How to Create a Business Plan
It's advised to implement the actionable items in the blog. The blog is useful just when you start implementing it along with reading.
Business plan is least useful while executing a business still its quite important while the business is in ideation phase. It keeps changing each day still its necessary to have one.
Creating a business plan is not more than filling up the above file (when the startup in still at the beginning stage):
Actionable Item: Fill up the above sheet for an existing business nearby your area. If you need further experience, give a visit to the local business store and ask for how he started and reached the break even.
Below are some important myths and beliefs about the business plan:
Myth: It takes at least a month to create a business plan,
Reality: You can create a business plan in 3-5 days just by following the basic rules. As the plan is never perfect and it keeps changing while in execution or even in ideation phase.
Myth: Business plan is not important as its not used often
Reality: While its good not to give much time to the business plan, it is equally important to create one as it helps a lot to keep the track of the activities.
Myth: You should outsource the business plan to have a good one.
Reality: Business plan is too important of an activity to outsource. Still its advisable to hire a consultant to get yourself on the track as fast as possible.
Myth: Business plan contains a very precise balance sheet.
Reality: The balance sheet is never precise until the very end of the first year of the execution as you can never predict the exact market size or requirement in even a small area. Even those who promised to buy your product may refuse at a later stage.
Myth: The purpose of business plan is to gather all the information required.
Reality: The business plan is a very short and concise document containing the above mentioned points.
Myth: The business plan should not be shared with others as others may copy it.
Reality: The business plan can be openly discussed with a lot of people to get honest feedback and to improve it even before starting and committing mistakes. Although you should not share some intrinsic information such as key partners, execution strategy etc.
Myth: One should never start a business until the business plan is finished.
Reality: A business plan is never complete and one must not waste time in just a paper plan. The better option is to create a prototype and then improve it as per feedback from the users.
Myth: A business can never be started that can't be funded.
Reality: Almost all the top companies today were self funded up to a very later stage.
Myth: You should never create a business plan for something already in the market.
Reality: You can't create a business plan for a product that is not in the market. You just create a different execution path or some different or rather creative version for the same business.
Problem: In today's world, we're given a lot of information which we spend a lot of time upon. Most of the information is either unrelated, repeated or not worthy of your attention.
Solution: Get all the latest news/ articles related to your interest(your favourite news websites/ blog) in audio/video format. Choose your favourite topics out of the given topics and listen to the news/ blogs on the go!
We'll create a platform where you'll be given just the necessary information or just the information which helps you to stay updated as well as doesn't consume a lot of time of yours. Thus, helps and automates the information processing and gives only the desired information.
You can submit the most interesting content you have and after the processing/user feedback for a certain time, the content will either be kept or deleted. And, you'll also be given a feedback for your content.
Key features:
Cost: Storing the audio, speech processor, noise removal, speech to animation voice, Expert team to rate the content, create the content
Revenue: Tie-ups, niche marketing, google ad sense, android app/ in- app purchases
Unique value proposition: Customised content per user.
Unfair advantage: Relevant content from blogs, tools to convert text to audio
Customer segments: Students, job professionals, kitchen recipes, travelogues, audio guides, healing music for sleeping, runners
Channel: facebook, expert talks, youtube,
Imp. Keywords: Technology & Productivity, Education, Travel & Transportation
In one line, we wish to create an instagram like portal for fashion industry(Instagram for fashion)
Problems that we're solving:
Unfair advantage: Internal connections in the fashion industry.
Channel: instagram, search engine, blogs, word of mouth, personal effective talks, tie ups with brands
Competitors: roposo / voonik
Cost structure: website development, marketing, SEO, SEM, articles, creative for social media etc.
Revenue streams: referrals or affiliate, launch of latest attires
Clients:
Exclusive features:
Imp links:
The Art of Creating a Business Idea
Starting my Dropship Business
11 Reasons Why Content based Portals are in Trend?
Business plan is least useful while executing a business still its quite important while the business is in ideation phase. It keeps changing each day still its necessary to have one.
Creating a business plan is not more than filling up the above file (when the startup in still at the beginning stage):
Myths and Reality of Business Plans:
Below are some important myths and beliefs about the business plan:
Myth: It takes at least a month to create a business plan,
Reality: You can create a business plan in 3-5 days just by following the basic rules. As the plan is never perfect and it keeps changing while in execution or even in ideation phase.
Myth: Business plan is not important as its not used often
Reality: While its good not to give much time to the business plan, it is equally important to create one as it helps a lot to keep the track of the activities.
Myth: You should outsource the business plan to have a good one.
Reality: Business plan is too important of an activity to outsource. Still its advisable to hire a consultant to get yourself on the track as fast as possible.
Myth: Business plan contains a very precise balance sheet.
Reality: The balance sheet is never precise until the very end of the first year of the execution as you can never predict the exact market size or requirement in even a small area. Even those who promised to buy your product may refuse at a later stage.
Myth: The purpose of business plan is to gather all the information required.
Reality: The business plan is a very short and concise document containing the above mentioned points.
Myth: The business plan should not be shared with others as others may copy it.
Reality: The business plan can be openly discussed with a lot of people to get honest feedback and to improve it even before starting and committing mistakes. Although you should not share some intrinsic information such as key partners, execution strategy etc.
Myth: One should never start a business until the business plan is finished.
Reality: A business plan is never complete and one must not waste time in just a paper plan. The better option is to create a prototype and then improve it as per feedback from the users.
Myth: A business can never be started that can't be funded.
Reality: Almost all the top companies today were self funded up to a very later stage.
Myth: You should never create a business plan for something already in the market.
Reality: You can't create a business plan for a product that is not in the market. You just create a different execution path or some different or rather creative version for the same business.
Sample business models:
Below are some business models that I created and will start working on these soon to prepare a prototype:
Business Idea: Lazify/ Audio blog/ Audio tube
Problem: In today's world, we're given a lot of information which we spend a lot of time upon. Most of the information is either unrelated, repeated or not worthy of your attention.
We'll create a platform where you'll be given just the necessary information or just the information which helps you to stay updated as well as doesn't consume a lot of time of yours. Thus, helps and automates the information processing and gives only the desired information.
You can submit the most interesting content you have and after the processing/user feedback for a certain time, the content will either be kept or deleted. And, you'll also be given a feedback for your content.
Key features:
- You can choose all the necessary topics, Also, the system will keep suggesting you the topics which you can choose on day to day basis. Also, you'll be shown some random info not related to your topics thus keeping you updated with the latest trends.
- You're asked the amount of time to choose at the beginning thus will save you from spending too much time and will log out for the day.
Cost: Storing the audio, speech processor, noise removal, speech to animation voice, Expert team to rate the content, create the content
Revenue: Tie-ups, niche marketing, google ad sense, android app/ in- app purchases
Unique value proposition: Customised content per user.
Unfair advantage: Relevant content from blogs, tools to convert text to audio
Customer segments: Students, job professionals, kitchen recipes, travelogues, audio guides, healing music for sleeping, runners
Channel: facebook, expert talks, youtube,
Imp. Keywords: Technology & Productivity, Education, Travel & Transportation
Business Idea: Instagram for Fashion
In one line, we wish to create an instagram like portal for fashion industry(Instagram for fashion)
Problems that we're solving:
- A portal specifically for fashion industry where we can see the wardrobe of our favourite actors/actress.
- People won't need to create their niche websites to promote their products.
- No need to spend on marketing of the product, spend only when you get a sale.
- A better UI/UX thus ensuring better user involvement.
- Only interested people will be viewing your wardrobe, so we can provide a database of the interested users to the sellers.
- E-commerce sites promote the products that're most viewed so a wide range of products is always undersold (very less sale)
- Unique value proposition: Existing fashion based portals doesn't have the required social media connectivity to connect the clients.
Unfair advantage: Internal connections in the fashion industry.
Channel: instagram, search engine, blogs, word of mouth, personal effective talks, tie ups with brands
Competitors: roposo / voonik
Cost structure: website development, marketing, SEO, SEM, articles, creative for social media etc.
Revenue streams: referrals or affiliate, launch of latest attires
Clients:
- film industry=> how to reach=> their marketing team.
- wannabe models => upload your gallery in your best collection.
- upcoming movie => marketing an upcoming movie with its awesome/
- complete attires for marriages => connect with the best designers.
- dating industry => people who go on date
- Career/genre based customer classification:
- students => biggest market to tap.= => cheap and awesome.
- IT industrialists => manage your personal wardrobe => its most important to present yourself => for meeting, parties, office on a daily basis.
- fashion designers => promote themselves.
- sports: => see the wardrobe of the best players.
- girls => impress by your wardrobe.
Exclusive features:
- Free chat option => talk to your favourite designers
- Your next purchase => mark the item you like to buy next.
- Suggestions => Recommended collection
- Trending => See what others are buying.
- Customised wardrobe => Complete attire in your budget: enter a budget and get an attire in that budget.
- Targeting => look the best devoid of your physical traits.
- Astro suggestions => which color suits you the best.
- Classification by styles => ancient, modern etc.
- launch of special designs exclusively on our platform.
Imp. Keywords: fashion, instagram, one stop shop, fashion industry
Imp links:
The Art of Creating a Business Idea
Starting my Dropship Business
11 Reasons Why Content based Portals are in Trend?
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