-

The business plan: the foundation of your entrepreneurial project

2 min

Are you looking to start a business? It all begins with a solid business plan. We explain what it should contain and provide some practical tips.

A good start for your business 

This plan contains a wealth of information. You will use it to clearly explain your business project, but also as a reference to adjust your approach as needed.

The time you invest in a good business plan will save you a lot of time later on. Well-prepared businesses have a much higher success rate: they enter the market with discernment and realism, avoid pitfalls, and limit errors and commercial risks. This is worth its weight in gold. That's why it's essential to start your business plan with a good summary of the entire project.

You don't need to write a novel: a single A4 page outlining the essentials is enough to spark the interest of readers for the rest of your plan. Remember that your business plan should open the hearts (and wallets) of potential investors. It's therefore necessary to quickly sensitise them to the prospects of your project.

Down to the smallest details

Details are crucial, especially in a business plan. People who continue reading after the introduction are genuinely interested. Moreover, this plan also allows you to track the evolution of your project. It's therefore essential not to rush and to approach the lessons learned from your market study step by step. You will be able to explain:

• what your product looks like or how it solves a particular problem;
• the market situation and your competitive advantages;
• your target group and how you will reach them;
• how you will market your product.

SWOT: in-depth analysis 

The SWOT analysis (strengths, weaknesses, opportunities, and threats) from your market study is an essential element of your business plan. Even if they have start-up capital, many entrepreneurs rely on investor support to realise their project. These investors will be all the more inclined to support you if you know your company's potential, but also (and above all) if you have identified the main challenges to be overcome. By addressing them openly, you demonstrate that you are fully committed to your project and ready to face any obstacles.

Honesty is crucial. You will be able to improve your weaknesses and overcome the challenges of your project.

Show yourself! 

"Business is me!" could be the motto of many entrepreneurs. Even if your project is not just about you, it's essential to tell your story. To show how you can launch, manage, and represent the company.

But that's not all. Your management team also deserves to be featured in the business plan. Their experiences and skills are essential for your company to keep its promises and achieve its objectives. For potential investors, this means a higher probability of return on investment (ROI).

Finally, be precise. What legal form will your company take? What will be the different sources of funding?

Finances: the icing on the cake 

Outlining both the starting situation and future prospects, the financial section of your business plan provides a complete picture. Your approach to expected profits illustrates your sincerity regarding the project. By being absolutely honest, you prepare yourself for all scenarios. Do you know how you will act in each situation? Excellent. The less uncertainty you leave, the more convincing you will be. Forecasts are an essential part of the financial section.

Predicting market and sales developments, an adapted pricing policy, potential profits... The more you substantiate these elements, the more solid your business plan will be! Of course, we will be happy to support you.

This business plan template is already a good starting point. Additionally, various public organisations can support you and potentially grant you a subsidy.

In brief: five valuable tips

There are, of course, many examples of good practices. But by following these five tips for your business plan, you will be on the right track.

• Be realistic. Provide solid and honest elements in your business plan. You will be able to convince investors. They particularly appreciate rigour, honesty, and realism. Your business plan should therefore be based on these values. 
• Correctly assess the start-up capital for your project. If the financial section of your business plan is well-structured, your business will only benefit from it. 
• Correctly estimate your turnover. To do this, observe the market and keep an eye on the competition. Make realistic assumptions based on a correct financial picture. Everyone likes to do business with an entrepreneur who has both feet on the ground. 
• Launch at the right time. This means only when you and your business are fully ready. Start your business when your products and services are ready for customers and you are sure you have completed your administrative obligations. Also, check that your business is able to manage market demand.
• Update your business plan. A business that evolves in a changing market is a business that detects changes in time and takes advantage of them.

Give your business project wings with the many benefits of the Starters Kit. 

Discover the offer