Owning a business is a dream. Or at least an ideal life for many. It is of necessity that we get to nitty-gritties of writing a killer business plan. Setting out to starting a business plan calls for clarity in structuring such.
However for this piece, we won’t dwell much on the format and structure of a business plan, because much literature on that is plentiful out there. But be informed that there’s no “one size fits all” approach to this matter.
Which then implies that entrepreneurs should by all means customize their business plans as per specific requirements or context. Most young entrepreneurs fall into the trap of issuing what I call ‘general business plans’ hoping to somehow through mere luck to find favor with the funders.
Unfortunately, they literally throw out their nets. Investors are more interested in well organized and thought out business plans. Be wise to take ample time thinking over your idea. Then carefully translate it into a business plan.
Let’s take a look into what is known as a killer business plan.
A killer business plan is the one that even your strongest detractors will read and say “this could work” and those whose wallets you’re trying to pry free of investment capital will ask “where do I sign?”- Steven Fisher
The following are highlighters not an exhaustive list of what makes a business plan appealing. You still have to study more and be familiarized with broader details.
Remember there’s no such thing as luck in the business world, you need to be well conversant with the needed drills in coming up with a business plan.
The outline of a “killer business plan” according to Steven Fisher:
Framing the plan A.K.A the art of starting
This first part of an ongoing series is focused on the why of starting a business and doing your homework and preparations properly.
2. Writing the right plan:
You need to write a plan for the right audience. The business plan goes through the three stages:
Business plan for you. This is essentially a data dump with headings, and it is the one that gathers your thoughts. It may as well provide a summary with a brief description of the idea and the objectives to be pursued.
Business plan for internal strategy and operations. This is a “roadmap plan.” This stage is about alignment and communication of vision with your team. It goes into depths on the product road-maps, long-term operations and greater performance planning.
Business plan for investors and raising capital: it is called “money plan.” While for more experienced investors an executive summary is good enough, you can bet that those on the committee who need to be convinced to approve the investment will want to read it and the associates at the firm will be reviewing it in detail and putting their “quant jock” hats to run the numbers to see if something weird pops up.
It must communicate that not only is there a market for your products/services but that there is a HUGE need for your product, it is scalable with the right investment, and that you have an A-team to execute.
In writing a business plan great care must be taken, because it is more than just making your idea known, you also want to win the liking of the investors and lure potential partners.
At the core of it, you want to clearly define the direction of your business and outline a road-map with practical steps to take and highlight milestones.
Evidently it’ll require a great deal of time, effort and focus to really complete the business plan. Most people, myself included, are guilty of not giving the business plan its due devotion.