Research customer feedback on the services and products provided by identified potential competitors. Once the limitations of your competitors are identified you can structure your business proposal in a manner that offers solutions to these limitations in order to create a unique offering to the public. If you are unable to locate similar services and products, this may be a sign that your business idea will be a great success because it will fulfill the needs of an underserved market. However, the absence of a market for your business product or service could indicate the difficulty of successfully implementing the business idea underlying your proposal.
Review competitor advertisements and other marketing tools used by competitors to attract potential customers. Determine the key elements of each competitor’s marketing approach - low cost, high quality, superior service, and so on.
Contact vendors and other providers of relevant outputs in order to get price quotes on the goods and services required to implement your business plan. Estimate the costs related to hiring personnel, and purchasing the physical space and equipment required to implement your business idea. If you can’t afford to pay yourself you will need to ask yourself if your business idea is worth pursuing. Remember, the business’s money is not your money and failure to understand/consider this fact is how many business people end up in hot water.
Check with your local or state business administration office in order to learn whether there any licenses, taxation or other requirements that you must comply with in order to implement your business plan.
Use the total amount of estimated costs for implementation as the starting point for determining your profit forecast. Though the profits you make would ideally be greater than the costs of implementation, the reality is that most businesses fail before the first full year of operations. Thus breaking even over the first few years of operation would be a big success. A forecast for recouping implementation costs will strengthen your business proposal, especially when you are pursuing financing.
An executive summary that concisely outlines your business plan. Communicate the ultimate purpose of your business proposal. Market analysis for the industry your proposal is geared towards. Provide reasons for why your business proposal should be successful given both unique and specific market considerations. Strategy and implementation plans for executing your business proposal. Financial plans and projections regarding the cost of implementing the business proposal, as well as possible profit projections if the business plan is a success.
Having a trusted business professional look at your business proposal draft could also lead to additional business mentoring/guidance and maybe even financial assistance for implementing your business plan.
