Business Plan Development

Business Plan Development2019-04-02T10:33:07+00:00

Every business owner has to organize and present information about how they intend to develop their business, make it grow, and manage it over time. That’s why all entrepreneurs need a business plan. It is a written description of your business; this document describes what you do plan to do and how you plan to do it.

A well-crafted business plan enables you to catch the attention of potential investors and customers to encourage them to support your business. This document is the foundation for a successful business – and Colosseum Coaching can help direct you through the important stages of creating a business plan to ensure your plan is well-written and attractive to both potential investors and future clients.

We also provide general business development counseling for entrepreneurs to help create, mold, and launch your business plan.

A business plan has four critical cornerstones – business idea, marketing analysis, marketing strategy, and financial analysis. These cornerstones are explained in detail as follows:

Business Idea
  • This section elaborates on the vision of your business and outlines how you will accomplish everything.  A business idea can be expanded by classifying it into 3 sub-categories:

    1. Business summary: It’s a brief description of your business, the market need for your product or service, your target audience, and competitive advantage. It should not take more than 30 seconds for someone to read this to get an idea of your business.
    2. Keys to success: This could be the Mission and Vision Statements that describe the value your business promises to deliver.
    3. Management and staff summary: This again would be short statements drawing the attention of the readers towards the personal strengths of the people who will be a part of your team.
Market Analysis
  • For any entrepreneur, it is pertinent to learn about the general market conditions before entering into a business. You should know how the new business will fit the particular industry. You need to study your customers and the competitors who are already out there.

    By enlisting the aid of a Colosseum Business Coach, we’ll run a thorough market analysis, pulling data from various sources such as online resources, the public operations of your competitors, networking, local chambers of commerce, and universities.

Market Strategy
  • Once you have obtained ample information about the market and the industry and have developed customer and competitor profiles, the next step in creating a business plan is to write the marketing strategy.

    A good marketing strategy explains the four P’s. The marketing strategy revolves around finding a balance between these elements.

    1. The product or service you will be offering
    2. Pricing structure
    3. Place of your business
    4. How you will promote your business
Financial Analysis
  • This is another imperative section of the business plan. Since you are inviting investors, you need to spell out the exact numbers. Investors need to see a fairly accurate estimate of the cost of your business. You need to categorize this section into the following parts:

    • Start-up cost: Every business needs start-up capital to bear the initial cost. Most of the items in this category are just one-time purchases.
    • Monthly expenses: This includes ongoing costs like inventory, payroll, utilities, and insurance. You also need to mention break-even point analysis in this section.
    • Financing options: This includes a list of possible sources for capital to start your business.
    • Sales forecast: This is the estimate of how much you’ll need to start to sell to cover your expenses.