Got a business idea?
Writing a business plan takes your idea and turns it into something you can act on. A business plan can help you focus your effort and energy and determine whether or not your idea makes sense.
The 8 questions
Whether your business plan is a formal document or a brainstorming exercise, it should still answer the same basic questions:
- What is the business?
- How does it work?
- Who is the team?
- What is the market?
- Who are your competitors?
- What is the market strategy?
- What are the numbers?
- What do you need?
Writing a business plan
What is the business?
- Summarize it in a way that shows the value you’re creating for your customers
How does it work?
- What product or service will you provide?
- How will you make money?
Who is the team?
- Identify employees, mentors and advisors
What is the market?
- Who is it for?
- Are there enough potential customers to support your business?
Who are your competitors?
- Do you have any direct competitors?
- How are you different from them?
- Are there similar businesses in other industries that inspire you?
What is the market strategy?
- What are the steps you will take to grow your business?
What are the numbers?
- What are your costs and revenues?
- What is your pricing strategy?
What do you need?
- What equipment, materials, resources and support structures do you need in order to be successful?
Source: The Wharton School