Having a sudden burst of inspiration is the greatest thing that could ever happen to any entrepreneur, but it is a long road from that “lightbulb” moment to finally seeing that idea come to pass. As a technology incubator, Resolution Circle knows that putting your idea on paper is not easy, especially in a way that is convincing and comprehensible to everyone. That is why we are here to help you with a few steps and tips on how to write a business plan, or at least get you started.
The first thing to do is research. It is important to know every intricate detail of your product, including who your target market and competition are. Thorough research helps you determine the plausibility of your idea and future success. This is where you will get to see whether the light in the bulb is a good idea, but a not-so-good business, or a good idea, with chances of being a successful business.
Ask yourself why you need a business plan, who you are going to give it to, and for what purpose. Write a plan that addresses a specific goal, be it getting inventors, partners, or suppliers and write to impress that specific person. Ask yourself why you are even writing it. The answer to that question sets the tone, and determines the content of your plan.
Do not forget to include a short description of your business, what you do, how you do it, why you do it. This also includes your organisation’s history, your solutions to the problem you are solving, products and/or services, target market, resources, and what makes you different from similar businesses.
It is important to not leave anything out, from your cash flow, expenses and projections. This gives readers a clear understanding of your business. Your openness will also draw in investors as they will be able to easily gauge where the business is headed. Document all aspects of your business to give people a full overview of what they are letting themselves into.
Have a strategic marketing plan. List all your marketing objectives and plans, explain how you plan on executing them in this section. Detailed market research is essential. Think of how you are going to introduce your product and/or service to the market, and keep it there.
Take into account the readers interest. A banker’s interests are different to those of the investor or employee. Write for the reader. Make your business plan adaptable based on the audience. You can even write different plans for different purposes.
Add a personal touch to your plan. Explain why you want to turn your passion into a business, why you are so passionate about your product or service, and the difference it will make in your consumers lives.
Still stuck? Resolution Circle can help you with more than just a business plan. We offer a dedicated high-tech research and development space and multi-disciplinary student teams that are supported by technical experts to address specific problems presented by industry partners. In addition to this, we have a range of on-site services that are orchestrated to support marketable solutions throughout the commercialisation life cycle. All you have to do is approach us with your tech idea and you will walk out with a complete product and/or service. Send a short description of your idea to firstname.lastname@example.org or email@example.com.