Providing a business plan service is very lucrative. This
is because there are millions of startups and established businesses. To offer
this service you need to master different disciplines. The business is practicable from home or a
dedicated office.
You can work part time or full time and have few
competitors. The demand is high and you could start from scratch or buy into a
franchise. To start a service you need to register your business, secure
finance and develop a marketing strategy to get clients.
Register
the Business
Register your business as a limited liability company.
You need liability insurance, intellectual property protection and professional
certificate. Legal documentation include business plan, non-disclosure
agreement.
• Limited
liability Company
• Liability
insurance
• Intellectual
property protection
• Professional
certificate
• Business
plan
• Non-disclosure
agreement
The amount of startups funds is small compared to other
businesses. You need funds to rent and office, basic furniture, office
equipment.
You can try target saving, borrow from friends and family
or try partnership. Make sure the location is in a business district and build
an online presence. You can hire qualified staff and develop an effective
marketing strategy.
Marketing
your Service
Use newspaper, financial magazine advertisement to
attract patronage. Build a website for the business and use social media. Print
flyers, posters, banners, billboards and signboards to get customers.
• Newspaper
adverts
• Financial
magazine ads
• Build a
website
• Use social
media
• Print
flyers
• Posters
• Banners
• Billboards
• Signboards
Niche
Ideas
As a service provider there are a few niche ideas to
consider. You can focus on writing plans on investor financing, standard
business plan or strategic planning. Others are one page plans, internal
planning, feasibility study and research.
• Investor
financing
• Standard
business plan
• Strategic
planning
• One page
plans
• Internal
planning
• Feasibility
study and research
What
is a Business Plan?
A plan is a formal statement of objectives and business
goals of a company. It contains financial information, company structure, team
and organization. The purpose is to formulate a cohesive blueprint of
operational model, financials, staffing and operations.
The plan is essential for startups, branding and major
changes in the company. The plan is generally structured to cover first 5 years
of business.
The plan could be externally or internally targeted for
stakeholders, investors. It could focus on obtaining loans, expansion and new
direction.
Challenges
It is a known fact the 60% businesses fail in their first
year. Therefore a business plan should be conservative in growth projections
and expected income.
The reason for the plan is to carry out feasibility
study, surveys and product testing. A plan should not be static and adjustment
is needed as market trends, direction or technology changes.
Questions
a Business Plan Answers
The plan should answer many questions and present a
clear, concise answer. It should show the niche, products, service and customer
base.
Answers include marketing solutions, business model,
competitors and find a competitive advantage. It needs to define the staff’s
qualifications, management operations, require capital and financial
projections.
Uses
A plan is written for different purposes like raising
funds, internal use or education. Internal use plans focus on business
management strategy, management objectives and strategic planning.
Fundraising targets venture capitalists, business loans,
angel investors, startup funds and grants. Some plans are developed for
non-profit organizations, government agencies.
• Fund
raising
• Internal
use
• Education
• Business
management strategy
• Management
objectives
• Strategic
planning
Preparing
a Business Plan
To prepare a business plan you need a vast knowledge of
different disciplines. The disciplines cover intellectual property, accounting
and marketing. Understanding human resources, finance, operations and supply
chain is essential.
Business
Plan Purpose
The plan is goal oriented and written to determine
financial needs, best location and equipment. Other parameters include staff
requirements, how to get a competitive advantage and study the competition.
Business
Plan Content
To succeed as a business plan service provider your plan
should cover certain elements. The plan
is to aid decision making, determine goals and audience. The format also
depends on content such as an elevator pitch which essentially is a teaser or
summary.
Other formats are a pitch desk or slide show that
presents an executive summary, graphs and benchmarks. More formats are internal
operations plan and detailed written presentation.
Common content includes an executive summary, mission
statement and leadership. Others are business description, market analysis,
marketing plan. Others are market analysis SWOT analysis.
It should provide cash flow analysis, staffing,
operations and financial projections. An investor interested in sustainability,
feasibility, and growth potential of the business. It should list legal
concerns, financial liabilities that might affect an investor.
The plan would provide proper evaluation and an exit plan
for the investor. Financial institutions are generally concerned about default
on loans. Therefore the plan should have a repayment strategy for the loan
provider.
Content
of Business Plan
• Executive
summary
• Mission
statement
• Leadership
• Business
description
• Market
analysis
• Marketing
plan
• Market
analysis
• SWOT
analysis
• Provide
cash flow analysis
• Staffing
• Operations
• Financial
projections
Legalities
Business plans are generally limited to a specific
audience. They are highly confidential, regarded as a secret and require full
disclosure to interested parties. However there are also open business plans,
open to unlimited audience.
0 comments:
Post a Comment