Start Up Summary Business Plan: Everything You Need to Know
A start up summary business plan includes the description of your products and services, your business structure and licensing requirements, among others.3 min read
A start up summary business plan includes the description of your products and services, the structure of your business, your target market, marketing strategy, funding requirements, financial projections, and licensing requirements, among others. It serves as a roadmap for your business.
A business plan helps you take a realistic view of your idea and double check whether it's really worth pursuing. It tells you what issues you may face down the line and how to tackle them.
Tips for Writing a Business Plan
1. Find Out What Makes You Different
Analyze what sets you apart from your competition. How do you plan to differentiate your product? It could be the use of recycled material that promotes sustainable living, the contribution of a certain percentage of your revenue to charity, or some other factor that may help you build your brand. Think broadly about such differentiating factors before you get into the nitty-gritty of your research.
2. Keep It Short
Including lots of details only creates confusion and distraction. Keep your business plan short and concise by focusing only on important details - you can store the ancillary data elsewhere. For instance, while it may be helpful to include the major results of your market research, it's not necessary to include every detail of what your website would look like. While your business plan should not be written in a hurry, you should exclude from it everything that's not essential to the core plan.
3. Stay Flexible
Treat your business plan as a living document that will evolve with time. Always keep it updated with the latest changes. For example, if your business plan is already two years old and you are applying for a new funding, you should consider updating your business plan.
Steps to Writing a Business Plan
1. Answer Important Questions Regarding Your Business
Think of questions that may come to the minds of your customers and stakeholders about your business. Answer each question honestly in a sentence or two. You should be able to substantiate your beliefs with proper arguments.