Be Concise
– It doesn’t need to be “War and Peace”
– Include an Executive Summary
– Use a “Bottom-Up” analysis of the market opportunity
– Be realistic with your projections
Be Clear
– Use plain language and avoid jargon
– Discuss the market problem and explain how your solution addresses that problem
– Use examples and/or screenshots whenever possible
Address the Risks Head On
– Market Risk: Talk honestly about competition. Recognize that Market Adoption is always a factor.
– Technology Risk: It’s OK to sell vaporware and betaware, but don’t try to sell your investors that you’re further along than you really are.
– Financial Risk: Don’t be too greedy with your equity and don’t run out of cash.
– Execution Risk: Have a back up plan and expect bumps in the road.
– Management Risk: Talk about your experiences, your successes and your failures.
– Explain how they’re relevant to the current business. Be upfront about management team weaknesses. Every team has room to grow.
Questions Your B-Plan Should Address
Key Questions
– What problem do you solve?
– What is your product?
– Who is the customer?
– Who will sell it?
– How many people will buy it?
– How much will it cost?
– How much will you charge?
– When will you break even?
The Product
– Why would anyone buy your product?
– What will it look like?
– When will it ship?
– How different are you from the competition?
– What is the product’s name?
The Customer
– Do the customers think it is a good idea?
– Who is the real customer?
– What are your customers’ secrets?
– Should you do focus groups?
– How much will the customer pay?
The Competition
– Who is your competition?
– What are they doing?
– What is their value proposition?
– What are their secrets?
Market Research
– What do the experts say?
– What do the numbers say?
– What do the users say?
– What’s on the web?
– What do the media think?
– Can you predict the future?
The Marketing Strategy
– What is your strategic objective?
– What is your marketing objective?
– How will you sell and support the product?
– Who will generate demand?
– Will you need marketing or sales?
– What is the marketing plan?
– How do you become front page news?
VC 4 Africa Contributor: Victor Oluremi Adedoyin
This post is so important especially for those wh are initiating different projects at the moment.I must appreciate that ths has helped me to know what to include in my business plan.Thank you so much