to : your information should come from official sources where possible, secure and verifiable. Whether it’s news articles, research published online, or market research, you need to go through everything. See the Projectors folders.
- Support the credibility of your project : the goal is to defend the deployed strategy by highlighting the project’s strengths! To highlight the ghosts, bet on the content and form, to broaden your arguments (synthetic summary of each part of the file, characters underlined or bold, etc.).
Which structure to use for a business plan?
When writing the business plan, you should not strictly follow any particular order, but at least give it a clear and coherent structure. These are the essential points to include in your file:
1. Start with a concise and powerful presentationcommonly called management summary (maximum one page): this introduction consists of clearly explaining the main features of your project. The name of your company, the nature of your activity, the team leading the project, the target market (target groups, competitors, etc.) and the vision of the entrepreneur should be mentioned.
2. Tell more about yourself : your interlocutors must be able to give a face and at the same time obtain information about your background, your professional or personal experiences related to the project. Feel free to introduce future members of your team if they play an important role in launching your business.
3. Approach your project as such : it is driven by a vision and strong values that make sense, for you and for the members of your team. They are essential to embark on the adventure of setting up a business and embody your main motivation. State your goals, your expertise and your strengths (such as technical or relational skills).
4. Support your project with a problem: you must demonstrate that a problem exists in the target market and that you are able to solve it. Whatever product or service you are going to offer, think about an innovative, efficient and stable solution and specify what this means from an economic and financial point of view.
5. Continue with the business model : this unique economic parameter will inform your interlocutors about the way in which you will generate turnover and thus become profitable. It is therefore the added value that will have a positive impact on all stakeholders in the context of your project.
6. make a quantified market research : conduct a sectoral and competitive observation to determine your positioning, by revealing your strengths: whether in the performance of a product, the cost or the design, certain advantages can make all the difference! In this way you can outline your communication or commercial strategy (pricing policy, production volume, distribution or distribution channels, etc.).
7. Explain your overall strategy for the next three years : your goals should be crystal clear. To achieve them, set yourself manageable deadlines. We recommend that you create a forecast table regarding the expected revenue, thanks to the sales made.
8. Prepare your financial forecasts: In addition to the profit earned and the resources you have internally, this part includes the costs related to the operation of your future business (movable and immovable property, purchase of raw materials, manufacture of a product, recruitment, taxes, salaries, etc.) ).
You need to declare your financial needs in order to start your business fully. Consider developing an initial financing plan, a three-year income statement, and a cash flow plan over a 12-month period. Don’t forget to show your break-even point calculation, as well as the three-year financing plan.
A real reference, the business plan is a valuable tool and concerns all stakeholders of your company. Alone or with others, you can consult or evolve it at any time, for a thriving and healthy business!