The first part of the business plan that you should write after the executive summary is actually an overview of the business and its strategies for success.
Now since I’m planning on starting an online business, my initial capital required is relatively low. My business plan may or may not be required to present to investors asking for funds and hence it is quite simplistic.
How I’ve laid out the business overview is as follows:
My business will provide/ sell (insert main services/ products here). My business will feature (insert main features here) and ultimately we aim to (insert a sales goal or an ultimate aim for your business in the near future)
My business is different to any of the other businesses available in Malaysia today as we will be (insert differences here or if it is a business already existing, explain how you will be differentiated). This type of business (if the business has been seen in other countries, describe where and some details about it. If not, describe how the business will benefit the people in the country you are in).
My business’s short term goal is (insert short term goal here with a deadline) with an aim to be (insert medium to long term goal here) in the mid to long term. Revenue will be generated primarily through (insert revenue sources here, such as advertising, joining fees, product sales etc.). My ultimate goal is to (become the number 1 in your field in the whole of Malaysia?)
Currently, similar business such as (example 1) and (example 2) don’t offer the same level of service/ product benefits because of (explain and explain some more). Whereas my business will provide (benefit 1) and (benefit 2,3,4,5 etc.) instead.
My business will be targeted at (insert niche audience or main stream audience here) as they represent the ideal audience for our product/ service. This audience is considered ideal because (insert reason here).
The following are what we feel will be our key unique selling points which we hope to use as an edge against our competitors.
(Will your main unique selling points be marketing? Price? Quality? Explain each one in enough depth to highlight their benefits but not in too much detail as to overwhelm your audience, who could be potential investors. Layman terms should suffice.)
Finally, add a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) on your business as a whole. Be honest with yourself, it’s no point saying that you have no weaknesses, as this will bite you in the ass later on anyway. So don’t lie.
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