If you have ever read Guy Kawasaki’s book, Art of the Start, then you are familiar with how he suggest that you put your business plan together. If you haven’t read the book, I am going to outline his 10 components for an effective business plan. Whether you need to raise money for your business or not, your business plan does not need to be that difficult.
According to Guy Kawasaki, your business plan should contain the following:
1. The problem that exists
2.Your solution to the problem
3.Business model; i.e. a brief description of the type of firm you will operate
4.Underlying magic/technology; this is crucial. Basically, it explains how you will solve the problem. It illustrates your competitive advantage.
5.Marketing and sales; how you will make people aware of your product/service, and sell it.
6.Competition; anyone who claims that there is no competition for a business idea has not done their homework.
7.Team; who—if anyone—will be working with you.
8.Projections and milestones; what are the key goals that you plan on hitting.
9.Status and time line; where you currently are with your venture, and how long until you start hitting those goals.
10.Summary and call to action; if this is a presentation to investors, here’s where you tell them how much you need.
If you have thought about your business at all, most of these answers should be really easy to answer. For those points that require more detailed research, don’t be afraid to enlist some help in getting this done. The business planning process is much easier than we make it out to be. The real key is to sit down and start working on it. Your business will realize success sooner as a result.