The 5 W’s of Writing a Business Plan (post 2)

Continuing from the last post on writing a business plan. Here is more info...

Who

You cannot just walk into a bank and tell them that you are going to make money by selling your product to anyone and everyone, and expect them to agree.. Invest some time and money doing some market research that will support who you believe your target market should be.

What

Remember to be specific when discussing the what. The more detailed you are the easier it will be for lenders or investors to trust your financial projections.

Where

A location needs (or at least potential location ideas) to be chosen before your plan goes in front of an investor of any kind. In your plan you should discuss why this location will be profitable for you, as well as how much it is going to cost.

When

Wherever you find the finances to start your business, whoever provided them is going to want to know when they will see that money back. An investor would rather be told it will take a couple of years and see his profits sooner than be promised full return in a few months that they will never see.

Why

Having a great business plan and a great product to sell always isn’t enough to survive in a competitive market, so what makes your business stand out from the rest. Your plan needs to explain, convincingly, where your customer base is going to come and how you will keep them