Business Planning Part 2

BUSINESS PLANNING

PART 2

Lesson Plan for New Businesses and Brands

Prepared by Komards NFTS

OVERVIEW & PURPOSE
The purpose of this lesson is to continue from where we left off last week due to time constraints. We are going to continue with the sections and assorted components of the business plan starting with the Executive Summary and will work through as many of the components possible with examples where possible of the Komards NFTS business plans.

THE EXECUTIVE SUMMARY
The executive summary is generally speaking three to 4 paragraphs and is more of a synopsis. The idea here is to give an informative summary of what the business is and why it will be successful. Most of the time it includes your mission statement, what your products or services are, basic information about the team leadership, team members and location. Sometimes businesses will include a little financial information and a high level growth plan if you are seeking investments from traditional financing or investors.

ADD Quoted text of our Executive Summary

DESCRIPTION
It's in this portion of the business plan that you will include details about your company. You will give details here about the problems your products or services solve and how. You will want to be specific, be sure to list out who your consumers are as well as any organizations or businesses you plan to serve with your products and services.

Take the time to explain your competitive edge or advantages that will guide your business to success. Are there any experts on your team? Why does it work? How does it work? Where is your company or business located?

Use this section of the business plan to boast about the strengths and positive things your business brings to the table.

MISSION STATEMENT
The mission statement is the core purpose you have for your business and the services you provide. It's here that you will go into the nitty gritty of your mission statement and why you place such high value on it and how it will lead you to being successful.

MARKET ANALYSIS
Before you will be able to complete this portion of the business plan you need to have done your homework and have a good understanding of what your market is, how it operates, its dependencies, and your competition. Know what your successful competition is doing, and how you will replicate and make their processes better.

STRUCTURE
What is your business structure? How does the company operate? Under what governance will it operate? Will it change in the future? Why? This section is all about the legal structure and how you will operate, whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you're a sole proprietor or limited liability company (LLC).

This is where you will show who is in charge of what with regards to your business and its operations. You will want to provide as much detail as you can. If you're seeking investments this section will play a heavy role in the eyes of most investors. You will want to show the assets each member of the team brings to the table. And I am not referring to any financial assets here. There will be a place to include that later in the business plan.

PRODUCTS & SERVICES
This is a fun area of the business plan in my opinion. It gives you the ability to clearly define each of your products and services in detail. You will also use this section to explain how it benefits your consumers. You will also want to answer questions like is there a life cycle for any of your products and services, is there intellectual property? Share your plans here regarding the intellectual property, be it copyrights. Will you be doing research and development on your products or services? What will that look like?

This is also an opportunity to implement your value proposition. With the value proposition you will describe the pains, pain relievers, and the gains for each of your products and services. Be detailed to be clear about each of them.

PAINS
PAIN RELIEVERS
GAINS

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