When I was starting out I didn't have a proper business plan. Whatever plan I had, it was in my head. But you don't have to start that way. And I have also made amends and now have a proper business plan.
So how do you build a business plan for your business idea?
A business plan generally has four main parts:
- Executive Summary (more like your elevator speech on what the business is about and why it will be profitable)
- Introduction (covers your corporate mission, vision, products/services and targeted market)
- Strategic Analysis (the need/opportunity analysis, SWOT, PESTLE, Michael Porter's 5 forces ...)
- Marketing and Financial Plan (4Ps of marketing: Product, Price, Promotion & Place, implementation plan, financial estimates, at least two year financial plan broken down monthly or quarterly)