TIMING/LENGTH (IN MINUTES): 20’
In this activity, you will learn what a Business Plan is, and why it is necessary starting your business.
The Business plan is a reference document before setting up a company that will help you, your entourage and future investors to have a clear idea of the project. The main objective of the business plan is to attract potential investor(s). It is thanks to this document that they will decide to join you. Its achievement is an essential step for any entrepreneur. A good business plan must be composed of an economic study and a financial study to support your idea.
A business plan is a fundamental tool any start-up business needs to have. Usually, banks and capital firms need a qualitative business plan before investing in a business. Even though it may work, creation of a business without a business plan is not a good idea.
In fact, very few companies are able to last without one. Drawing up a business plan is an opportunity to think about your ideas, build your business and develop it in a safer way.
A business plan normally includes an executive summary, an economic study and a financial study of the project:
–The executive summary summarises your business plan, it presents the fundamental points and key figures of your project. This allows you to briefly understand what your project consists of.
–The economic study of the project:
This part is very important. Its purpose is to present the complete set-up of the project and to justify its coherence: market study, marketing strategy, sales strategy, team, etc.
-The financial study of the project:
It is a financial transcription of the business. It includes the most important points and numbers.