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How does one come up with a business plan?

Most of the time, you hear investors say to enterpreneurs, "let's see your business plan"or "pitch your business". What do these expressions mean and how does one go about it?

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26 answers

First off, that is a great question that not many in your situation take time to ask. Typically for a business plan, investors are looking for a solid game plan around your idea and a financial basis that will be attractive but also show promise of a return. No one wants to invest in an idea that will never take off. It's important to understand that they will be critical of an idea that doesn't support a way to fund itself in the future. Furthermore, a 30-60-90 and time-frame in which you plan to have your business up and running would definitely help the cause.

You want to have gems of information like market research, cost analysis, and an examination of potential/current competitors of your business. Knowing your market type will be huge, and they will want to know how you're going to capitalize on it. As far as pitching the business, your focus should be on what makes this idea unique. What makes your idea something worth investing in. Is this something that a lot of businesses already currently do? What makes you different? What are you doing/going to do to ensure that this venture succeeds in the face of adversity?

You need them to believe in your idea just as much as you do. It's called a business pitch because that is exactly what it is; a sales pitch. Don't let them sell you on why they don't need you--sell them on why they can't pass up on an opportunity to be on the ground floor of something new, amazing, and profitable.

Report Joshua's answer

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Thanks a million, Joshua! Could you please throw more light on the "30-60-90"?

Report Grace-Ann's answer

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Of course! I'm sorry, I should've been more transparent. The 30-60-90 is an old but effective way to display a game plan for potential investors or anyone who has general questions about your business model. It is literally a 30 day, 60 day, and 90 day lay out for what you plan to do over a 3 month plan. So your first 30 days would be what you plan to do with the investment as far as purchasing capital, a workspace, or setting up the landscape of your business. You can make the plan however you choose, but it would be a good idea to research some business plans from others to get ideas. I would recommend using your network of people you know, and possibly making some new connections any way you can online. Use best-practices that you find along the way to guide your plan before you start brainstorming ideas. Remember that in a lot of cases, if you are fortunate enough to bend the ear of any potential investor, you only get one chance to make a first impression. Doing the hard work ahead of time will definitely make it easier to introduce your product/idea/business model.

Report Joshua's answer

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Below is a simple way to develop your business plan. Ask yourself the following questions:

A. Do you have a product or service niche in mind?

B. Do you believe you have a market for A above and the means to reach it?

C. Are you willing to develop your plan using the FREE tool kit linked below to validate A and B above before you launch?

If the answer to the above questions is "Yes", use the below planning aids to design your business vehicle and the road map you intend to follow on your journey:

FREE TOOL KIT GENERAL GUIDANCE:

https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis

FREE SAMPLE BUSINESS PLANS:

https://www.bplans.com/sample_business_plans.php

When you have completed the above definition and planning process you will then be in a position to astutely present your plan to those you wish to assist you along the way.

You will be able to network your business like a vehicle, pick up riders as industry partners, and attract revenue fuel in the form of customers by marketing and social networking based on the thorough definition and content of your business plan.

Report Kenneth's answer

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Thank you all so much for reaching out to me. I am grateful.

Report Grace-Ann's answer

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There's this book called "The Start of Something Big" by Kimberly Johnson. This should be very helpful. It takes you from the idea to to the actual business.

Report Ruth's answer

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Do you mind sharing if you have it, Ruth?

Report Grace-Ann's answer

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Hi Grace, You can purchase this book on Amazon. If you have any questions there is an e-mail address where she will respond back to you.

Report Ruth's answer

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Alright, thanks

Report Grace-Ann's answer

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There is a lean canvas approach to creating your business plan. 1. Use the Business Model Canvas. Fill in your business value proposition, partners, customer description 2. Put this information into a pitch deck https://www.ycombinator.com/library/20-deck. You can use https://partner.canva.com/canva-easy-branding-tool 3. Use LinkedIn to contact Investors, user Google, Facebook, and a niche social media platform to get your customers, attend events and webinars to get your partners and stakeholder, and start hiring. 4. Grow

Report Akin-Awokoya's answer

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