“Is the business plan difficult? “,” Is the business plan tedious? “,” Is the business plan really useful? “. It is common to hear budding entrepreneurs make a mountain of this essential document. However, if the development of a business plan can indeed represent an important project, with a little method and organization, you will see that we get there!
Besides, you may not know it, but there are many tools to help you achieve it. As far as I’m concerned, I use the website www.creer-mon-business-plan.fr. It will allow you to evaluate your project and make all your financial projections.
So we stop lamenting, we roll up our sleeves and we follow the 5 tips that will help you achieve a relevant, effective and useful business plan.
TIP # 1. MAKE A GOOD ESTIMATE OF THE FINANCING NEED
Yes, whatever the creation project, you will have to be able to finance it. The larger your project, the greater your funding needs. Okay, so far we haven’t taught you much. On the other hand, to obtain a reliable estimate, consider incorporating the costs associated with the activity. Depending on your activity, this will, for example, involve the acquisition of workstations, business software, bank charges, social and fiscal charges or even the remuneration of a chartered accountant.
Your forecasts must also include the costs relating to the physical establishment of your activity. Indeed, this data should not be overlooked because the location of your activity will influence the value of your premises and therefore its price. In the provinces, it is possible to find affordable rents of the order of a few hundred euros. On the other hand, if you plan to settle in large cities or even in the capital, expect to potentially pay several hundred euros. Anyway, to set up your establishment, you can opt for different solutions. Most generally, you will choose:
- Either affect a part of your main residence or a room you already have to start your activity;
- Either acquire or contract a lease in order to exercise in a building that best meets your requirements.
TIP # 2. PERFORM AN IN-DEPTH MARKET STUDY
At this point, you should have a relatively precise idea of the answer to the question “how much will it cost?” “. Now you’ll have to get to know the environment in which you’ll be living. To do this, we strongly advise you to carry out an in-depth market study. Thanks to it, you will quickly know what are the trends in your market, the expectations of your future customers as well as the services provided by your competitors. Do not hesitate to go to various professional events such as specialized fairs. In this way you will bring content to your market research and develop your network.
In general, we advise you to show two main parts in your market research. This way you make sure you go over the essential points.
First, you will analyze your market. To achieve this, collect as much information as possible. They will be precious to you. In addition, this study, qualified as “macro-environmental”, will allow you to justify your choices with your future partners. Thereafter, you will create and administer a socio-demographic analysis. Don’t worry, it’s not as bad as it sounds. To achieve this, we advise you to use a questionnaire which will allow you to provide answers as to:
- Your positioning;
- Your pricing policy;
- Your communication policy;
- Practices within organizations;
- Your competitive advantage.
TIP # 3. DON’T WAIT TO FINALIZE THE DRAFTING OF YOUR BUSINESS PLAN TO ACT
Yes, it’s true that writing your business plan should take you a little bit of time. But that is not a reason to lock yourself in this task. At the same time, nothing prevents you from carrying out a certain number of additional tasks which will save you precious time. We offer you an example of a checklist of tasks that you can accomplish in parallel with the development of your business plan (do not thank us):
- Search for a franchise (Examples on this site);
- Create your questionnaire for socio-demographic analysis;
- Estimate the property purchase or the work you wish to carry out;
- Create your company and register it in the Trade and Companies Register (RCS);
- Create your website;
- Set up partnership projects.
In addition to saving time, completing these tasks will allow you to show your determination and your organization to your investor. Qualities which should, in all likelihood, strengthen your credibility with him.
TIP # 4. PREPARE A COMMUNICATION CAMPAIGN 2.0
For your business to have the least chance, it must be known by the greatest number … or at least by your target heart. And to achieve this goal, there are not an infinity of solutions: communication. Indeed, establishing a communication plan is crucial to ensure rapid development.
Today, there is no shortage of resources. Thanks to digital and social networks that allow you to truly reach a large proportion of your customers. So do not hesitate to publish photos and videos of your achievements or your concept. In this way, you will be able to enhance your know-how and your service offer.
You should also not neglect to put your website online. This will create your own digital identity. You will also take the opportunity to present a catalog of your services and explain how to contact you.
Putting in place a communication strategy adapted to your needs and considered will be an essential factor in your development. Despite the power of an effective digital strategy, physical tools such as flyers, advertising posters or inserts in trade magazines should also be used.
TIP # 5. DEMONSTRATE THAT YOUR BUSINESS MODEL ENABLES THE PROFITABILITY OF YOUR BUSINESS
The money! It’s the nerve of war. This is why you will have to show your investor that you know how to do it. A bit like in The Wolf Of Wallstreet in fact. You will have to prove to him that your business can reach a break-even point (amortize the initial expenses and then make a profit). By presenting your business model, you will demonstrate the strategy you want to implement. You will also recall the multiple resources that will allow you to carry it out.
A LAST IMPROVEMENT?
Be aware that the business plan may include appendices. These will eventually allow you to add your CV, photos or technical documentation, any contracts and any other useful documentation to better understand your project.