Startups have unique business plan needs which set it apart from all the regular kinds of business plans. It has to establish that you know what you are doing and have all the makings in place for success.
While every business plan will be inherently different from the others due to the nature of business, scope, goals, approach, etc., there are certain factors that set a startup business plan apart from the rest.
The idea is novel, the environment is new and so is the product/service and the business.
1. To begin with, the plan has to show that the entrepreneur is truly passionate about the idea and why he/she anticipates the initiative to be a roaring success. But it’s not just about an emotional connect, even genuine commitment to making it a reality should come across clearly.
2. While the proposal may be innovative and it may be early days of planning the business, the business plan has to stay grounded and professional. This is possible by outlining what problem the business will solve or which need it will meet. This should be backed up by pertinent information about who the entrepreneur is and where he/she is coming from. The background, skills and track record should be presented convincingly.
3. The way to hook the potential investors is by showing that the entrepreneur thoroughly understands the business concept, has defined the target customers, has acquired a command over the market and is equipped with the correct and relevant data.
4. The execution strategy should be outlined in detail with focus on pertinent market data in a coherent manner. There should be a roadmap of how the product/service will be presented to the customers, the potential for uptake and other related factors. Markers should be put in place in the form of yardsticks to evaluate whether the business is on track and making progress.
5. The framework of the business in the form of company structure, organization, team and other relevant details have to be clearly defined so as to show that the entrepreneur actually means business.
6. The facts have to be there, but they cannot be presented in a dry format. It should look exciting and rouse a spirited buzz about the concept while staying credible.
In sum, the startup entrepreneur has to show that he/she is not just riding on the enthusiasm of an idea, but has done all the homework in the form of research, strategizing and planning that will make it successful. And the role of the business plan is to rub off both the excitement and the potential to entice an equivalent thrill and anticipation among the readers.
It is clear that the entrepreneur will neither have the time nor the ability to craft such a business plan. This is why this task is best left to professionals like The Plan Writers (www.planwriters.com). They are exceptionally skilled at crafting appropriate plans for all kinds of businesses including startups – be it a restaurant business plan or something else.