If you are going to start a small business setup quickly, you first need to write an SBA business plan. SBA stands for small business administration. For such businesses, you need a lean startup format of the business plan that will explain your business precisely. You can also mention the changes that you are going to make in your business in the future.
Moreover, the lean startup format consists of charts in which some elements are mentioned to describe your company’s value proposition, finances, infrastructure, and customers. These charts help you visualize important facts about your company.
Hence, there are numerous ways to create a lean startup business plan. You can search for templates on the internet. But, in this article, we have come up with some key factors that you should consider while writing a lean startup business plan. So, continue reading it!
9 Key Factors To Consider For An SBA Business Plan:
Below are some of the key factors that you need to consider for an SBA business plan:
1. Key Partnerships
Mention about other businesses or services you will work in the future to run your business. Don’t forget to consider manufacturers, suppliers, strategic partners, and subcontractors here.
2. Key Activities
Create a list of methods in which your business will attain a competitive advantage. Call attention to things, like selling products direct to consumers. Otherwise, using some technology to tap into sharing economy will create a good impact on your business.
3. Key Resources
After that, you need to add a list of resources that you will influence to develop a value for your customers. The most important assets for your business include intellectual property, staff, and capital. You need to influence the business resources that are available to women, Native Americans, and HUB-zone businesses as well.
4. Value Proposition
You need to add a compelling and clear statement about what unique value your company will bring to the market.
5. Customer Relationships
Include details on how customers would be able to interact with your business. Will it be personal or automated? Online or in-person? You need to gain a favorable customer experience to create long-lasting customers relations.
6. Customer Segments
You should be particular while adding details of your target market. Your business is not for everyone. Thus, it is significant for you to understand to whom your business will serve. It will make you target the correct customer segments.
Describe the essential ways you will create to talk to your consumers. Most businesses utilize a mix of channels and later optimize them.
8. Cost Structure
You need to add a cost structure in your business plan telling whether your company will emphasize reducing cost or maximizing value. You need to describe your strategy, and then, mention the most important costs you will pursue.
9. Revenue Streams
Clarify how your business will make revenue. For instance, you can add details of direct sales, selling advertising space, or creating membership fees. If your company has different revenue streams, you have to add them all to the list.
If you need an SBA business plan, you need to worry as the business plan for small businesses is quite easy to formulate. You don’t have to add critical information to your plan. Besides this, you need to be clear about what to mention in your business plan and what you should avoid. Add all the key factors mentioned above to your business plan to make it effective for your small business.