Today, the business plan is a real sesame to enter the world of entrepreneurship. Writing this business plan may seem complex, but it is essential to finance 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 get 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 gives you the opportunity 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 appropriate equipment, recruit or turn to new technologies, you must necessarily raise funds. The business plan is not only a significant argument regarding the economic and financial feasibility of a project, but it also guides the future entrepreneur in all his steps. Like a road map, 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 term.
Tips for a top-notch business plan
Do you want to put the odds on your side to present a concrete business plan? You just have to follow a few valuable tips:
- Improve the layout of your file : this detail is not one! Your business plan must follow a neat 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, get straight to the point! Spare 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 some consistency.
- Prove what you’re up to : your information must 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. See the Projectors folders.
- Support the credibility of your project : The goal is to defend the strategy that has been put in place by eliciting the strong points of the project! To mark spirits, bet on the substance and the form, to give breadth to your arguments (synthetic summary of each part of the file, characters underlined or in bold, etc.).
What structure should one use for a business plan?
When writing the business plan, you should not strictly follow any particular order, but you should in any case give it a clear and coherent structure. Here are the essential points to include in your file:
1. Start with a concise and powerful presentationcommonly called Summary (max. one page): this introduction consists of clearly explaining the main lines of your project. The name of your company, the nature of your activity, the team leading the project, the target group (target groups, competitors, etc.) and the vision of the entrepreneur must be mentioned.
2. Tell more about yourself : your interlocutors must be able to put a name to 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. Approach 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 to embarking on the adventure of business creation and embody your primary motivation. Mention your goals, your expertise and your strengths (such as technical or relational skills).
4. Support your project with an issue: you must demonstrate that a problem exists in the target market and that you are capable of solving 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 economic parameter will inform your interlocutors about the way 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 : carry out a sectoral and competitive monitoring to determine your positioning by revealing your trump cards: whether it is a product’s performance, its cost or its design, certain advantages can make the difference! As such, you can outline your communication or commercial strategy (price policy, production volume, distribution or distribution channels, etc.).
7. Explain your overall strategy for the next three years : your goals must be crystal clear. To achieve them, 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 earned profit and the resources you have internally, this part will include the costs associated with the operation of your future business (movable and real estate, purchasing raw materials, manufacturing a product, recruitment, taxes, wages, etc. . ).
You must 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. Don’t 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 concerns all of your company’s stakeholders. Alone or with others, you can consult it at any time or make it develop, for a thriving and healthy business!