Whether it is for getting your business idea off the ground, growing your startup or expanding your business abroad, one of the most important document you will create is your business plan. It is the central place where you share all the important information about your new venture — the ideas behind your business, what you’re going to sell, your business model, your potential audience, marketing, finances, projections, and more. It represents both a map for the future and a high-level action plan of how you will get there. An effective business plan is important for putting real structure, facts, and figures around your ideas.
Why is a business plan important?
There are many reasons and situations where a business plan will help you to grow and operate you business. Some of the key strategic reasons include financing, starting a new business, defining and managing key objectives and building partnerships and alliances. In Hong Kong, we often see the need of a business plan when asking for private investment or government funding, starting a new business bank account or applying for a bank loan, application of Hong Kong investment visa and general business development purposes.
What are the key elements of a business plan template which I need to consider in my plan?
There are many ways you can build a business plan but some of the core content should include: company purpose, market problem, your product solution, market size potential, competitive analysis, business model, financial model, team overview and the vision and objectives of the company.
What do I look for in a good business plan writer and reviewer?
The business plan writer should always have their audience in mind. For example, if you are writing to have a business to secure a bank loan, it would be helpful to have someone with a financial or corporate banking background. Likewise, if you are looking to apply for government grants, it is often useful to secure the help of local experts who have prior experience in dealing with local government applications.