As part of the Mastère Spécialisé® management and international skills, we follow, among other classes, entrepreneurship courses. Before your business is running, preliminary steps are essential such as writing the Business Plan. How do I succeed in my Business Plan? What should I not omit? What do I need to know? In this article we will answer all your questions.
Before giving you some tips, here is a quick summary of the contents of your Business Plan:
✔︎ Write an abstract of your project to appeal to those who’ll read your BP (banker, family, etc). Of course, you can write it only when you have finished your Business Plan.
✔︎ What’s your product? What’s your added value? The answers to these questions are in your Business Model.
✔︎ Market analysis : if you do want to be competitive and successful, don’t forget any stakeholder (customers, competitors, suppliers, employees, shareholders, government, etc). A lot of tools are useful like PESTLE, Porter’ five forces, SWOT…
✔︎ Set objectives : your financial needs? Your expected turnover? Your deadlines?
✔︎ What’s your strategy? How will you run your business?
✔︎ Legal concerns : define the status and structure of the company. This is a very important point!
On november 2016, in Nantes, we had the chance to participate to the Salon des Entrepreneurs which is a meeting open to anybody who wants to know more about entrepreneurship. We met professionals, attended conferences, shared stories… If you are interested in entrepreneurship, and apparently you are because you’re reading this article, we strongly advise you to expect the next edition.
Now, we’ll give you some tips to design your Busines Plan.
You must take your time before embarking on your project. Don’t run into it too fast thinking “Ok let’s go we’ll make money !”. Your project must be clear and strong enough to be sure where you’re going.
Do not remain along with your project. Talk to your family, friends, etc. Exchange and put your ideas to the test. It’s very helpful and this is how you will grow and mature your project. Also, you’ll train yourself on your communication and that’s perfect to be clear when you’ll talk to your bank manager.
✪ The market
Stay focused on your market. Your probably not the only one on this market and even if you are, it won’t last. It is in perpetual evolution so be attentive to what your competitors are doing.
You have to plan your business. Schedule and set objectives. Be careful, don’t be too ambitious, especially on the financial aspect. Adapt your project to your resources.
Your Business Plan is THE document your bank manager will read to lend you money so follow all the tips given and make it as attractive as possible. You are marketing your project.
✪ Business Model
Do not hesitate to come back to your Business Model. Before submitting your business plan, check the consistency with your Business Model. It is a loop that allows you to strengthen your project.
Some tips seems evident but, trust us, a lot of entrepreneurs forget about those little things and then fail. Consider all the points and you’ll increase your chances to be a successful entrepreneur.