Every Businesses require the proper business plan which is rightly researched and discussed among the Stake Holders of the Company. The business plan explains the strategic goals and objectives of the company with a minimum of 3 to 5 years of time. Startup companies require the business plan to connect to the Investors or for the discussion with the co-founders of the company.
Creating the Business Plan for the Startup Companies involves the Forecasted Business Growth in terms of the Market research Analysis, Competitors research analysis, forecasted financial revenue and expenses Etc. The Business Plan consist of the below points to be covered,
1. Business Idea Validation
2. Market Research Analysis of the Idea
3. Understanding the Current Competitors in India
4. Understanding the Current Competitors Globally
5. Current Team Requirement
6. Understanding the Current Targeted Clients
7. Funds to Kick Start to achieve a Minimum Revenue
8. Seed Investment Requirement
9. Forecasted Revenue/Expenses for 5 Years
Business Idea Validation
The Business Idea Validation is usually conducted to analyze if the focus idea/plan of the business is valid or not. This Idea Validation gives us the potential plan on validating our concrete business idea to be “water tested” in the market before the actual go to market strategy. Most of the Businesses fails because of not doing the Right research before the go to market strategy.
Many of the Entrepreneurs have the best Ideas, They would need to validate their business idea by finding the similar or adjacent businesses which has a Similar or little idea of Businesses. You need to research on the Competitors along with the Market Research.
Market Research Analysis
The Market Research Analysis usually is the data gathering to position the product or services in the Market. Understanding the Customers Interests along with the potential growth in sales. Market Research is knowing about the Current Customers Interest and Futuristic Customers. Market Research is conducted by understanding the target customers and their needs. Comparing your product with the Competitors product gives you an understanding of the high-level customers’ requirements and the target market size and the Market Opportunity.
Market Research is also used to study the Customer persona and Understanding the next need of the Customer or the Pain Point of the Industry. Analyzing the Sales Potential of a Product is the main aim of doing the Business Research Analysis.
Understanding the Current Competitors in India
The Current Competitors Analysis for a Product or Services rendered by any Company is used to Identify the Competitors and their way of the Sales & Services which can help us to Identify the Client Needs better,
The following are benefits that can be gleaned from conducting competitive analysis:
- Understanding the market.
- Better targeting customers.
- Market potential forecasting.
- Economic climate tracking.
- Competitor product tracking.
- Competitor pricing.
- Tertiary market possibilities.
Understanding the Current Competitors Globally
Doing the Competitors Analysis Globally will make the company to understand the global sales of the product along with the International Market Reach.
Current Team Requirement
The Current Team Requirement is the analyzed to understand the current team required for developing the product, Pre-Sales, After Sales Support Executives Etc. This Team Requirement Analysis is usually done to understand the Investment expenses required for the team for the period of 1 to 5 Years of Time.
Understanding the Current Targeted Clients
Identifying your Target Customers and Needs of the Customer before your Product is launched in the Market gives a great success to a at least a minimum revenue in the Market. Any products should be used by a minimum customer to understand if the product is able to solve the customers needs is vital part of this research.
Potential customers are identified by criteria such as age, gender, income level, family size, occupation, education level and marital status. Choose those characteristics of your demographic target market that relates to the interest, need and ability of the customer to purchase your product or service.
Funds to Kick Start to achieve a Minimum Revenue
Identify and Calculate the Investment Requirement to make the Product to reach the Market and achieve a minimum revenue, The Investment to be done in the below such as,
- Technology Product Development
- Team Expansion
- Client Acquisition Cost
- Logistics Cost If any
(Ask) Seed Investment Requirement
The Seed Investment Requirement (ASK) to the Investors is usually defined here in this section. The Seed Investment should be the Minimum Investment for the product to get into the Market.
Forecasted Revenue/Expenses for 5 Years
The Calculation of the Revenue from the product along with the Expenses for the 5 Years will be calculated in the Forecasted Revenue and Expenses Spreadsheet.
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