If you are considering starting your own business, you probably have attempted drafting a business plan. Business plans are one of the most important facets while initiating a start-up company, so it is important that it is constructed correctly. Justin Coath is a distinguished entrepreneur and owner of Coath & Associates. As a business owner, Justin Coath is aware of the difficult process that goes along with drafting a business plan. Here Justin Coath highlights the major variables that go into the construction of a great business plan so you can complete one with ease.
The executive summary will follow the title page and serve as a descriptive page for your reader. Justin Coath notes that you should tell that reader what you want in the summary, but it is important to keep it succinct. Your desires can easily get buried in the plan, so it is crucial to clearly state what you are asking for in the summary.
Justin Coath notes that the business description will usually begin with a short description of the industry. While constructing the industry forecast, it is important to discuss its present state as well as future possibilities. Justin Coath reveals that you should also provide information regarding all the various markets within your industry. You should look at the business description as a 360-degree view of your field.
Justin Coath states that your target market should be revealed in the marketing strategy portion of your business plan. You will need to conduct a market analysis, which will force you to become familiar with all aspects of the market. This research will ensure that the target you chose is the best for the success of your company.
Next, your business plan should include a competitive analysis. Justin Coath notes that this will be where you determine what your company’s strengths, weaknesses, opportunities, and threats are. Additionally, you should spend time researching competitors to see where they are strong and weak. Justin Coath recommends forming strategies based around your competitors’ weaknesses so you will have a distinct advantage.
Design & Development Plan
Justin Coath notes that the design and development section is meant to provide investors with a description of the product’s design. This portion should also include a chart that maps out your product’s development within the context of production, marketing, and the company itself. Justin Coath notes this information will allow you to create a development budget so you can effectively reach your goals.