Aviation Leadership – Building a Business Plan

How to Write a Business Plan Presented by SofemaOnline (SOL)

Introduction

Business plans usually include detailed information which is not only essential but can improve significantly the chance of success.

Typical Elements which need to be considered include:

• Market Analysis,
• Competitive analysis,
• Understanding Customer Segmentation,
• Marketing,
• Launch Facility Requirement,
• Logistics,
• Operations Plans,
• Cash flow projection,
• Timeline for an overall path to long-term growth.

 Business Plan Development

 A typical business plan may consist of the following elements:

• Executive Summary
• Company Overview & Description
• Market Research
• Description of products and/or services
• Management and Organisational Structure
• Marketing and Sales Strategy
• Financial Presentation & Data

 Business Plan Advantages

a) Confidence in the business plan provides a stronger possibility of raising the capital which may be necessary to support the start-up.

b) A strong business Plan typically leads to stronger Growth

 

Putting the Plan Together

 The document you Business / Company Description - To include your mission statement & reason/rationale for the business proposal Identify any Unique Selling Points (USP)

Ensure your proposed business has clear objectives

• What is the purpose of the business?
• What are the unique attributes of your product or service?
• How will you operate? (physical store, online, or both?
• Consider Your Target Market (Research your audience thoroughly)

Note  - It is not just important that there is a market for your product, It is arguably essential!

Market research helps to determine the potential viability of the proposed venture and may even become the go / no go decision tool

Analyze Your Competition

Conduct a competitive analysis of your competition which you can use to start to build your brand differentiation strategy (typically could involve price & quality -  but note not to chase the price down to the lowest common denominator)

Developing Your Budget

The possibility of running out of funds is one of the biggest challenges a start-up faces!

Always start with the basics and add 0.5 to estimated costs to be on the safe side

Identify the expected costs of the following

• Equipment
• Facilities (purchase or lease?)
• Legal & Admin Fees
• Staffing Costs
• Insurance
• Inventory

Note -  Financial projections should cover the first few years as it is quite likely during this period you will not make a profit  

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