First Timer’s Guide: How To Write Your First Business Plan by Boomy Tokan is a fairly complete rendition on the construction of a business plan including what to do and how to accomplish this most important task. In the business plan, prospective operators of a business should cover such things as the structure, competition, staffing, financing, cash flow and the all important profit and loss.
In the presentation to prospective investors, the operators should cover the opportunities, business model (i.e. proprietorship, partnership…), expected revenues, finance and payback to investors. More importantly, there should be an explanation of how specific needs of customers will be fulfilled.
Tokan covers some very important areas of interest for business operators and their sponsors or investors. Examples of hot topics to cover are an industry overview, business niche, your customers, promotion, what other competitors do, why buyers should buy from you and how clients find your business.
The book describes a number of very important items which customers must know. For instance, what is the value of your service to customers and how does your service provide unique solutions unavailable elsewhere? A related issue is pricing because undercutting your competitors too much can be bad for everyone. Another important consideration is reaching the right target audience for your product because the proper target market for you will yield optimal sales levels, as well as loyal customers who really need your service.
First Timer’s Guide is an important resource for new business start-ups, their owners and investors. Without this resource, your business may fail to exploit fully the local customers who could make your business highly successful over time.