Today, the business plan is a real sesame to get into the world of entrepreneurship. Writing this business plan may seem complicated, but it is crucial to fund your project and bring it to life. So how do you put together a solid and compelling business plan? Bpifrance gives you some tips to raise funding and make your project a reality!
What is a business plan?
If you want to start creating a business, the business plan or business plan is an essential tool. It allows you to draw the contours of your project, namely the strategic thinking and operational implementation of the latter. Both comprehensive and attractive, the purpose of the business plan is to ensure the viability of a project. It also involves the development of your future business and therefore the growth and sustainability of your business over the following years (usually three years). The business plan therefore allows you to convince your potential partners, but also banks and investors, to follow you in your steps.
What is a business plan used for?
To get the right equipment, recruit or turn to new technologies, you will necessarily have to raise funds. The business plan is not only an essential argument regarding the economic and financial feasibility of a project, but it also guides the future entrepreneur in all his steps. Like a roadmap, it allows you to organize your ideas into action. The business plan is therefore a real engine to start your activity and carry it out calmly in the long run.
Tips for a first-class business plan
Do you want to put the odds on your side to present a solid business plan? Just follow a few valuable tips:
- Improve the layout of your file : this detail is not one! Your business plan should follow a nice thread, both in writing style and pagination as well as in spelling. We therefore suggest that you have it proofread before any presentation.
- Choose synthetic content : to catch your reader’s eye, go straight to the point! Save him the length and focus his attention 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. Through a well-structured summary, you show the entire project without neglecting any step. When writing a business plan, the key is to maintain a certain consistency.
- Prove what you’re up to : your information should come from official sources, if possible, secure and verifiable. Whether it’s news articles, research published online or market research, you need to find it all through. See the Projectors folders.
- Support the credibility of your project : The goal is to defend the strategy laid out by evoking the project’s strengths! To mark spirits, bet on the substance and form to give breadth to your arguments (synthetic summary of each part of the file, characters underlined or in bold, etc.).
What structure do you need for a business plan?
When writing the business plan, you should not closely follow any particular order, but you should in any case give it a clear and coherent structure. Here are the essential points you need to include in your file:
1. Start with a concise and powerful presentationcommonly called Summary (maximum one page): this introduction consists of explaining the main lines of your project clearly. The name of your company, the nature of your activity, the team leading the project, the target group (target groups, competitors, etc.) and the entrepreneur’s vision must be mentioned.
2. Tell me more about yourself : your interlocutors must be able to put a name on 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 are instrumental in starting your business.
3. Access your project as such : it is driven by a vision and strong values that make sense to you and to the members of your team. They are essential for embarking on the adventure of setting up a business and embodying your primary motivation. Mention your goals, your expertise and your strengths (such as technical or relational skills).
4. Support your project with a problem: you need to demonstrate that there is a problem in the target market and that you are able to solve it. Whatever product or service you want to offer, consider an innovative, efficient and stable solution, and specify what this entails from an economic and financial point of view.
5. Follow up with business model : this unique financial parameter will inform your interlocutors about the way in which you will generate revenue and thus become profitable. It is therefore the added value that will have a positive impact on all stakeholders in connection with your project.
6. Make a quantified market research : Perform a sector-specific and competitive monitoring to determine your positioning by revealing your trump cards: Whether it’s a product’s performance, its cost or its design, certain benefits can make all the difference! As such, 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 reach them, you need to set yourself manageable deadlines. We suggest that you create a forecast table regarding the expected revenue, thanks to the completed sales.
8. Create your financial forecasts: In addition to the profits earned and the resources you have internally, this part will include the costs associated with running your future business (movable and immovable property, purchasing raw materials, manufacturing a product, recruiting, taxes, salaries, etc.). ). ).
You need to state your financial needs to fully start your business. Consider developing an initial financing plan, a three-year income statement and a cash flow plan over a 12-month period. Do not forget to show the calculation of your break-even point as well as the three-year financing plan.
A true reference, the business plan is a valuable tool and pertains to all of your business stakeholders. Alone or with others, you can consult it at any time or make it develop, for a thriving and healthy business!