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Businessplanforanewbusiness
Thebusinessplanconsistsofanarrativeandseveralfinancialworksheets.Thenarrativetemplateisthekeytothebusinessplan.Itcontainsmorethan150questionsdividedintoseveralsections.Omitanyquestionsthatdonotapplytoyourtypeofbusiness.Whenyouhavefinishedwritingyourfirstdraft,youwillhaveacollectionofsmallessaysonthevariousaspectsofthebusinessplan.Thenextstageistoeditthemintoasmooth-flowingnarrative.
Therealvalueofcreatingabusinessplanisnotinhavingthefinishedplaninyourhand;rather,thevalueliesintheprocessofresearchingandthinkingaboutyourbusinessinasystematicway.Theactofplanninghelpsyoutothinkthingsthroughthoroughly,studyandresearchifyouarenotsureofthefacts,andlookatyourideascritically.Ittakestimenow,butwillhelpavoidcostly,perhapsdisastrous,mistakeslater.
Thisbusinessplanisaspecificmodelsuitableforhigh-techbusinesses.Beforeyoubegin,lookatthe1stsectionTailoringtheplan.Ithastipsforfine-tuningyourplantomakeaneffectivepresentationtoinvestors.Ifthisiswhyyou’recreatingyourplan,payparticularattentiontoyourwritingstyle.Youwillbejudgedbythequalityandappearanceofyourworkaswellasbyyourideas.
Ittypicallytakesseveralweekstocompleteagoodplan.Mostofthattimeisspentinresearchingandrevisingyourideasandassumptions.Butthisisthevalueoftheprocess.Somaketimetodothejobproperly.Thosewhodosoneverregrettheeffort.Andfinally,besuretokeepdetailednotesonyoursourcesofinformationandontheassumptionsunderlyingyourfinancialdata.
Tailoringtheplan
Thegenericbusinessplanpresentedshouldbemodifiedtosuityourspecifictypeofbusinessandtheaudienceforwhichtheplaniswritten.
Forraisingcapital
Forinvestors
Investorshaveadifferentperspective.Theyarelookingfordramaticgrowth,andtheyexpecttoshareintherewards:
Fundsneededshort-term
Fundsneededintwotofiveyears’time
Howthecompanywillusethefunds,andwhatthiswillaccomplishforgrowth
Estimatedreturnoninvestment
Exitstrategyforinvestors(buyback,saleorIPO)
Proportionofownershipthatyouwillgiveuptoinvestors
Milestonesorconditionsthatyouwillaccept
Financialreportingtobeprovided
Involvementofinvestorsontheboardorinmanagement
Fortypeofbusiness
High-techcompanies
Economicoutlookfortheindustry
Willthecompanyhaveinformationsystemsinplacetomanagerapidlychangingprices,costsandmarkets?
Willyoubeonthecuttingedgewithyourproductsandservices?
Whatisthestatusofresearchanddevelopment?Andwhatisrequiredto:
Bringproduct/servicetomarket?
Keepthecompanycompetitive?
Howdoesthecompany:
Protectintellectualproperty?
Avoidtechnologicalobsolescence?
Supplynecessarycapital?
Retainkeypersonnel?
High-techcompaniessometimeshavetooperateforalongtimewithoutprofitsandsometimesevenwithoutsales.Ifthisfitsyoursituation,abankerprobablywillnotwanttolendtoyou.Venturecapitalistsmayinvest,butyourcasemustbeverygood.Youmustdolonger-termfinancialforecaststoshowwhenprofittake-offisexpectedtooccur.Andyourassumptionsmustbewelldocumentedandwellargued.
Businessplan
OWNERS
YourBusinessName
Date
Webpage
Tableofcontents
TOC\o"1-4"\h\z\u
1. Executivesummary
6
2. IntroductiontotheCompanyanditsManagement
7
2.1 CompanyOverview
7
2.2 OrganisationalStructure
7
2.3 TheManagementTeam
7
2.4 AdvisoryBoard
7
2.5 ProposedManagementCompensation
7
2.6 HeadcountForecast
7
3. ProductsandServicesDescription
8
3.1 ProductsandTechnologiesIntroduction
8
3.2 DetailedDevelopmentPlan
8
3.2.1 ProductRoadmaps
8
3.2.2 DevelopmentStages
8
3.3 FutureApplications
8
4. MarketingAnalysis
9
4.1 MarketTrend
9
4.2 MarketSegmentation
10
4.3 MarketGap(UniqueSellingPoint)
10
4.4 CompetitiveAnalysis
10
5. BusinessModel
12
5.1 CoreCompetence
12
5.2 SWOTAnalysis
12
5.3 MarketingPlan
12
5.4 SalesForecast
14
5.4.1 RealisticScenario
15
5.4.2 OptimisticScenario
15
5.4.3 PessimisticScenario
15
6. RiskAnalysisandManagement
16
6.1 TechnicalRisk
16
6.1.1 TechnologySafety
16
6.1.2 ProductQuality
16
6.1.3 Delay
16
6.2 CompetitionRisk
16
6.3 ManagementofGrowth
17
6.4 MarketRisk
17
7. FinancialPlan
18
7.1 SummaryofAssumptions
18
7.1.1 Revenue
18
7.1.2 DirectVariableCosts
18
7.1.3 FixedAssetInvestment
18
7.1.4 HumanResources
18
7.1.5 ServicesRenderedby3rdParty
18
7.1.6 InfrastructureandOperationalCosts
18
7.1.7 Marketing
18
7.1.8 Tax
18
7.2 Break-EvenPosition
18
7.3 Projectedprofits
19
7.4 InvestmentandReturn
19
7.5 FinancialStatements
19
8. BusinessFeasibilityandImpactintheUKandChina
20
9. References
21
10. Appendices
22
Executivesummary
Writethissectionlast.
Wesuggestthatyoumakeitnomorethantwopageslong.
Includeeverythingthatyouwouldcoverinafive-minuteinterview.
Explainthefundamentalsoftheproposedbusiness:Whatwillyourproductbe?Whowillyourcustomersbe?Whoaretheowners?Whatdoyouthinkthefutureholdsforyourbusinessandyourindustry?
Makeitenthusiastic,professional,completeandconcise.
Ifproposingforaninvestment,stateclearlyhowmuchyouwant,preciselyhowyouaregoingtouseit,andhowthemoneywillmakeyourbusinessmoreprofitable,therebyensuringrepayment.
Paragraphheadingscanbeusediftheyidentifythepurposeofeachparagraph.(examplebelow)
CompanyandManagement(Team)
Product/ServiceDescription
MarketAnalysis
CompanyStrategy
RiskAnalysis
FinancialPlan
InvestmentProposition
IntroductiontotheCompanyanditsManagement
CompanyOverview
Whatbusinesswillyoubein?Whatwillyoudo?
MissionStatement:Manycompanieshaveabriefmissionstatement,usuallyin30wordsorfewer,explainingtheirreasonforbeingandtheirguidingprinciples.Ifyouwanttodraftamissionstatement,thisisagoodplacetoputitintheplan.
OrganisationalStructure
Ifyou’llhavemorethan10employees,createanorganizationalchartshowingthemanagementhierarchyandwhoisresponsibleforkeyfunctions.
Includepositiondescriptionsforkeyemployees.Ifyouareseekingloansorinvestors,includeresumesofownersandkeyemployees.
TheManagementTeam
Whowillmanagethebusinessonaday-to-daybasis?Whatexperiencedoesthatpersonbringtothebusiness?Whatspecialordistinctivecompetencies?Isthereaplanforcontinuationofthebusinessifthispersonislostorincapacitated?
AdvisoryBoard
Listmembersofmanagementadvisoryboardandtheirshortresume/CV.
ProposedManagementCompensation
Ifthemanagementteamarewillingtoreducetheircompensationinthefirstyearofbusiness
HeadcountForecast
Numberofemployeesofeachdepartmentsandthetotalinthenext5years.(tablespreferred)
ProductsandServicesDescription
ProductsandTechnologiesIntroduction
Describeindepthyourproductsorservices(technicalspecifications,drawings,photos,salesbrochuresandotherbulkyitemsbelongintheAppendices).
Whatfactorswillgiveyoucompetitiveadvantagesordisadvantages?Examplesincludelevelofqualityoruniqueorproprietaryfeatures.
Whatarethecost,feeorcommissionstructuresofyourproductsorservices?
Don’tforgettoincludethecurrentPatentStatus.
DetailedDevelopmentPlan
ProductRoadmaps
Listanddescribeproducttypeandserviceofallcategories,whattheydo,whentheyareavailable,andthetimelineofdesign,prototype,samplepromotionetc.(tablesandfiguresareencouraged)
DevelopmentStages
Writedownthestagesusedtomeasurethesteppingsuccesses(deliverables,milestones)ofthewholecompanyaccordingtothedevelopmentplan.
FutureApplications
Listanddescribepotentialapplications.
MarketingAnalysis
Nomatterhowgoodyourproductsandservicesare,theventurecannotsucceedwithouteffectivemarketing.Thisbeginswithcarefulandsystematicresearch.Itisverydangeroustoassumethatyoualreadyknowaboutyourintendedmarket.Youneedtodomarketresearchtomakesureyouareontrack.Usethebusinessplanningprocessasyouropportunitytouncoverdataandtoquestionyourmarketingefforts.Yourtimewillbewellspent.
Therearetwokindsofmarketresearch:primaryandsecondary.
Secondaryresearchmeansusingpublishedinformationsuchasindustryprofiles,tradejournals,newspapers,magazines,censusdata,anddemographicprofiles.Thistypeofinformationisavailableinpubliclibraries,industryassociations,chambersofcommerce,fromvendorswhoselltoyourindustry,andfromgovernmentagencies.
Primaryresearchmeansgatheringyourowndata.Forexample,youcoulddoyourowntrafficcountataproposedlocation,usetheyellowpagestoidentifycompetitors,anddosurveysorfocus-groupinterviewstolearnaboutconsumerpreferences.Professionalmarketresearchcanbeverycostly,buttherearemanybooksthatshowsmallbusinessownershowtodoeffectiveresearchthemselves.
Inyourmarketingplan,beasspecificaspossible;givestatistics,numbers,andsources.Themarketingplanwillbethebasis,lateron,oftheall-importantsalesprojection.
MarketTrend
Describeyourindustry.Isitagrowthindustry?Whatchangesdoyouforeseeintheindustry,shorttermandlongterm?Howwillyourcompanybepoisedtotakeadvantageofthem?
Factsaboutyourindustry:
Whatisthetotalsizeofyourmarket?
Whatpercentshareofthemarketwillyouhave?(Thisisimportantonlyifyouthinkyouwillbeamajorfactorinthemarket.)
Currentdemandintargetmarket.
Trendsintargetmarket—growthtrends,trendsinconsumerpreferences,andtrendsinproductdevelopment.
MarketSegmentation
Showtheunderstandingofthemarketsegments(sizes,volumegrowth,revenuegrowth)
MarketGap(UniqueSellingPoint)
Analyzethecurrentmarketandidentifyandexplainthattheremightbeagap,aweak/missingsegmentofthemarketforyourparticularproduct.Anddescribegrowthpotentialandopportunityforabusinessofyourtypeandsize.
CompetitiveAnalysis
Whatproductsandcompanieswillcompetewithyou?Listyourmajorcompetitors:
Willtheycompetewithyouacrosstheboard,orjustforcertainproductsandcustomersorincertainlocations?Willyouhaveimportantindirectcompetitors?(Forexample,videorentalstorescompetewithcinemas,althoughtheyaredifferenttypesofbusinesses.)
Howwillyourproductsorservicescomparewiththecompetition?
YoucanusetheCompetitiveanalysistablebelowtocompareyourcompanywithyourtwomostimportantcompetitors.Thefirstcolumnlistskeycompetitivefactors.Sincethesevaryfromoneindustrytoanother,youmaywanttocustomizethelistoffactors.
InthecolumnlabeledMe,statehonestlyhowyouthinkyouwillbeperceivedincustomers'minds.Thencheckwhetheryouthinkthisfactorwillbeastrengthoraweaknessforyou.Sometimesitishardtoanalyseourownweaknesses.Trytobeveryclearhere.Betteryet,getsomebodyelsetoassessyou.Thiscanbearealeye-opener.Andrememberthatyoucannotbeallthingstoallpeople.Infact,tryingtobecausesmanybusinessfailuresbecausetheireffortsbecomescatteredanddiluted.Youwantanhonestassessmentofyourfirm'sstrongandweakpoints.
Nowanalyseeachmajorcompetitor.Inafewwords,statehowyouthinktheycomparewithyou.Inthefinalcolumn,estimatetheimportanceofeachcompetitivefactortothecustomer.1=critical;5=notveryimportant.
Table
SEQTable\*ARABIC
1
:Competitiveanalysis
FACTOR
Me
Strength
Weakness
CompetitorA
CompetitorB
Importancetocustomer
Products
Price
Quality
Selection
Service
Reliability
Stability
Expertise
Companyreputation
Location
Appearance
Salesmethod
Creditpolicies
Advertising
Image
Now,writeashortparagraphstatingyourcompetitiveadvantagesanddisadvantages.
BusinessModel
Howwillyoudevelopyourcompany,throughallianceandco-developmentor…?
Listandexplainthemstepbystep.
CoreCompetence
Describeyourmostimportantcompanystrengthsandcorecompetencies.Whatfactorswillmakethecompanysucceed?Whatdoyouthinkyourmajorcompetitivestrengthswillbe?Whatbackgroundexperience,skills,andstrengthsdoyoupersonallybringtothisnewventure?
SWOTAnalysis
Strength:Cost,size,energysaving,eco-friendly,robustness,futuredevelopment…
Weakness:Immature,suppliers…
Opportunities:PoliticalOpportunities,marketopportunities,co-operationopportunities.
Threats:Competitors,IntellectProperty,supplierchain.
MarketingPlan
Nowoutlineamarketingstrategythatisconsistentwithyourniche.
Marketingstrategiesaccordingtothe4Ptheories,namelyProduct,Price,PromotionandPlace.(The5thP–PeopleisthewholereasonfortheservicesindustrytobedoingverywellORevenforimprovingtheserviceexperienceinaProductindustryisbecausetheyalltarget'People'.)
ProductStrategy
Listallofyourmajorproductsorservices.
Foreachproductorservice:
Describethemostimportantfeatures.Whatisspecialaboutit?
Describethebenefits.Thatis,whatwilltheproductdoforthecustomer?
Notethedifferencebetweenfeaturesandbenefits,andthinkaboutthem.Forexample,ahousethatgivesshelterandlastsalongtimeismadewithcertainmaterialsandtoacertaindesign;thoseareitsfeatures.Itsbenefitsincludeprideofownership,financialsecurity,providingforthefamily,andinclusioninaneighborhood.Youbuildfeaturesintoyourproductsothatyoucansellthebenefits.
Whatafter-saleserviceswillyougive?Someexamplesaredelivery,warranty,servicecontracts,support,follow-up,andrefundpolicy.
Pricing
Explainyourmethodormethodsofsettingprices.Formostsmallbusinesses,havingthelowestpriceisnotagoodpolicy.Itrobsyouofneededprofitmargin;customersmaynotcareasmuchaboutpriceasyouthink;andlargecompetitorscanunderpriceyouanyway.Usuallyyouwilldobettertohaveaveragepricesandcompeteonqualityandservice.
Doesyourpricingstrategyfitwithwhatwasrevealedinyourcompetitiveanalysis?
Compareyourpriceswiththoseofthecompetition.Aretheyhigher,lower,thesame?Why?
Howimportantispriceasacompetitivefactor?Doyourintendedcustomersreallymaketheirpurchasedecisionsmostlyonprice?
Whatwillbeyourcustomerserviceandcreditpolicies?
Promotion
Howwillyougetthewordouttocustomers?
Advertising:Whatmedia,why,andhowoften?Whythismixandnotsomeother?
Haveyouidentifiedlow-costmethodstogetthemostoutofyourpromotionalbudget?
Willyouusemethodsotherthanpaidadvertising,suchastradeshows,catalogs,dealerincentives,wordofmouth(howwillyoustimulateit?),andnetworkoffriendsorprofessionals?
Whatimagedoyouwanttoproject?Howdoyouwantcustomerstoseeyou?
Inadditiontoadvertising,whatplansdoyouhaveforgraphicimagesupport?Thisincludesthingslikelogodesign,cardsandletterhead,brochures,signage,andinteriordesign(ifcustomerscometoyourplaceofbusiness).
Shouldyouhaveasystemtoidentifyrepeatcustomersandthensystematicallycontactthem?
PromotionalBudget
Howmuchwillyouspendontheitemslistedabove?
Beforestartup?(Thesenumberswillgointoyourstartupbudget.)
Ongoing?(Thesenumberswillgointoyouroperatingplanbudget.)
ProposedLocation/Place
Probablyyoudonothaveapreciselocationpickedoutyet.Thisisthetimetothinkaboutwhatyouwantandneedinalocation.Manystartupsrunsuccessfullyfromhomeforawhile.
Youwilldescribeyourphysicalneedslater,intheOperationalPlansection.Here,analyzeyourlocationcriteriaastheywillaffectyourcustomers.
Isyourlocationimportanttoyourcustomers?Ifyes,how?
Ifcustomerscometoyourplaceofbusiness:
Isitconvenient?Parking?Interiorspaces?Notoutoftheway?
Isitconsistentwithyourimage?
Isitwhatcustomerswantandexpect?
Whereisthecompetitionlocated?Isitbetterforyoutobenearthem(likecardealersorfast-foodrestaurants)ordistant(likeconvenience-foodstores)?
DistributionChannels
Howdoyousellyourproductsorservices?
Retail,Direct(mailorder,Web,catalog),Wholesale,Yourownsalesforce,Agents,Independentrepresentatives,Bidoncontracts
SalesForecast
Nowthatyouhavedescribedyourproducts,services,customers,markets,andmarketingplansindetail,it’stimetoattachsomenumberstoyourplan.Useasalesforecastspreadsheettoprepareaquarter-by-quarterprojection.Theforecastshouldbebasedonyourhistoricalsales,themarketingstrategiesthatyouhavejustdescribed,yourmarketresearch,andindustrydata,ifavailable.
Youmaywanttodotwoforecasts:1)a"bestguess",whichiswhatyoureallyexpect,and2)a"worstcase"lowestimatethatyouareconfidentyoucanreachnomatterwhathappens.
Remembertokeepnotesonyourresearchandyourassumptionsasyoubuildthissalesforecastandallsubsequentspreadsheetsintheplan.Thisiscriticalifyouaregoingtopresentittofundingsources.
RealisticScenario
OptimisticScenario
PessimisticScenario
RiskAnalysisandManagement
TechnicalRisk
TechnologySafety
Safetyissueinvolvedinthetechnologyusedandproposedsolutions.
ProductQuality
Whatarethequalityissuesproposedsolutions
Delay
Whatdelaysarelikelytohappenatwhichstageandproposedsolutions.
CompetitionRisk
Whatarethecompetitionrisksfromexistingandnewcomersandproposedsolutions,suchasIPprotection,developmentofnewtechnologies.
Whatbarrierstoentrydoyoufaceinenteringthismarketwithyournewcompany?Sometypicalbarriersare:
Highcapitalcosts
Highproductioncosts
Highmarketingcosts
Consumeracceptanceandbrandrecognition
Trainingandskills
Uniquetechnologyandpatents
Unions
Shippingcosts
Tariffbarriersandquotas
Andofcourse,howwillyouovercomethebarriers?
Howcouldthefollowingaffectyourcompany?
Changeintechnology
Changeingovernmentregulations
Changeintheeconomy
Changeinyourindustry
ManagementofGrowth
Howwillthecompanymanageitsowngrowthandproblemsresulted.
MarketRisk
Marketrisks(suchascostfluctuation)andproposedsolutions.
FinancialPlan
Yourfinancialwillcomefromasalesforecastinwhichyouforecastsales,costofgoodssold,expenses,andprofitmonth-by-monthforoneyear.
Profitprojectionsshouldbeaccompaniedbyanarrativeexplainingthemajorassumptionsusedtoestimatecompanyincomeandexpenses.
ResearchNotes:Keepcarefulnotesonyourresearchandassumptions,sothatyoucanexplainthemlaterifnecessary,andalsosothatyoucangobacktoyoursourceswhenit’stimetoreviseyourplan.
Tablesandfiguresareencouraged.
SummaryofAssumptions
Listassumptionsmadeforfinancialprojection.(break-evencalculation)
Belowarethecosts,revenueandinvestmentsforthecashflow.
Revenue
DirectVariableCosts
FixedAssetInvestment
HumanResources
ServicesRenderedby3rdParty
InfrastructureandOperationalCosts
Marketing
Tax
Break-EvenPosition
Abreak-evenanalysispredictsthesalesvolume,atagivenprice,requiredtorecovertotalcosts.Inotherwords,it’sthesaleslevelthatisthedividinglinebetweenoperatingatalossandoperatingataprofit.
Expressedasaformula,break-evenis:
BreakevenSales=
FixedCosts
1-VariableCosts(%)
(Wherefixedcostsareexpressedindollars,butvariablecostsareexpressedasapercentoftotalsales.)
Projectedprofits
Manyhi-techbusinessownersthinkofthe5yearprofitandlossprojectionasthecenterpieceoftheirplan.Thisiswhereyouputitalltogetherinnumbersandgetan
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