What you need!
Identify the problem or need:
Start by identifying a problem or need that people have. This could be anything from a lack of time to do something, to a need for a specific product or service.
Research the market:
Once you have identified a problem or need, research the market to see if there is a demand for your product or service. Look for competitors and analyze their strengths and weaknesses.
Understand Competition:
Understanding your market you will encounter all the brands in your competition selling similar products. Learn from them and try to work our your space.
Define your target audience:
Determine who your target audience is and what their needs and preferences are. This will help you tailor your product or service to meet their needs.
Develop a unique selling proposition (USP):
A USP is what sets your product or service apart from the competition. It should be something that is unique and valuable to your target audience.
Identify the roles needed:
Start by identifying the roles and responsibilities required to run your business effectively. Consider the skills and expertise required for each role.
Define your team culture:
Develop a set of values and a culture that aligns with your business vision. This will help attract the right people to your team.
Develop a job description:
Create clear and concise job descriptions that outline the roles, responsibilities, and required qualifications for each position.
Onboard your team:
Once you have selected your team, onboard them by introducing them to your business vision, values, and goals. Provide them with the tools and resources they need to be successful in their roles.
Build strong communication channels:
Communication is key to building a successful team. Establish regular team meetings, check-ins, and feedback channels to ensure everyone is on the same page and working towards the same goals
Executive summary:
This is a brief overview of your business plan, highlighting the key points such as your business concept, target market, and financial projections.
Business description:
Describe your business in detail, including your product or service, your target market, and your unique selling proposition (USP).
Market analysis:
Conduct research on your industry, competitors, and target market to understand your market size, potential growth, and customer needs.
Marketing and sales strategy:
Explain how you plan to promote and sell your product or service, including pricing, distribution channels, and marketing tactics.
Financial projections:
Provide financial projections for the first three to five years of your business, including income statements, cash flow statements, and balance sheets.
Management team:
Outline the key members of your management team, including their roles and responsibilities, relevant experience, and qualifications.
Operations plan:
Describe how you plan to operate your business, including production processes, logistics, and supply chain management.
Risk assessment:
Identify and evaluate the potential risks and challenges associated with your business, including financial, legal, and operational risks.
Aiming High but holding ground:
Learn risk mitigation and aversion tools those can be used in case of emergency.
Stay open to challenges:
There will be tough times and happy times during the course of your long journey to become an entrepreneur. Hold your ground firmly, keep spirits high and stay self motivated.
Learn Multitasking:
Leave the comfort zone completely, learn new skills, tools and techniques. Study your market, competition and within your own SWOT and relentlessly work on enhancements.
Keep faith and desires:
Never lose hope, even if you fail in your venture it cannot be termed as a failure of life. It is just a temporary failure that has already taught a lot of new ways to avoid pitfalls and succeed in your next venture.
Stay close to your family, mentor, friends and books:
These are the sources of your strength, they have everything you need to get relaxed and refreshed. Get refueled from them and from your own “Me time” everyday.
Submit your business plan and win upto Rs. 25000/-
Polaris Incubation Center is launching the “Idea Meet” for all students in their graduation and higher classes. Bring in your idea in the business plan template and you could win a cash prize of Rs. 25000/- and a chance to get your business idea developed into a real business with our inhouse accelerator program and industry experts supporting your venture. You can also get funded if the investors like your presentation and approach.
Hurry Up! Last date for submission is 20th May 23
- Email your business plan at: contact@polarisaoe.com
- Share your plan through whatsappp at: 8979795303
- You can call for any clarification on: 8979795303
- You can also walk in to our office to know more:
Polaris Academy of Excellence: Room#13, 2nd floor, Sultan Jahan Public School, Shamshad Market, Aligarh, U.P.
