A business plan for a startup or an established company is essentially a road-map for defining goals. This road-map details the actions needed to be taken in order to bring the product to the market and decrease uncertainty. Using a business plan, the entrepreneur can decide how much capital the company needs and its exit strategy. The time and resources put into the preparation of a business plan are significant, but is essential in both the short and long term. A business plan allows the entrepreneur to perform better.
How to build a business plan
Targo’s approach business plan
You have a winning product. You are excited, inspired and ready to jump into the water. The next step is to write a business plan. With just a simple Google search you will be able to find plenty of tips on how to construct executive summaries, marketing plans, and financial forecasts. While all of these are the basic components of a business plan (and you definitely need them), a good plan has a little more than that. A winning business plan generates passion within the reader and a desire to be involved in the project.
A business plan should meet accepted standards regarding form and content, becoming increasingly more important in the case where an entrepreneur’s goal is also to raise money based on the contents of the plan. This makes it possible to more clearly reflect the goals of the start-up and the strategies needed to achieve them, and serves as an effective tool for potential investors, banks, employees, etc.
When presenting a business plan to outsiders, you as an entrepreneur must know your market and the existing solutions attempting to fix the problem you are aiming to solve. Targo’s business plan will help you produce an operational work plan that will be presented to investors and assist you in recruiting relevant team members.
The process of building a business plan at Targo is a structured and orderly process. Over the course of the process we hold weekly meetings with our clients, where we discuss our findings and formulate a plan the following steps in the process based on the previous steps. For example, if the market research phase has been completed in the business plan then the meeting we will be dedicated to discussing our findings and its implications for the GTM, plan or even the necessity to perform a Pivot for the product.
With the completion of materials in each step, the client receives materials 24 hours before the meeting, allowing them to actively participate in the meeting and in the business planning process in general. With us, the client is a full partner in building a business plan, which allows them to answer any question posed by potential investors and base their answers on research-based data and benchmarks.
Targo’s business plan is tailored to the characteristics of the industry or field in which the entrepreneur or start-up operates. A business plan for a medical device will be completely different than a business plan for an application, or a business plan for a cyber-product; but any business plan built by Targo is based on research and relevant data.
1. The Art of Business planningMeetup
2. How to Build a Business PlanSummary
3. How to Build a Pitch DeckMeetup
4. Business Plan for Medical DevicesMeetup Technion
Business plan by sector
Examples of Business Plans
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