Drawing up your business plan | Roadmap

You want to start your own business. An ambitious step, but also one that requires good preparation. Drawing up a business plan will help you make your ideas concrete and understand the feasibility of your business. Although a business plan is not mandatory to register with the Chamber of Commerce, it is highly recommended. It forces you to think about the opportunities and risks of your business and helps you make informed choices. 
In addition, a well-founded business plan is often a requirement if you need financing. This is because banks and investors want to see that you have a well-thought-out plan and that your business has a chance of succeeding. But how do you draw up such a plan? Where do you start? In this blog, we explain step by step what a business plan should contain. 

What is a business plan?

A business plan is a document in which you describe your business goals and how you intend to achieve them. This includes not only a description of your product or service, but also an analysis of the market, your competitive position, your marketing strategy and your financial plan. Other names for “make a business plan” are “make a business plan” and “make a business plan”. 
We will show you how to write a business plan using six sections: 

• Summary 
• You as an entrepreneur 
• Description of your business 
• The market 
• The marketing plan 
• The financial plan 

 1. The summary: a strong first impression

The executive summary is the first thing readers see of your business plan. This section is especially important if you want to attract investors. In a short, catchy text, you describe the core of your business idea: what will you do, how will you go about it and why is it a good idea? 
An effective summary answers the following questions: 

• What is your business concept? 
• What is your revenue model?  
• Who is your target audience and how big is the market? 
• What are your financial expectations? 
• How much start-up capital do you need and how will you finance it? 

Make sure the summary remains short and sweet (one A4 maximum). This is your chance to impress and make readers curious about the rest of your plan. 

 2. You as an entrepreneur: who is behind the business?

Investors and financiers look not only at the business idea, but also at the person behind it. This chapter gives a picture of you as an entrepreneur. 
Consider: 

• Your personal details (name, education, work experience; similar to what you write down in a CV). 
• Why to become an entrepreneur. 
• What your experience is in entrepreneurship. 
• What skills you have to become a successful entrepreneur. 

Be honest about your development points. Do you have little experience with finance or marketing, for example? Then indicate how you will solve this, for example by taking a course or working with a specialist. 
Do you work with others in a partnership or limited liability company? If so, have all owners write a personal piece for this chapter. 

3. Description of your business: what exactly are you going to do? 

In this chapter, you give a clear picture of your business. What will you offer? Who are your customers? And how will you differentiate yourself from the competition? 
Things you mention here are: 

• The products or services you offer. 
• What makes your company unique. 
• What your goals are for the coming years. 
• The legal form of your company (sole proprietorship, partnership, limited company, etc.). 
• Where your business is based (whether you work online, have a physical location, etc.). 
• Any permits and insurance required. 

This chapter should show that you don't just have an idea, but that you know how you will implement it practically. 

4. The market: identifying customers and competition 

A good business plan includes a market analysis. This helps you determine whether there is demand for your product or service and how you can stand out from the competition. 

How do you conduct a market survey?

• Sector analysis: look at trends and developments in your sector. For example, are there growth opportunities, but also look at where any risks lie. 
• Target group analysis: who are your customers and what do they need? 
• Competitive analysis: which companies offer similar products or services? How will you differentiate yourself? 
• Market size: is there enough demand for your product or service? 

For instance, use figures from Statistics Netherlands (CBS) or industry associations to back up your analysis. For your target group analysis, you can think about conducting a survey or focus groups. 

5. The marketing plan: how do you attract customers? 

Now that you know who your customers are, you need to decide how you are going to reach them. You do this with a marketing plan. A handy way to structure this is with the 5 Ps of marketing: 

• Product: What do you offer and what makes it special? 
• Price: How do you set your rates? What is common in the market? 
• Place: Through which channels do you sell? Online, in a physical shop, or both? 
• Promotion: how do you attract customers? Think social media, advertising and networking. 
• Staff: Do you work alone or do you hire employees? 

A strong marketing plan shows that you not only have a good product, but also know how you will engage customers. 

6. The financial plan: is your business financial feasible? 

One of the most important parts of your business plan is the financial plan. In it, you describe how you will cover costs and become profitable. 
The financial plan consists of four budgets: 

• Investment budget: what costs will you incur to get started? 
• Financing budget: how will you pay for these costs? 
• Operating budget: what are your expected revenues and expenses? 
• Liquidity budget: do you always have enough money to pay your bills? 

Want to know more about this? Then read our comprehensive article on preparing a financial plan. 

Updating business plan: stay flexible

A business plan is not a document you write once and then never adjust. Your business grows, the market changes and your plans evolve with it. 

When do you update your business plan?

• When you introduce new products or services. 
• When new major competitors enter the market. 
• If there are changes in the market or legislation. 

Keeping your plan up-to-date will keep you prepared for changes and opportunities. 

Conclusion: a business plan as a basis for success

Writing a good business plan not only helps you start your business but also grow it. It forces you to think strategically and increases your chances of success. A business plan example to fill in can be found, for example, at the Rabobank.  
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