How to make a Successful Business Plan in India?

Written by Sparkleminds

Most people easily locate a manual on how to draft a business plan by doing some research online or in a bookshop. The success or the quality of the business plan produced does not assure simply using these templates. An effective business plan requires a lot more to be practical and successful, and even more to be genuinely useful. The business owner and leadership rather than the company itself will be the most crucial factor in success when the pieces come together if done properly. 

How to make a Successful Business Plan in India?
How to make a Successful Business Plan in India?

Your business plan needs seven key components to differentiate it from the standard stack of applications and documents printed on home printers that everyone is used to seeing.

1. Research

Your data must be of the highest caliber, if your business is to operate a successful business plan and attract investors. Knowing every aspect of the situation is necessary, not just your processes. For a business plan to be properly developed and communicated, research and analytical thinking are essential. The data used must be accurate, valuable, and objective. However, you’re not writing a novel, so the presentation also needs to be concise. That means choosing the right research to include versus just a brain dump of anything about the company’s situation.

2. Have a Purpose

For what purpose was your business plan written? A guide that details how to operate? A loan or investor pitch? Both? a text from the past? The goal must be clear and definitive. If you don’t know why you’re writing a business plan, the effort will be a waste of time. Knowing also means having a target audience you expect the plan to be ready by. With both defined, it will help dictate what information is included and how.

3. Craft a Company Snapshot

Some refer to it as a company’s profile, while others call it a snapshot. In either case, your business plan needs a section that sums up in a few phrases who your company is, what it does, and what it offers. This should be the same information that one would find if they looked on the business’ website. It’s designed to be quick and digestible mentally because it needs to stick in a reader’s mind quickly, especially as more information is provided later in the plan. If the reader remembers nothing else, he or she will have the profile well entrenched in memory. And that matters when your plan is being considered with others.

4. Detail the Company in Total

Some people solely address the positive aspects and selling factors of their firm in their business plan. That is incorrect. Most readers are reasonably aware of the company’s position in the overall scheme of things. Describe the company’s condition in detail, both good and poor. Include strategies for how weaknesses will be fixed given the appropriate support where there are any. Included in the details should be significant elements like patents, licenses, copyrights, and special advantages that no one else possesses.

5. Write the Marketing Plan Beforehand

A simple mistake made by most businesses is that people think they can write a business plan without knowing first how something is going to be sold. A strategic marketing plan is essential; it shows how your product or service is going to be delivered, communicated and sold to customers. It covers where, when and how much, all the key pieces that later on feed into the financial statement projections in the business plan. No surprise, marketing has to be nailed down before planning out the rest of the business.

6. Be Willing to Change the Plan for Your Audience

Writing just one business plan is another error that people frequently commit. The paper provided to a lender will be considerably different from the one used for internal guidance. Just as individuals have many resumes for various potential employers, smart startups have multiple versions. You should provide tailored business plans and messages to the target audience.

7. Include Your Motivation

Your motivation and goals are the most important component of a successful plan. Why are you making such an effort? Why are you working so hard? Your motivation needs to be a reason that will convince people the business will succeed, through thick and thin. A business needs a mission that drives it, not just selling to make money. Your motivation defined in the business plan is that mission.

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sparkle★minds can help you franchise your business both nationally and internationally. It has helped more than 500 businesses in franchising their businesses. So, what are you waiting for? Connect with us today!

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Consult an expert before framing the Franchise Model.

Written by Sparkleminds

The process of a business idea developing into a full-fledged idea which can, later on, be manifested in the market can be a very complex task. This is where the concept of franchising comes to play. When one looks into the franchising world, it comes to our notice that the number of franchises in the world has increased on a large scale. A major reason as to why franchises have become so popular is because it’s a promise that franchising one’s business is an established route to success. Working with a market expert in designing your franchise model is always advisable.

 

In order to take a dive into the franchising world, one has to understand what franchising is. The first step to franchising is signing the contractual arrangement between two firms: the franchisor and the franchisee. According to this arrangement that the contract holds, the franchisee has the right to buy market goods or services that are listed under the franchisor’s company or brand name.  However, although the statements listed above ensure you a smooth journey to success, it is not so. One’s concept or their idea has to be franchised effectively so that it proves to be a great expansion strategy that does not require a bulk of capital that will drain the budget of the company.

How does one do this?

  • Know your business: One cannot give details to the franchisee that is marked with doubt and indecisiveness as franchisee does not have the liberty to improvise upon various details. This also requires looking into whether one’s business can be franchised. Every step of the process has to be outlined and well thought out. The franchiser is the parents of the business; the creator. The franchiser will have to provide details on how the franchisee should go about the procedure.

 

  • What Is Your End Goal?: We all know how not mouth watering the results of converting one’s business into a franchise is. However, one should get carried away by this. Some companies want to scale at a reasonable rate whereas some companies might look forward to becoming franchisees with new business models which may result in an expansion of the company. For others, it may mean a new outlet or outlets. In order to get a clearer idea, one can hire a franchise consultant to help guide them in making various decisions.

 

  • Planning: There should be a strategic business planning wherein the franchisor takes into account their company’s current status with growth and the goal of expansion. Knowing this will enable the franchisor with a clearer idea of what requirements are needed to set up the franchise. These requirements will have to be stitched into the wider fabric of the companies organizational functionality. In order to sell franchises, the franchisors should also have a marketing plan that is able to communicate the franchisor’s goal.

 

Here, at sparkleminds, we recognize how every business is different and in accordance to the franchisor’s needs, we tailor programs that suit the franchisor’s prospect. We do this by formulating a clear strategy by analyzing the requirements and the challenges that could be posed to the company under various circumstances. We offer expert advice on the functions that should be carried out by the franchisor in terms of finance, human resources, etc. Although turning one’s business into a franchise can be a hard task, reaching out to sparkleminds can make the process easier and faster.

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