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Business plan

The business plan is the letter of introduction and the roadmap of the entrepreneurial initiative. The plan should be drafted and produced with a realistic outlook and approach.

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A business plan should generally contemplate the following aspects:

  • Executive summary: General description of the main aspects of the initiative in each area envisaged in the business plan.
  • Description and valuation: Explanation of the initiative’s objectives, mission and vision, and a valuation of it.
  • Potential market: Analysis of the potential market to which the initiative is addressed.
  • Analysis of the competition: Global and local identification and analysis of competition in the different markets in which the activity is to be undertaken.
  • Strategic alliances: Analysis and determination of the alliances that may be complementary and strategic to the initiative in the different areas (performance of the initiative, sales, investors).
  • Business model and financial plan: Description of the initiative’s operating model and breakdown of the financial plan with the necessary economic resources in each phase of the initiative.
  • Plan of resources and organisation: Breakdown of the resources necessary to undertake the initiative and of the organisational structure (roles, profiles) to undertake it.
  • Economic-financial plan: Use of the formal structure of applicable accounting legislation, development of a cash flow plan, operating account, investment plan, determining the structure of the financial resources, etc. This information will determine the economic viability of your project or, in other words, whether it has the necessary solvency, return and liquidity to be undertaken.
  • Operations plan: This concerns all those organisational and technical aspects that involve) the production of the products or services to be provided in your business.
  • Legal plan: Identification of the factors that must be taken into account when choosing the most suitable legal structure with which to undertake your business. It involves factors such as the limits of liability, asset commitment prior to the start of operations, tax regulations applicable to the business, the need for external financing, etc.
  • Marketing and sales strategy: Description of whom the product/solution/service is addressed to, what need it resolves, added value, positioning, sales strategy and approach to clients.
  • Main risks and launch strategy: Identification, analysis and quantification of the main risks associated with the initiative.

Do not forget

  • The business plan is the letter of introduction of the entrepreneurial initiative (when seeking sources of financing).
  • The business plan must be realistic and envisage all aspects.
  • The business plan must be drafted iteratively.
  • In producing the business plan, the support and collaboration of people with experience in this area is desirable.

What next?

  • Analyse and determine the business plan model.
  • Identify and analyse all the aspects established in the business plan.
  • Write an executive summary of the business plan that includes the main characteristics in the initiative of each aspect envisaged in the business plan model.
  • Review the executive summary with an experienced person.
  • Draft a detailed and realistic business plan.

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