To find out more about what a business plan is all about, take a look at this video.
Anatomy of a Business Plan
Without a business plan, it is difficult to build a business. It's like building a house without any blueprints. A plan outlines the roles, responsibilities, and future for your business. To keep it simple, we are going to go over the components of the business plan that you’ll need to submit. In this chapter, you will learn about the following:
- Executive summary - A short and concise description of your business.
- Company description - Information on what you do, how your business is different from others, and who your business serves.
- Products and/or service description - Define what products and/or services you sell, explain why it benefits your customers, and how your mobile app will be developed.
- Market analysis - Give background on the market that you plan on entering. This is where you will include your work you did in Market Research, like consumer research and competitive analysis.
- Strategy & implementation - Here, you will explain how your business will run, or operate, and how you plan to introduce your product and/or services to the market. This will be taken from your Branding and Business Model.
- Financial plan & projections - summary of how you will be spending money, making money, and using the money for the future, which is information you developed from your Business Model.
Throughout this unit, you can use examples of other business plans as a reference to help you as you create your own. Make sure not to take directly from others' plans, since each one is different and you should develop one that is unique to your own business!
Reminder: This module is not mandatory for Junior Division, but Junior teams who want to learn more about building a business are encouraged to read it. Only Senior Division teams are required to submit a business plan.
WE NEED TO ADD OUR OWN AUSTRALIAN EXAMPLES HERE
Create a Business Plan
Now that you know all the different parts of a business plan, you’re going to have to start putting it all together! It is a big document, so it will help if you work with your team and mentor create it together. Divide up the work into different sections so each team member can help out. Let’s recap what we learned:
As you put all the different parts together, try using the checklist below to make sure you have everything you need to finalize your business plan.