How to Write a Winning Business Plan for Japanese Startups? Kavan Choksi Provides Guidance
A good business plan can make or break a startup business. A business plan should be detailed and comprehensive to provide a clear roadmap to the business. It can also be used to validate a business idea and have a better understanding of your business’s financials and competition. An ideal business plan may also help in finding funds for startup businesses.
While making a business plan, it should cover a period of the first 3 to 5 years of building and branding a business and the goals to be achieved over that period. Suppose you are trying to get an investor or applying for a loan. In that case, a detailed business plan will testify that you are prepared and knowledgeable enough about your business idea to run it. Suppose you do not have any financial forecasting as a part of your business plan. In that case, it will become difficult for the banks and investors to understand whether you are capable of repaying it over time.
Further in this article, we will discuss different aspects of a good business plan and how to build it step by step.
Guidance to a business plan by Kavan Choksi
The first part of any business plan may include the mission and vision of the business. Kavan Choksi says that this part of the plan will explain the focus of a business and a description of the services or products. It may also consist of the basic information of ownership, the structure of the business, and the summary of business plans to be executed.
Description of the business
This next section will provide a snapshot of the business startup. It will contain crucial information about the registered name, address, physical locations, names of key people, the history of the company, etc.
Objective statement
This statement clearly defines the goals of the companies and the business strategy to achieve the same. This will also spell out exactly what you may like to accomplish in the near- and long-term future. For example, if the business is launching a second product line, you may explain how a loan from the proposed bank will help you launch the new product and increase your sales by 50% further.
Management structure
In this part of a business plan, you may list the legal structure as to whether the business is a sole proprietorship, corporation, partnership, etc. You will list the key managers, employees, and business owners. It will also include the percentage of ownership if it is a partnership entity and the involvement of each owner in the company.
Products or services
In the next part, you may provide details about the services or products of your business, which should include an explanation as to how the product or service may work, the pricing model of the same, customers you may serve, distribution and sales strategy, and how to fill the order requirements, etc.
Marketing and salesplans
This is the explanation of business marketing and sales strategies and how you are going to execute them. You will be able to understand this part about how to persuade your potential customers to buy your products and service and how this will fulfill their demands.
Finally, you need to do the business financial analysis and financial projections of your business. Kavan Choksi comments that this has to be realistic, and you should be able to clearly define your financial goals and the ways to achieve the same.
