First of all, a business plan is much more than just an ‘official document’. It is the blueprint for your business. It gives you the opportunity to fine-tune your insights, ideas and expectations. Such a plan also helps you define your objectives and shape your strategy. While a business plan is mandatory for certain legal forms such as a private limited company (bv), public limited company (nv) or limited partnership (cv), it is an indispensable tool for any entrepreneur that helps them oversee all facets of their business.
The business model canvas (BMC) enables you right now to map out and analyse the most important aspects of your project. It works by getting you to ask yourself the right questions. The BMC describes how your business will meet the needs of your customers, and how you will make money.
Remember that your BMC is useful throughout your thinking process. For each part of your project, you neatly summarise your ideas and decisions by filling in the boxes on the canvas. Isn’t that a great thought?
You don’t have to do this alone. To draw up such a plan, you can always contact an experienced entrepreneur, accountant, Voka or other organisations.
"}},{"componentType":"sectionTitle","title":"‘My project and me’: 9 steps to your successful business plan structure"},{"componentType":"paragraph","richBody":{"value":"Let’s do this! Below are 9 essential steps to complete your business plan.
Step 1: Who are your customers?
Start by identifying and analysing your prospective customers. Are they individuals or companies? What are their characteristics, needs and desires? By properly identifying your target audience, you do a better job of aligning your offering with the demand. Better yet, you avoid wasting precious time and resources.
Ask yourself the following questions:
Step 2: What are you offering?
So, your product or service has to meet the needs of your customers. What makes your offering so unique? Why should customers and potential customers come to you... and, of course, buy from you? In short, how do you set yourself apart from your competitors? This is where you define your value proposition: why should customers choose you?
Ask yourself the following questions:
Step 3: How do you reach customers and potential customers?
You might have the very best product in your hands, but you will remain invisible if interested parties simply cannot find it. So, think very carefully about how you want to reach buyers. Which distribution and communication channels do you want to use? Will you sell face-to-face, online or both?
Ask yourself the following questions:
Step 4: How do you build a relationship with your customers
A strong customer relationship is the backbone of your business. It’s not just about customers buying from you, but also about how you pamper them at every step of their experience. Want an example to illustrate this? As an organic cheese producer, you test out a new flavour on your regular customers every quarter for free. That way, not only do you create a strong bond, you also give them a reason to keep coming back.
Ask yourself the following questions:
Step 5: How do you make... money?
The revenue model of your business is the core of your business plan. Specify realistic sales targets, set your prices and think about how and when customers pay.
Ask yourself the following questions:
Step 6: What do you need to succeed?
To deliver your product or service, you need specific resources. These can range from a physical location to specialist knowledge or financial resources. Picture a trendy coffee bar, for example, right in the city centre: you don’t just need an authentic, atmospheric building and the tastiest coffee. You need barista skills that are just as amazing and an equally impressive brand identity to stand out.
Ask yourself the following questions:
Step 7: What are (absolutely) your most important activities?
Reflect on, and regularly evaluate, the daily activities that are essential for you to run your business. Say you are starting an artisan bakery: you don’t just need a high-quality oven and excellent ingredients. You also need a precise baking schedule, stock management skills and customer service. Make sure you map out every step and task so that your business runs smoothly and efficiently.
Ask yourself the following questions:
Step 8: Who are your key partners?
A good business never operates alone. Determine who your key partners are: think about suppliers who provide you with crucial materials, subcontractors who contribute unique expertise or financial advisers who give you direction. One thing is certain: without a reliable supplier for your main ingredient or a great accountant, your business dream may remain just that - a dream.
Ask yourself the following questions:
Step 9: What are your costs?
Finally, take a good look at your costs. Make a handy overview of what you absolutely need and distinguish between fixed and variable expenses. This helps you keep your budget under control and ensure you remain financially realistic.
Ask yourself the following questions:
A business plan also includes a financial plan, but it is important to understand the difference between the two. While a business plan outlines the full picture of your venture, the financial plan focuses specifically on the feasibility and profitability of your project. It provides an insight into your income, expenses, profit forecasts and cash flow.
"}},{"componentType":"sectionTitle","title":"Start creating your business plan"},{"componentType":"paragraph","richBody":{"value":"
Success begins with a smart start. Invest time in analysing your situation thoroughly, formulating your goals clearly and listing your strengths and weaknesses extensively. You don’t have to do this on your own: there are plenty of resources and experts happy to help you on your way.
For example, you can use MicroStart’s e-learning platform to draw up your own business plan. This organisation also offers free courses to prepare for the business management exam. What’s more, they also help you with starting up your business.
"}},{"componentType":"highlight","richBody":{"value":"Do you have any questions or are you looking for additional information?
Make sure you check out ING’s start-up tips and discover the step-by-step plan.
"}},{"componentType":"cta","textLink":{"url":"/en/business/starters/starterspackage-current-account","text":"Set your business up for success"}}]},"complementaryZone":{"flexComponents":[{"componentType":"cards","cards":[{"componentType":"productCard","cardType":"product","cardSize":"small","title":"How to write a good financial plan","intro":"Get to know the 5 key elements & related practical tips.","image":{"transformBaseUrl":"https://assets.ing.com/transform/46fc29e5-7487-4e06-8fe5-64839327cdbf/Business-team-colleagues-meeting-Planning-Strategy-Analysis-discussing-new-plan-financial-graph-data-on-office","type":"image","width":1920,"original":"https://assets.ing.com/m/4af3518af60c936d/original/Business-team-colleagues-meeting-Planning-Strategy-Analysis-discussing-new-plan-financial-graph-data-on-office.jpg","extension":"jpg"},"link":{"url":"/en/business/starters/writing-financial-plan"}},{"componentType":"productCard","cardType":"product","cardSize":"small","title":"Setting your price as a freelancer","intro":"Three steps to a pricing strategy thanks to pricing expert Denys Robyn.","image":{"transformBaseUrl":"https://assets.ing.com/transform/273a6bc8-ee27-4d48-81c9-0579ac118c48/Young-woman-leaving-the-office-with-her-laptop-in-hand","type":"image","width":1920,"original":"https://assets.ing.com/m/54f2926a918db7c2/original/Young-woman-leaving-the-office-with-her-laptop-in-hand.jpg","extension":"jpg"},"link":{"url":"/en/business/starters/setting-your-price-as-a-freelancer"}}]}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Disclaimer","richBody":{"value":"This article is for information purposes only and the information can change over time. Always consult the latest rules and requirements with the competent authorities. Additionally, seek professional advice before making any decisions. ING Belgium NV cannot be held liable for decisions based on the information provided.
*ING Belgium reworked an article by MicroStart for commercial purposes.
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