Mini Business Plan Sample: Everything You Need To Know
Using a mini business plan sample is essential when you want to draft a business plan for your startup.3 min read
Using a mini business plan sample is essential when you want to draft a business plan for your startup. Writing a business plan helps you become focused and develop a sound marketing plan. It also helps you determine your unique selling proposition and makes you consider the question: What makes my product/service different from the competitors'?
Let's overview important elements and what you need to consider when writing a business plan.
Know Your Strengths & Weaknesses
When creating a business plan, you begin to define and understand your strengths and weaknesses. You learn about the areas you are good at and those that might need some improvement.
Your business plan is a reflection of your insights, instincts, intuitions, and ideas about your business and its future. By drawing up such a blueprint, you can safely test out your predictions in a hypothetical scenario before translating it into the real world.
Have a Target Audience in Mind
When writing a business plan, you should develop several versions targeted at specific audiences. To avoid one of the common mistakes made by inexperienced business owners, you should understand who you're developing your business plan for. Be realistic about financial projections and estimates. Don't over project profits. Instead, present an achievable sales forecast based on an actual market review.
Include Verifiable Facts
You should also back up all claims to lend credibility to your plan. This involves following up assertions and projections with quotes, facts, and statistics from trusted sources.
The format of the presentation also matters. For many individuals, reading a long unbroken text-heavy document can quickly get monotonous. You should format your business plan and break up long paragraphs using graphs or charts. Standards industry fonts include Times New Roman, Verdana, and Arial.
To make your business plan easy to skim and engaging, it's best to keep it short and simple. Doing so will enable potential investors to quickly go through your plan and determine if it's a business worth investing in.
What to Include in Your Business Plan
Let's overview some of the important components of a typical business plan.
The executive summary comes after the title page (containing the business name, logo, slogan, and contact information) and the table of contents. It is a summary of the most important aspects of your business (packed into a few short sentences) and provides readers and potential investors with a high-level overview of the entire business concept. It is a “teaser” and should entice readers to go through the rest of the document.
This section presents answers to the two most important questions concerning the business: What problems do you aim to solve for customers and how are you going to do it?
The market overview provides insights into products or services in the industry that will compete with the business you want to start. This section should speak to the overall outlook, trends, growth rate, and industry size. The aim of this section is to convince readers (through the presentation of facts and insightful analysis) that the market is worth venturing into and that your business can capture a large enough share to ensure profitability.
This section bolsters the assertions made in the company synopsis described above. It includes a description and a comprehensive analysis of your product/solution and how it solves the problems described in the synopsis.
This section gives readers an idea of the revenue generating ability of your business. It identifies the possible revenue channels you aim to use, how you intend to price your product/service, and the reasons behind your choices.
This section describes the actual day-to-day operations of your business. It should include a detailed breakdown of the assets, human resources, processes, and technologies you need to deliver value to your target customers.
This section is synonymous with the market overview. It should contain a more detailed review of your business' closest competitors ― their strengths and weaknesses as well as their overall business model. It's best to identify three competitors.
Other sections to include in your business plan are:
- Customer Definition
- Customer Acquisition
- Management Team
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