Essentials of a business plan by nurture talent

www.nurturetalent.com

Business Plan for Entrepreneurs


Agenda

Business Plan documents Presentation

Important Ingredients Detailed projections

Planning sheet Assumptions sheet

Executive Summary Key mistakes to be avoided


Business Plan

Key areas Consumer Team Sales Marketing Operations Financial General Guidelines


Consumer

Who is your consumer/customer?

What is her pain point?

What is your solution?

How will you get your first customer?

Key Mistakes “Everyone” is my customer Market Prediction is too high/too low


Team

What is the team’s background and experience?

What is the motivation to become an entrepreneur?

Are all relevant skills covered by the team?


Quality of Team

Achievements Past performance Sales experience Business expertise Commitment Team bonding Gaps in the team


Sales

What is your sales strategy? Online or offline Direct or distributor Sales team or partners

What is the cost of sales?


Marketing

Have you covered all the 4Ps? Product, Price, Place, Promotion

How will you market your product? Medium, message, Budgets and Timelines

Who are the competitors? How are you better? Have you done market research or made

prototype?

Key Mistakes We have “no competition” Our 5 friends have told us this will work!


About the Market

Adequately describe the market – check if it is realistic Size Scope Growth

Show a clear marketing plan, including distribution Medium and message Budgets and Timelines

Cover after sales service – need and benefit

Show existing partnerships - whether service providers, manufacturers, distributors, or third-party developers


Products/Services

Describe your company product/services completely Clarify if you own or license the technology Inform whether patent protection is available Can your product be defended against competition? What customer pain do the product/service address Show the difference between you and your

competitors Show the potential in future products/services


Example slide for MistakeMarketing Strategy

We are positioning the company as a competitive-cost, high quality, user-friendly as per consumer requirements in the market place. Marketing includes: Traditional information providers such as Print and

Radio Media Interned advertising, along with cross promotional

offers E-mailers to databases Multiplex branding Distribution of Blue Cards through theaters Outdoor branding (hoardings) and retail activites,

leaflet distribution through partnership College networks, social networking sites and blogging

sites.


Operations

If you fail to plan, you plan to fail! When will you start? Where will you start? Will you make or buy your product? How will you supply? What are the technology issues?

Key Mistakes No “How to” plan


Financial Plan

Have you got all the revenues and costs correct?

Do the financials show a sustainable revenue model? Are the profit margins growing?

What are the plans to use funds?

What are the plans for sourcing funds?


Question your Financial Plan

Has the company provided adequate and understandable current and projected financial statements?

Are the company’s projections realistic?

Do the financials show a viable and sustainable revenue model?

Has the company adequately considered all costs associated with developing and marketing its product/services?

Has the company articulated the use of raised funds?

Has the company considered a reasonable exit strategy?

Have the founders contributed their own capital into the company?



Competition

Recognize competitors Show the competitive analysis, with key

features and benefits Present a strong and factually based

reasoning for its competitive advantage Identify other players in the market Does the company need a first-mover

position? Timing advantage to make this approach

succeed?


General Guidelines

Make a comprehensive plan Complete information and analysis

Spend time and thought on Market characteristics Competition, specially differentiation

Follow limits for number of slides, timelines, font sizes, colors etc.

Keep it clean – do not clutter

General Guidelines

Be Objective – talk in numbers

Include a Summary page

List out assumptions

Be Objective – words like better, faster etc. have to be supported by numbers



Key Avoidables

Do not say we have “No Competition”

1 friend/5 colleague is not a sample size Prototypes work best - Show a demo

Lack of sources of information

Clarity of figures – in lakh/crore etc.

“Secret” business ideas

Essentials of a business plan by nurture talent

Documents

Transcript of Essentials of a business plan by nurture talent