How to Write a Business Plan - Guided by a Tech Entrepreneur | Ben Thomson | Skillshare

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How to Write a Business Plan - Guided by a Tech Entrepreneur

teacher avatar Ben Thomson, Tech entrepreneur

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

10 Lessons (1h)
    • 1. Introduction

      0:40
    • 2. Business Plan Contents

      2:04
    • 3. Customer Analysis

      23:23
    • 4. Competitor Analysis

      8:16
    • 5. Company Description

      3:00
    • 6. Market Analysis

      3:53
    • 7. Management Team

      6:39
    • 8. Product & Marketing

      7:08
    • 9. Executive Summary

      2:12
    • 10. Financial Plan

      3:24
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About This Class

A step by step guide on how to make a business plan using the same model and template I’ve used to close 7 figure valued investments multiple times. This class is taught by myself, a seasoned tech entrepreneur that’s founded and grew 4 companies in the United Kingdom, servicing global markets.‘Think big and grow big’.

Meet Your Teacher

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Ben Thomson

Tech entrepreneur

Teacher

10 years ago I was studying Software Engineering at the University of Stirling whilst simultaneously building 2 companies. An industrial cleaning business with over 150 staff and a digital agency servicing enterprise clientele with internal software development. 

 

I’m not a techie! Far from it. My skill set is within business development and leading startups to growth. My latest venture within cyber security brought in the largest funding rounds I’ve raised so far and allowed me to grow the company along side some of the worlds largest cyber security organisations. I achieved business successes at an early age and decided to create these classes to share the models that I’ve used so that others can achieve the same successes, and hopefully... See full profile

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Transcripts

1. Introduction : this course is for anyone trying to get investment raised, venture capital, obtain a bank loan or when government will grant funding successfully with the solid business plan. My name is Ben on. This course is based on the same model that I've used to create a plan on when seven different runs of investment for my own startups, with the most recent being an evaluation off $3.7 million under the detail. How I achieved these goals by getting you through the business plan, painfully provided with this course so that you can achieve the same successes. 2. Business Plan Contents: before we start, I'd like to give some truth. A business plan cannot be completed in two hours, two weeks and arguably no within two months from scratch. A sculpture, of course, is too short to cover all the areas. So to get the most out of this class used external links provided her relevant. This course does include a business plan tamely and for fundraising. You'll also require a pitch. Thank more information on how to build a deck will be provided later. You need this course more than you need to. Tampa Lee. OK, the temple is only for reference. Everyone seems to think there's a pre made model to a quick win. There's no if you already have an understanding of the elements which together create a plan. Skip this lesson. Move straight to customer analysis. A business plan covers a key areas. Number one. The executive summary. That's a 1 to 2 page overview of your business problems solves and its unique success factors go into detail about what these terms mean. Later. Number two. The company Description number three. The Market Analysis. This is the evidence you've accumulated through research to prove there is a space for your solution. Number four. The customer analysis the data, which proves customers have a need for your product or service. Five. Competitor Analysis. The research of all the competition you see up wing against you. Number six product and marketing your product or service and how you educate customers about its existence. Number seven. The management team defending each member's new rule. A Number eight financial plan projecting cash flow up to five years. I need you gonna pan in paper and no, he's done. It's your first instruction, and it's important so right at the list and put a circle around customer analysis like I'm being on the screen here. We won't be doing the sequentially from 1 to 8 businesses made for customers, so we're gonna start with them in customer analysis. 3. Customer Analysis: the customer analysis stages about gathering data from his many potential users or beneficiaries of your solution is possible. This means identifying your customers may be creating appointments over a call or in person on developing a relationship with them to support your concept. As it moves from paper to reality, the stage is setting the groundwork for a solution that fits what someone is willing to pay for rather than what you think they're willing to pay for. A mistake that I've made on probably many others before me is no starting with the customer , so he we're going to start with the customer. These are the four steps that we're going to need to go through to complete the customer analysis. Only number four Customer analysis business plan contents will appear in the actual business plan itself. The rest is the research. So number one. Identifying your customer on market. You identify who you're selling to by selecting one of two business the customer B two C or business to Business B two B business. The customer is, for example, a retail store. Or you can buy clothing from Ah, High Street or maybe Apple selling your map it pro so for such as Microsoft Office Cells B two b two c. Actually, sales be to be as well business to business. Selling products are solutions to businesses which add value to the customer, offering Karolos them to become more efficient. An example would be I'm his own Web services, providing hosting for your new business website. You start the customer analysis by testing in some of the following ways. Graphic representations having your future pronounce or platform graphically made. What I'm showing on the screen here is a Brookshire I had made by a graphic designer for an elderly care home. Quite a large one that I was trying to sell my APP Development services to this was like back in 2013 a loot as if the system ready and available and gave them a real feel for the advantages providing this kind of system to their organization. This was sent electronically on printed professionally. If I tell you, I'm wearing really nice shoes right now, they're black on. You're gonna love them. That doesn't really fill you with too much confidence, does it? But if I send you a picture of them and tell you to make up your own mind. The vein. We're getting more of an understanding of one another. I wouldn't advise you doing a scale share, of course, on how to do product development graphics by yourself, right, Unless you're really highly proficient with the same sweets already go haven't made by a freelancer sites such as fiver or freelancer or para fit, and it's actually really quite low cost. Maybe. Ah, hundreds to $300. You're sorted. A B testing. This is testing what John Ver model or color customers must regularly go for to go for the blue shoes or the red shoes forward to Stephanie Suze course on introduction toe ad platform toe. Learn more on a B testing and social media marketing. Not that you'll be making demographic assumptions for the initial marketing campaigns that longer the campaign runs, the more accurate your test data becomes for more on digital marketing checker Laurie Wang's high to get found online for harnessing social media's powers. Date sayings. A dead site looks like a fully functioning business where customers can go online and parch is your offering. However, at the payment section that buttons don't work, the private information has never recorded only that a user, no name attempted to make payment. This is a brilliant way to gauge how many people go from. Let's see Instagram to you're saying how many people then go from your site straight through to try and make the payment? It's never actually recording banking details. Remember that. So this is very much fear practice, minimum viable product of what your system will do. So it does involve initial assumptions of wall the customers one. So you wanted to build a game? Well, the game would only have one level. You take feedback from users to gauge with a light or desolate, and they fall into Level two for our company. We had three products and no customers. We've done all this work on three separate solutions without starting with one to figure out which was most important to the customer. We wasted 60 months because in the end, we found the old they wanted was the intelligence. No, the three sulfur solutions we'd spent a year and 1/2 building. So I want you to do. To get this right is to detail to potential user everything you're capable of building or you think you're capable of building and find out which is most important to them. Focus on that and developed in line with their contributions and the contributions. I mean you editing models or concepts and going back and forward to them to get their thoughts on what you need to add, remove or improve. That's what mean chasing people, making multiple requests to people you know you don't know to provide you with their insights. Too many entrepreneurs post their link access and just expect user interaction. You're begging for time here. There's no the other way around, regardless of high, Fantastic you believe you're offering to be it's going to be seen as a nuisance. At first, I recommend listening to the audible version of the Lean startup. The reason I'm saying listen to listen to it is it's a large book on we. We really want to have met through this fast, and that's for either B two C or B two B Ventures. Also one of the Scotia offenders might finders. Michael K offers a course specific two MVP's under the name minimum viable product volatility. Your startup idea for less than $1000. If you're telling me to be, you must identify if the customer is small, medium or large in size. What I want you to do is think about the price you want it to mind. Is it a dollar to $49,000 but that small 50,000 to 99,000 medium? Anything above the enterprise company size is actually based off of revenue as well as organizations, headcount and some of the attributes. But I'm just trying to keep this simple. If you've got no idea what the value of your product or service is, just select one because the whole point off this plan is to learn and adapt As you go, we'll go more into pricing and the product and marketing chanter. You think about the problem, your soul ver I really think about it. Save Selecting medical issue chosen sectors of start from who's benefiting from the offering is that the support workers who don't have to clean as much and can concentrate more on their patients is the medical practice who can reduce the patient notional time? Or is it the dentist themselves? Instead of thinking, who can I sell my product or service to think who benefits from what it is that I have to offer. Sometimes you want to speak to the user first, before a decision maker is actually working people within a business from the bottom to the top. You want to gain support from all the players involved. You have a much higher chance of getting endorsed endorsement from an organization of one of their employees. Put your cell phone or service before the decision makers eyes the new have cooled calling or messaging. And once more you've probably got a much higher chance of getting some time with a user whose know a decision maker in the actual decision making themselves. This takes us to the next step. How do you approach be to be customers? Prelaunch so you can see my smallest here? Andi. And this should also be emailing. But I'm not sure. I'm sure that self explanatory. So when approaching potential customers online or by fools, understand that it takes multiple attempts and channels to schedule, a meeting on research indicates that that's 5 to 7 attempts before you get a yes Oh, come, You don't want to continue bombarding with Coast E mails and lengthen requests. If an email doesn't work, then you move to a call. If the cold doesn't warrant, then you move to link 10 and so on, and I'd give 5 to 10 days apart from each. Check out Patrick Dang's channel for a breakdown on initial customer contact. When approaching customers in person through networking events, try to get hold of the attain these lists and anyway, that you can't because this includes emails. Have you want to email every single person on that list? If you already have some candles, working, service or product, attempt to make contact with the decision maker. If this proves difficult, you move further down the lyinto lower ranking team member who can showcase the working system to. But remember, when you're showcasing a system, you show it to that Paris and based on what benefits them, what makes their job easier? Okay, if you're starting from scratch or with very minimal development, it's smart to find SME small to medium size enterprises, local to you, or at least in the same country. Your target should be really at this point to target a decision maker, you need an introductory script something that doesn't sound pretentious and what actually is scripted something like, Hi, this is Ben from X Company. This isn't a sales call. I realized that I've just cold you of the blue. We're an early development in the moment, and I need help. I seen your company on. We like what you do. Really. What I'm hoping for is if I can get your thoughts or more, we're building and that's it. That symbol we send a bit cheesy. But this is genuine. It's humble. It's an opener for really any call. It's not so trashy seals picture about how brilliant you are. That seems to be everyone's go to certainly was mine to begin with. If you do have an M V P, are any information that is valuable to the prospective customer again, just information. Then you can approach in any of these three ways. Remember, your minimum viable products can actually just be plants as long as you have a very easily digestible piece of content. Whether that's a pdf, a PowerPoint document or even better and explainer video, that's sufficient. So number one insights. This means that you have valuable data about your customers business or industry that they don't already have. Maybe you've been working with an industry, and you've identified a knish Ah, potential way to save money that they didn't realize they were spending needlessly for this . You wanna have a very well presented infographic, PDF or power point? You make an approach in any of the ways that I've listed above. Andi, you attach documents only when requested. If they're interested, then you give more you. You can create an attractive essays document through any standard makers off per point or alternatively, can knave adult call right and sites should show clearly their problem. How to solve the problem on your proposition Number two product demonstrations Probably the most obvious is inviting a perspective customer to try your system. Or if you have the opportunity to showcase the offering through a presentation online or in person, you wanna limit this initial presentation to between 15 and 30 minutes, usually to get to the stage, it need to use that one right, and sites are required to build user and dress before they're willing to offer your time information. Gathering you absolutely Can she agile an appointment with a company founder executive or line manager simply to gather information that seems to blow people's minds. Just request a meeting just to get introduced. All you want to do is learn that's acceptable to ask for. Look, people want to talk about themselves. I would send an email when I first joined an entrepreneurial club, very prestigious one in my country, and I couldn't email. Hi, my name is Ben have recently joined the entrepreneurial exchange. I see that you're a part of the club. I'm looking to me as many members as I can just to learn and understand what it is that you've done to achieve the level it off success that you have looking forward to hearing back Kendra guards. Ben. That's it. I send out 100 members on, like, 15 came back. But over those 15 they introduced me to more members of my network. Expanded. Gardner conducts market research, giggle you name it. We all conduct the same customer or pretty customer engagements just to find a war. Their main problems are as people are as an organization, it's humbleness and honesty that people reacted. These people were ones and the same possessions you are now remember that, and you're trying to solve a problem. Pre customer account management. This is by far the most l performed by any new Thunder's. Managing any pre customer customer account is about educating them, providing providing them with value as a company and as individuals by showing you've lessened and taken action on any of the advice or requests made by their site as you build your product. Er system. You want these partners as that's what they are, efficiently, officially or unofficially to feel as if they are part of your business, that you're both working towards an end solution, which benefits. They move a role and of course, you know. But it's still acceptable to go into one of these calls with new insights. It just lengthens the time for a working relationship to build for B two B pre customer account management. Before any meeting and call or in person, you wanna have ah well formed set of equations prepared surrounding the pains about any particular process and were possible how materials available to educate them in return for their time. Always start by giving a brief summary of the findings that you feel are of interest to them, if any on explain. You cover this all through the cold. So, for example, and this is me speaking Teoh on imaginary customer. We've completed a study on 10 off the country's talked medium size marketing organizations , including X, y and Zed, and we found that $27,000 are lost annually due to the wrong software on the wrong communication structures between the same engineering component development. That's 1.35 million lost annually for medium size organizations like you. I'm trying to shed light on where your resources air going on hope through your help and a loving us to conduct some research that we'll be able to build sold solution over time that closed back thes evers. A research is indicating that time is lost due to a breakdown in communication. Premier Li, between the engineering department under Zain Product Development Engineering, actually have a close working relationship relationship due to the nature of their mutual process. However, Zanes says, outside of this box, and instead, Kovacs is a jack of all trades master of none when it comes to the overall support of each department. By doing X, Y Z had right now. And by the way, when I see expires it This is where your lessening off things that this company can action immediately without your help from the day you leave. Taken action these things. So going back to my presentation, you can begin to Elaine the same closer to the software design process, with team members. Get a closer understanding of each new function on from the development process site Oz Elements were added, so that's it. And when educating any perspective, it's always best to have your own data again. Other data online. But it's best that I have your own stuff. So after you've given your information, this is a chance for them to really drill you with your with some of their own questions on , gives you a chance to us immigrations back again. Good questions, one ones that prove that you know this area that you know what you're talking about. It also reinforces what the problem is really Jola into their head that there is a problem so that they can go back and look at this themselves. Business to customer BC, The basically to streamline this process is only I mentioned the dead site earlier. Well, after the payment didn't go through, you could have a pop up, which comes on the screen on Just Say, is the items out of stock and ask if you'd like to be contacted when it becomes available again and then you take your email address Perfect. No, to grab their email addresses. Mail Chimp that something you want to connect to the same mill chip that allows you to group message to the email, lest much more efficiently. And it's actually free, at least for the basic plan. But going to side of that going outside of this to get more people to your site, I want you to create a short story about the problem you're attempting to solve with your product or service. This is by far the most effective way to start creating excitement around your upcoming solution on. You want to create some kind of infographic or better videography representation and put that out there. I'm always hearing people saying they don't have enough money. That's always the first excuse. Listen, I couldn't get job KFC or McDonalds. I literally had nothing I saved and saved until I had some money to take the first day, which for me was creating a website and on creating some graphics, even if it means working overtime for months and not parting, not smoking or eating out just to get something professionally made for a few $100. That's what you've got to do for you. That might be $130 to pay for a DJ. I always one gimble to shoot your first on very by yourself. Now, if you aren't in a situation where a single painting is available, that is a very small percentage of you, by the way, then you need to take the time to pro through late 10 or your social media accounts and find someone who has videography or graphic experience and bring them into the company. That will mean giving them a small percentage or an IOU for later. But actually giving them a slice of the company could be wise, and we'll go into more, but not later. So let's move over and start having a look what we're actually going to be putting into the business plan. So within the customer analysis section that should includes a test sample, the amount off people organizations involved with in your study. So if it's B two B, then you'd be including the company's names, your main contact within that company. Number two user metrics. This is the click through late read and customer acquisition data. Your social media advertising will provide this information, showing how many people went from Instagram or Facebook to the website on depending on how your website was built, you can actually view how much time as well as the number of attempted CLECs that have been made going from one page the next, all the way through to the final painted button. Google further into detail through the market eggs action about customer acquisition costs . If it's B two B, then you want to start, then you want to show the amount of yours user interaction that has has been made within your offering assumptions on findings so briefly, briefly detailed, high level assumptions that you've made on what the imbalances has identified. So this is what you thought, and this is what you found. If you already have made some sales, Onda, let's see your be to see how many sales did you make. Andi was that the red shoes was the blue Shoes. Which model? Why, where your assumptions on age demographics correct over the different so forwards to the template. For more examples on this yourself. Number four Letters of intent, endorsement and support partnerships B two B only. So this is showing you're working relationships within their organizations. The people that you've you've approached these companies, the potential customers on. You want a list just like number one. The company size the revenue, the sector who your champion is within the organization. User cases. So how you've managed to work through their organization who you've spoken to? Andi, any changes that you've made in line with their requirements, and this should also list all the days. But ideally, you want to get a letter of intent. Are these people have to continue working with you? Write some signatures would be fantastic. A basic contract just showing people have undressed in helping you build the solution. Now let's move on to the competitors analysis 4. Competitor Analysis: the competitors analysis. Yep, you have competition. Whether you think you do or you don't just assume that you do, no 1 may be offering your product or service. Yet brothers always a similar solution out there with an organization behind it has the capital cash on manpower toe injury, your new market. Any time you like the titles Self explanatory. This is all about finding it. Who's offering what you want to develop? You can do this in any of these ways. You want to find out what market segments your competitors cater to, what benefits the offer, which customers they buy from their solutions in detail. How all organizations compare, including your own. And you can find out this information and these four steps Number one online research. Crack open a search engine and type in whatever it is that you want to build. So, for example, sustainable bio running shoes, right cleaning services plus the center said that you want to star in investment solutions software. These are just examples. Try multiple variations of your search open around, say, 10 that are a match and review their product solutions page to get a grasp of what it is that they're trying to do what they're trying to offer. YouTube's also a great search engine, and it's ideal for getting their product or service demonstration videos. Some sites started going to give you a high level breakdown of each of your competing organisations. I'm showing on the screen here the bottom two, Gartner and Forrester. That's your gold standard of market research. If you can get access to the competitor analysis reports or industry reports that they have completed, that's a good as it's gonna get much better than you could find yourself. Now, Once you've collected the information that you need, open up a word document. Make yourself wardrobe. Whatever word purse, Prue says in document that it is that you use. This is not a pen and paper job, and you want to know down in this the sector, right? Is it food, beverage, Finn, tank, oil. Whatever it is, the competing companies size their revenue to get the revenue. Just hyping company. Name it plus revenue. Google should show this information. You want Elsa input their pricing for each product or solution that the offer the year that they were founded, the country of their headquarters. The market of the mainly cater to or markets that cater to use of the Americas, Asia Pacific A Pack, Europe E and the A see the the the template for reference on the next teach competitors er copy and paste the links to their product and service pages. This is so that you can reference this later on and includes contact email and phone numbers for their sales department. You're going to need these later creating the customer persona in B two b business to business. Your competitors have sailed validation professions as gatekeepers filtering at time wasters, which is effectively what I'm about to tell you to do. Legally. Millions. What you're doing here is disguising yourself as a perspective, customer or partner. You're going to have to have a credible job role on Lincoln or be emailing from a work annual address so it can't be your name at gmail dot com has to be your own thing. In my own case, I had a website which didn't offer a competing product to theirs. I purposefully changed the entire content oversight so that we could get information. I called and position myself as a reselling partner off their products, explained that I have been receiving more and more enquiries as to whether or not we offered intelligence services to support our security product, which was in the same sector, bought a totally different solution. This allowed me to get Daemul access to their products to eat free trials it gave me pricing. The organizational structure, for example, have the sales process worked, engineering updates and development on their upcoming solutions. I also asked them for dates in which they found specific malware so I could rank exactly how fast each competitors detection was against one another, including our own. This was labour intensive, creating content for a website and they re doing it once the insects had been gathered. So where possible, it may actually be faster asking prospective customers which competitors that they're currently using on their viewpoint. What price is the pain? What price would be willing to pay? Do you seriously consider? The approach that I took, however, is going to provide you with the most valuable data. The SWAT analysis swollen stands for strands, weaknesses, opportunities and threats. The step closer to strategically plan by identifying where you excel against your competition on what you're able to bring. That's a more value or a different value to customers. Maybe you're offering a new type of form to the soul of a running shoe that your competitor profiling has confirmed that yours is better. Or maybe you're able to offer software, which costs less and makes a specific industry task. Foster. Then we'll all of the competitors are presently providing so repeating myself here, I'm agent that we compared the dates that we found malware intelligence to when our competitors found it on. We clearly indicated who was fastest, which in her case was us. That's a strength, but you want to look at what you have honestly, and with an open mind. Knowing where your week on wall may be a challenge is arming yourself. Forewarned is forearmed. This proves to any outside parties, like investors or a bank analyst, that you're realistic and were able to identify where you need improvement. My swot analysis keeps things really brief. I've shown what's in our favor, but strengths identified quiver week against current players in the market as well as well , we could grow internally. No, just below weaknesses. Small security team This of course, was a weakness. And it was one that came to fruition. The lack of supporting security staff. Man. The company couldn't operate. Whether CQ vanished from the competitive research, I was able to see where they were focusing their efforts so we could differentiate our company by aiming to start trading in other markets but also knowing their customers, this man, that there was a need for our system alongside our competitors so we could focus on them, too, and finally threats you on a short what could cause your company to fault what could cause it to close as your team A shifting technology? Corbett 19. Once you've been Thera about about all of this, then you've got all the information you need to summarise in the final part the competitive landscape. They should be kept within a second document as well as appearing in the business plan. The landscape document should give all the information at a glance and is usually sent in conjunction with the pitch tank. During the preliminary discussions with the Perspective Investor bank or grant funding analysts, you can see the glands, how your competitors way up on where you proposed solution compares against others, refer to the template for supporting example. The plan I've made includes competition names on only dates, faith of malware. Compared to ourselves, However, you should include features with color stamping showing her profession each as against each other on yourself. If you just Google competitor a landscape document into into any search engine, you will get perfect example and that's it. The two most difficult sections, all the plan, are complete. 5. Company Description : the company description. This section is about breaking down the company's structure, ensuring that you've got all of your ducks in line showing on the screen here. 16 Herb is the company found it and were really continue to develop from over the motivations to form the company. Tell your story here. Key performance indicators. Funding today. F Any mission statements and goals on your shareholdings? Who owns what the facts about the company when it started, Quit was formed will continue to grow from the next form. You want to lay out your story headed junior co founders Meat. How did you come up with the idea? Why were you sick of the current solutions available out there on what has been your motivation to start the project? Now Number three year is the key performance indicators like I'm showing on the screen now . It's a list of achievements that's gonna be how many people you've successfully completed your study on. By the way. Twenties no enough. Even 100 is too small for a business, the customer product or service. Everyone wants to rush this. You don't instill confidence in anyone without proving you're making serious progress. my this part can include companies who you've parted with or who are willing to work alongside you in developing your concept. You want to get us in writing, by the way, Number four funding, if any. That's includes any business expenses. Driven cards, for example, Social media advertising For your A B testing, your graphic design costs, you get what I mean. Next part is your mission statement on your company goal. This is really important. I overlook the importance of this part big time. You've got to prove you've got passion. Have you ever heard the story about the three men building a church, ones making it for a customer? The other is making for his wife, and the third's making it for God and for his faith. Of course, the third is gonna be the more successful because he's working towards something that's bigger than himself. Your mission statement is a one liner. It's a one liner, and you need to come up with something that says exactly what you want to change in the world. The goal is a paragraph is going into more detail about elements you want to change. See the business plan template for the mission statement that the eye views the last part of shareholdings. This may just be yourself. You just put your name with 100% on. If you've gathered anything from the score so far, it's that I highly recommend that you have more share. Who? There's more funders besides strands to the company. Andi. It shows that you've got complementary expertise. Is it instills confidence and any prospective investor funding body looking back, and that's it next part. 6. Market Analysis : the market analysis. This section confirms there's a requirement for your product or service invalidates if the market is new, saturated, growing or falling. How holistically you look at the market depends on your business. So, for example, if you're starting a cleaning company, you don't really need to research the global sort size of the market, do you? You'd want to look nationally and sliced, then further to the city and then sliced and further again to the surrounding urban areas. Let's get into it. Your market analysis could be completed entirely online. You've already conducted your research on the market surrounding you through the customer analysis, and then you validated your place and said Market through the competitor analysis from your search engine. I'm using Google. You want to type in sector name, plus global market size. I'm putting in here cyber intelligence, global market size. I didn't see there are lots of results for this search markets and markets don't calm is a trusted source of information, so I'm going to start here for my own plan by tea. Time to read through hours upon hours of a certain party market research on Let you should be doing any infographics or grass which irrelevant. You save these into that supporting word document, which you saved your competitive research, including links to your sources of information for your own reference to include within the plan. If you decide to use it, what you're trying to gauge here, combined with the current competition, it's how much opportunity is available to you and in which markets and all these findings, which were you able to enter with the least resistance. So, for example, cyber intelligence is most prominent in North America but is rapidly emerging Asia Pacific within finance, healthcare insurance and telecoms. So that's an ideal place to start. A little competition and rapidly growing demand clearly showed the national market size. And if your concept has the potential to go global and you want includes the global market size in there as well, the same as I have in my plan for research on local studies, this information may not be available, certainly not for the smaller ones. However, your customer analysis gave you the data for the more local markets. Right we can do is use a search engine defined how many companies or people night buy your product with the surrounding city, and you can include this number of customers in the plan. These air your initial targets also within here within the plan. You want to show how the industry's been growing or is predicted to group, preferably with a supporting graph like my business plan includes. You want to show which markets your competitors are, focusing their efforts and then slice further to show your diarrhea competition and what they're concentrating on. I've highly that highlighted that I have 19 prominent competitors, of which four of them are in direct competition. The big question is clear. Those four operating and why have a look at my plan? For more information, slice the product or service right down. If you're developing, running shoes are the track shoes. Are the cross country all purpose? If it's track, then what type of track shoes slaves down on down until you can go no further. I've sliced cyber intelligence or the cyber intelligence market down toe one of three and then I've categorized yourself within number three Digital digital risk defense. This shows you I'm any investor. How many competitors are servicing that particular area on the customers and most need for the solution. As you've probably guessed, each element marriages into the other, providing supporting evidence to your theories. This covers the market analysis section taking his own to the next class. 7. Management Team: the management team. Number one here. Do you need business partners? Well, he may need business partners. A cool finders. Let's see. You can start a company alone If you're a freelancer consultant, a low skilled service provider, the cleaner. Or, if you've got enough cash capital to invest yourself in a supporting staff from the one. If your target customers Armenians, enterprise and size, then you really must have team members for take startups. Your management team should comprise off the Magic three. Hacker Hustler Hamster. The hacker is your developer. I want to highlight something here. The CTO, the hacker. The developer should be part of the company, the same as you. And by that I mean you're not paying them. This isn't someone that saying I may be part of the company If things go right, that's not how you want part of this. That is not going Instill confidence. Any bank or an investor, this person must have the same risk, the same amount on the lane as you do or any of the other. Any of the other founders that are involved Huster is the passion that's the face of the company is gonna dry it. They're gonna driving the customers and raise the funding. A hipster. Sure graphic designer. Your markets here, the product experienced person here comes to the question. Where do you find these people? Well, you will need your pitch. Take. I spoke about it earlier. You're short time page Slight, attractive graphics details the company at a glance. You can do online hate hunting on Crunch Base, Arlington for crunch Base You're looking for organizations that have recently been sold going to lengthen on fight employees that were part of that company. These air good people to contact. I'm doing due diligence using your using your gun, the more credible the team members to the recognize experience, the stronger Europe Lanus if you're a bunch of options. Noel Previous portfolio work experiences Say you're trying to get investment or a bank loan for a fintech startup. Ask yourself honestly, how much confidence with this instilling you if someone wanted your money. But that's where you have to get rid of the wishful thinking. Pull yourself together and just be patient so you can take time however long it takes to find the right people. The team that you for these core members are the make and break of your company. And even if they have with the credentials, that's where your gut comes into play. I've had a situation where I'd want several runs of investment on the CTO. The most in question was incredible. Resume the intrinsic member over a company just stopped turning upto work. His work Kings have grown too tall. So did the entire production. I couldn't work the rest of the development team couldn't want. I was humiliated. I was humiliated. Is the fate as the face of the company? Our customers immediately lost any faith that we had in her brand, and that was it. You can not rush into this one. Choose your cool founders like you're choosing a wife or a husband. Here's a question. Quit your job right now and go work for the first person that you see walking down the street. There's no matter who it is. Just first person passes sensitive. That's exactly who you are. Until you can prove what you have to offer is worth putting serious consideration into What would it take for you to drop your life as it is right now and go work alongside a complete stranger. As for the pet snake comes in the pitch. Take tells your story. Here's an example in screen, just not all the day. I made this using per point, but I recommend that you use slide being. It's a much faster and easier way to make a deck, got everything ready and available and it's built online. But before you can show the day than anyone, you've got to be able to find them first. The easiest of these to find is the hustler, but the quality is like comparing a saddle rue suit to something off the rack and Zara. By the way, nothing's wrong with Zara. Suit. I'm just seeing is a huge difference between each Ah, Hustler is your closer the business developer, someone that could drive sales and communicate ideas brilliantly with customers, the company and investors. Ideally, your lost their, but if if you're no, you want to find sales professionals, account executives, account managers or better failed startup founders with a good story. Cool fenders Lap is a good place to start your search. Or you could be using crunch based identify the latest companies that have been sold the latest exits on, then moved to Lincoln to find the ex or current employees off that said company and make contact before making contact with anyone. Make sure your pet stag is looking polished, and that's it. Used the same technique for finding the hacker on the hipster. No matter what you're starting, having more people involved is more attractive to the customers on did to extend the investors. Because you're placing the best talents into its core area, you're spreading the risk. Should anything room with one of the members maybe see his health that the whole thing isn't just gonna stop. There are other supporting team members to carry on the business development, no matter what. I said that to an extent, investors, you don't really want to push too many finders. Three as the magic number. So within the plan, how do you sure case the management team? You wanna have short paragraphs detail in the performance indicators and experience of each team member here in the screen, you can see an extract from the business plan template. Now I have given you one that I have used. It's short and it's concise. This isn't like a resume where you blow smoke up your behind. Be factual. Be honest for government of grant funding, you're gonna require full resume. He's for each each team, member, finder or employees and that will come as a supporting documents or something. You don't attack to the actual plant itself. You just saying that is part of the package. Just ensure the everything prepared ready when it's asked for. 8. Product & Marketing: starting with your product or service, whichever is applicable to you. You want to go into detail about the mechanics of your product, service or solution. The section could be heavily technical if required. Is actually more often than not handing or handed over to an industry professional through a bank or investments in the kids to diligence process. Sure explanatory statements or sufficient after a complicated statement why I've opened with our high level definitions of both solutions that we offer. I've added what's involved in the development and clearly stated that the company holds Phil ownership by saying All I P writes are held by the company. This is important because it reinforces your straight line. All ducks are in order, and what we see is what we get is no heading, closes or ownership. A product is called the Dark List, which I have abbreviated with Tedy L. Although the section can certainly be technical. As I've said, I've done my best actually to to make it self explanatory by relating our solutions to real life situations that even the least technically savvy could relate to. Ah, then provided a user case to apply these explanations. Some relatable storytelling under progressivity. I've shown, however, solution performed in real life situations with successes we've had on hold. The early stage testing highlighted in tens off will be needed improvement. I've added screenshots from our intelligence dashboard. For you, this would possibly mean having your graphic designer creating a Mulk up off. What you imagine your system. Approach it to look like I didn't feel graphics here, and images from different angles, colors, different pages make it look like it's already available. What you can do is head back to the customer analysis class, where I cover the Mulk System brochure I had graphically made for a kid home. This will give you an idea of what to include milestones and stepping stones to show your road map. Think of milestones as a smaller goals you want to achieve within months, and stepping stones is the larger goals you want to achieve. Within years, the road map is the predicted path you're taking. What things you you will you will achieve in order to reach your goals within 12 months, 24 months. Whatever you can see my diagram on screen. It shows quote milestones within the stepping stones the company has completed so far. And what's ahead. Think about what you want to achieve over the next 12 months. What are the major major hard hartals you wanna pass or you need to pass? Each of these becomes. It's all milestone on the plan. Within the next 12 months, I want to build a team, created a P, I make upgrades and so on. Or, if achieved, do you anticipate would catapult your Avenger to the next level? I advise adding five levels. Five storms. Like I've added Here, I'm you can use Microsoft Power Point to create one of these stepping stone representation is just buying, dragging and dropping the shapes easily in line with backing up claims. You want to detail each milestone. Explain what they are on how you complete check out the business plans Roadmap under 3.3 point one. For more information as your last point, you want to prove that you thought very closely about how to achieve each milestone or stepping stone. You need to build a gang chart. I got graphically defines timelines. It's ah, project management techniques. It shows your broken down in the year to manage the project Realistically, and my chart I have anticipated that it will take from September until January to build our team will simultaneously commercializing selling the offering. I'm developing a P I at the same time. My road map, the I detail in 3.3 point one in the plan is evidence toe which team members are operating where I don't which states, in accordance with the roadmap Smart Sheets is a great online tool for building Gonchar's. At the time of releasing this course, they offer a free trial, which will allow you to make the chart, download the files or screen short. I'm used this within your planet. No coast. An export of this class is marketing. How will we take the product or service we've just explained and put it in front of potential customers. You open this part of your plan by detailing your strategy like I have here. Another gentle reminder not seen you advertised on Google or any other digital marketing method like Facebook or instagram is not sufficient in itself. No, unless you have solid evidence from a B testing described in the customer analysis section that your marketing channel works, for example, if you advertised five different colors and model variations of your shoe. Concepts on instagram on the third model and blue brought in 150 users to your dead site. Contented to make payment. That's the strategy. The strategy I describe in my plan is piggybacking that's finding successfully. Operating companies already have a customer base that can take great value from your offering. Use the partner and company to promote your product or service to their customers under there, already trusted and recognized brand and in return, any soldier received. The partner takes a slice of the prophet under a profit share agreement. If you're selling business to business, this is one of the most effective ways to get traction, and I highly recommend it. Pricing. After analyzing your competitors, pricing and understanding the prospective customers on what they're willing to pay, you can engage the price that you want to set. Of course, the price must take into account all costs to provide the product or service with a profit margin on tall, so this part may be best left until after you've completed the financial plan. I'm sure though you can throw together some numbers off predicted staff costs and how much time it's gonna take to develop the product or service. And you can throw down a bowl part number distribution. This is where you explain the logistics off how you'll take your solution from Scotch and give it to the customers here. You want to show the warehouse on its location, where the product will be maids and how it's gonna be assembled and delivered after purchase. In our case, we're using a profit share model. Like I explained earlier, forward to the plan for more information and lastly, entry and roof. This concludes everything together on explains what steps you'll achieve a fanny to get the concept known again. Check out the business plan. Tampa Li See what I've used that takes us to the final part? 9. Executive Summary: the executive summary. This part is describing your opportunity and showing the company out of glass. The executive summary is covered on 12 max two pages. No more than that. And the first thing within these pages that should show is what your company does. The elevator pitch. Describe your offering in just a few lanes. What I've done in my fun here, a show, her solutions, the elements of business that were servicing in this case, we notify customers of their sensitive information is discussed by hackers. Under this, when you want to do is show the opportunity, surely opportunity, from a national or global standpoint. How big is the market? Really think big? I've added in this part credible data and have shown the global market size. I've given evidence that there are competitors in the market and they're operating, generating revenue. And then what I've done is I've detailed and showing what differentiates us from them. Why would be better than the current offerings on the market? Number three. Show your unique successfactors. What have you achieved so far? How many companies where people have you been involved in this study? Have you made a sales If so, how many? Any partnerships and endorsements? Any letters of intent? Number four. A summary of the management team. Short paragraphs showing the finders or any major contributors I take. It includes advisers for possible. They could be mentors, people with highly credible corporate experience. Not a lot of investors, even banks, will move straight to the Nigerian team. So this part has to be really polished. Really seriously polished. Number five. You want a snapshot off? What it is that you're offering on what it is that you would like. How much of your company are you willing to give away? And how much cash do you want for that? 20% for 1.5 million, whatever it is only if this is applicable here. 10. Financial Plan: the financial plan otherwise known as the financial projections. Everyone's favorite part. Oh, I just love it not statement couldn't be any further from the truth. It's the part I dread the most. But it's the only section that you cannot source you can if someone else complete this part . Someone that you trust school with spreadsheets has got good proficiency friends, family and accountant. Even on Fiverr. You need to find your lover or your coasts on a monthly and yearly basis, and some of these include salary. How much salary to you and the other founders wanna take? Ideally, there should be zero. If you've got no customers, no traction, no one. See how can you start a company If you are earning well, you could start this girl working in a job. That's what I did until we got government grant funding, which allowed me to take a salary so I wasn't picking at an investor's pocket software. If you need to build software, contact five different digital agencies and get quotations, that's tells you how much you'll need to get the system ready and available. If you're building a product, then contact the material providers and complain all pricing to gauge how much each unit will cost. If it's a servicing, go to suppliers. Find out how much the materials costs. For example, cleaning products for cleaning service travel. Guess to me how much your travel will be. Calculate the prices of flights, car travel, public transport, an office. Do you really need one called five different off office providers for quotations? If you do, no, A virtual office is the smartest starting point. You could have a prime address where your phone call was a male and delivered to its rerouted to your homer Mobile. Paying for room when you don't have customers or employees is the last thing that you want to do. Everyone wants to rush into this for the name to look like they have the business up in going. I've made this mistake. Do not fall into that trap. It's a waste of money. I see hardware. You need to look up the pricing for servers, right servers. It's something that people don't really look at. It can cost anywhere from 15 $15 all the way up to $1000. Look into that staff course For this, you can contact recruiters, recruitment agencies. And you can walk for the recruitment agent to get an idea of the average pricing you want to. You want to angle that you are already a successful company. You have cash in the bank, you're ready to go. Or that you've got funding ready to move now. Legal fees. Any legal firm can give you ballpark figures for their services. No, that investors acquire a shareholder agreement. Details on the agreement aren't included in this course. This is the last part, Andi. You should seek to find the frame family member or newly practicing lawyer to reduce the costs or have vocals. These fees are actually built into a me loon application or investment. So you do get this money back. Just be aware of that. But these could cost anywhere from $2000 up to $4000 on the last parts. The buffer. Whatever you think, the spend is on 10%. This is your security buffer and its standard. This brings us to the end of the course. Thanks for listening. I hope I've managed to bring some value. And more than anything, I wish you all the best for whatever venture you're starting.