A business plan is one of the most important elements of doing business. It is a document that presents a specific business plan. It actually articulates the entrepreneur\’s intentions, what he or she actually intends to do, and how success should be achieved. What should such a business plan look like?
In the past, it was a large project that was frustrating for entrepreneurs to write. Today, on the other hand, short, concise business plans are in demand. Things are changeable, and this basic concept can change under different conditions. Today, would-be entrepreneurs are making do with one-page documents.
What should a business plan look like? Of course, data such as the name of the company, registered office, names of partners, contact information, and ID numbers are indispensable. So, let us turn our attention to the latest method of filling out the form, called the Lean Canvas. This is actually a simplified business plan that focuses only on what is really needed: nine sections on a single page, each with a different name, address, and contact information.
The first section is customers, where the entrepreneur chooses which customer groups to target. Teenagers will buy different things, seniors will buy different things. Then there is a section dealing with customer problems, where the entrepreneur needs to empathize with the customer and select the most pressing problems. Problem solving is the third part of the document. Here the entrepreneur considers what the customer is currently using to solve the problem. This identifies the competitiveness of the business and the price point of the product or service. Most ideally, customers would visit the stores themselves. However, this is not the case at the beginning of the business, so you need to choose what channels you will use to reach your customers: e-shop, social media, advertising, magazines and web articles, blogs, or various trade shows. The most important part of this document is the financial part, where fixed and variable costs need to be defined. Fixed costs are expenses that are recurring and do not change every month, such as rent, insurance, and salaries. Variable costs are expenses that are incurred based on the number of units of a product or service sold, such as the cost of materials and boxes. The last component is an unfair advantage, one that competitors do not have and cannot pass on intact.
This is how entrepreneurs define the most important components of their business. Much of the information changes over time, depending on how the product or service works for the customer. The economy and the business environment also affect it.