You know exactly what you want and what you're capable of. But you also need to convince customers, suppliers and investors. To achieve this, you need to explain the ins and outs of your business as clearly as possible. Make sure you are as clear and transparent as possible so that you can convince your audience.
To do this, draw up a business plan, a strategic tool that simply defines your company's economic model.
"},"alignedImage":{"position":"right","transformBaseUrl":"https://assets.ing.com/transform/ad696886-2d49-45d3-bc06-60b2920c5426/Software-developers-discussing-in-front-of-whiteboard","altTextEN":"\"\"","altTextNL":"Wat is het verschil tussen beroepsaansprakelijkheid en bedrijfsaansprakelijkheid","altTextFR":"\"\"","altTextDE":"\"\"","original":"https://assets.ing.com/m/1c849f3948af0d18/original/Software-developers-discussing-in-front-of-whiteboard.jpg","extension":"jpg"}},{"componentType":"sectionTitle","title":"The 8 components of a business plan:"},{"componentType":"productFeatures","highlighted":false,"items":[{"body":"This is a one-page summary of the main points of the project. It introduces the company, its objectives, target market, management strategy and key financial information.","title":"The executive summary"},{"body":"Here you should give specific details about your company. Give the company name, registered office address, legal status, identity of directors, what the company does, etc.","title":"Presentation of the company"},{"body":"Conduct a market analysis to identify your target, supply and demand, competition and market trends. Find and articulate your strengths, weaknesses, opportunities and threats in relation to your target market.","title":"Market analysis"},{"body":"Describe in detail the product or service you want to sell. What are its features, cost and selling price, advantages or differences compared to competitors.","title":"The product or service"},{"body":"Explain how and through which distribution channels you will market your product or service. Determine your prices and how you will promote them. Will you opt for traditional marketing, social media or just word of mouth?","title":"The marketing strategy"},{"body":"In this section, describe how your management will be organised. Will you work alone or do you plan to hire employees? How will management be set up and what are the responsibilities of each person?","title":"Organisational and management structure"},{"body":"Start by forecasting your financial situation and cash flow. When do you expect to make a profit from your business? What will your margins be? How will you and your employees be paid? More generally, informing readers about your forecasts and your healthy financial situation will reassure them and open the door to more sources of funding.","title":"The financial aspect"},{"body":"Present a plan that defines the main phases of business development, the deadlines, responsibilities and resources that will be needed.","title":"An implementation plan"}]},{"componentType":"sectionTitle","title":"5 action points for a solid business plan:"},{"componentType":"sectionTitle"},{"componentType":"paragraph","richBody":{"value":"1. Be realistic
You are raving about your business! That's a good thing. But when drawing up your business plan, don't let that enthusiasm blind you. It is better to remain realistic and even assume a worst-case scenario. That way, even if the results are disappointing, you will be prepared and have a plan of action to get through less favourable times.
2. Call in a professional
A business plan has many parts. It is normal that you cannot assess all aspects equally well. Worrying about this in advance is superfluous. The help of a professional will put you on the right track.
Not so good with figures? Then hire an accountant. Or use the Accountable app on your smartphone.
And why not seek multiple opinions from professionals? Bankers, start-up networks and other entrepreneurs, ... often have the experience to help and can also take a critical look at your plan or idea
3. Take it seriously
Your business plan is the foundation of your venture. So don't take it lightly.
It is also the document to convince any financial partners or to show at your bank for a loan. So take it seriously.
Make sure it is easy and smooth to read, has a clear and logical structure, and avoid spelling or grammatical errors.
4. Add a dose of happiness to your business plan
Happiness leads to success and happy entrepreneurs are successful entrepreneurs. So try to add a good dose of happiness to your business plan. You do this first and foremost by following your passion. This is your greatest motivation and you will radiate this to your customers. And happy customers in turn become loyal customers.
5. Drawing up a business plan takes time, but it is worth the effort
This also applies to start-ups and entrepreneurs who have been around for a while.
"},"alignedImage":{"position":"right","transformBaseUrl":"https://assets.ing.com/transform/39d240ba-5aea-45ef-a848-ca2e56ef5315/watch3","original":"https://assets.ing.com/m/1e149db747ce8b14/original/watch3.svg","extension":"svg"}},{"componentType":"paragraph","richBody":{"value":""}},{"componentType":"highlight","title":"Where can you find examples?","richBody":{"value":"You can find models of business plans ready to use on the internet. Those presented by UNIZO (Union of Self-Employed Entrepreneurs), the ABE (Agence bruxelloise pour l'emploi) or by the UCM (Union des Classes Moyennes) in Wallonia are good examples.
But of course, a business plan is also very personal and it will last throughout the lifetime of your company. So take the necessary time to draw one up so that your venture fits you like a glove.
"}}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also interesting!"},{"componentType":"cards","cards":[{"componentType":"productCard","cardType":"product","cardSize":"small","title":"ING Starters Package","intro":"The bundle you need to kickstart your business.","image":{"transformBaseUrl":"https://assets.ing.com/transform/214589ac-ca40-4758-849d-35ff75dba29d/Four-happy-colleagues-sit-around-a-table-with-their-computers-and-phones-in-the-office","type":"image","width":1920,"original":"https://assets.ing.com/m/2a2365f70226b5b5/original/Four-happy-colleagues-sit-around-a-table-with-their-computers-and-phones-in-the-office.jpg","extension":"jpg"},"link":{"url":"/en/business/starters/starterspackage-current-account"}}]}]}}}