A business plan is the most fundamental component of your startup company. However, depending on who you’ll ask, it can be as short as 2 pages or as comprehensive as 20 pages. Not having one means your startup company is destined for failure but having a detailed description of what your business is all about will definitely set you up for success and future sustainability – and can attract the right kind of investors, business mentors, and industry partners.
Here are five most important aspects to include in your startup business plan:
1. A Powerful Pitch Deck Presentation
- The problem you’re trying to address
- The products/services you’re going to offer
- The people who can benefit from your idea
- The team who will put their hearts and mind into it
- The technology and tools that can make this happen
2. A Good Prototype Product
“Done is better than perfect”, says Facebook COO Sheryl Sandberg which means that you should go beyond the expectations of having a minimum viable product (MVP) at hand. Make sure to have a prototype of your product ready for viewing or available for a trial run.
3. A Detailed Financial Projection
4. Market Analysis
5. Organization and Management
A business plan doesn’t have to be long, but it should present all the above-mentioned information in an organized and engaging manner that will reflect the goal of your business and that will look appealing to investors.
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