In this article
Welcome to today’s masterclass!
First of all, let me introduce myself. I’m Paloma García and I’m the Business Developer Manager in Lexington. I have taken over our magazine today to talk to the entrepreneur in you, to that mind full of creative ideas and to that soul eager to bring them to life. But, how to make sure it will be a success?
You need to make a business plan, as simple as that! That’s why I want to share the ultimate guide with you today, full of details on how to present the best business plan for the best business idea, yours. Ready to know more?
What is a business plan?
By definition, a business plan is a cover letter for that idea that has always been stuck in your mind, in which you believe 100%. In today’s post, you’ll find the best advice on how to conduct a market research to know if your project is attainable and sustainable. Basically, a business plan will help you establishing a foundation for what will be your company one day.
A business plan is the cover letter for that idea that has always been stuck in your mind, in which you believe 100%.
You must keep this business plan alive by constantly reviewing it and coming back to it as a reference to make important decisions. In fact, it will be an essential tool to present your business to potential investors and loan providers.
Why is it important to present a business plan?
Not only for those investors and lenders you need to bring your business to life, but also for yourself, knowing how to present a business plan is crucial.
Think of this as your road map. You will be able to make adjustments on things you may have missed out, to establish realistic goals, to study whether it is viable or not and to identify new opportunities as you go. That is to say, building a business plan is the perfect occasion to go over every detail. Leave no stone unturned and avoid any “oops, I hadn’t thought about that, actually” when a possible investor asks you a question.
You will be able to make adjustments on things you may have missed out, to establish goals, to study whether it is viable or not and to identify new opportunities as you go.
Making a business plan will push you to be the real master of your future company, aware of all its potential and weaknesses. Only then you will be able to convince anyone to go on board! Prove that, if they finally choose to support your project, it’ll be a win-win!
Case study: the body of a business plan
Any self-respecting teaching guide would only be complete with a proper case study to make it easier to understand.
Why not Lexington?
Although making a business plan is something usually done by all those entrepreneurs taking their firsts steps, building it in the past and revising it every now and then has made us real masters, Lexington-wise.
Even now, after 40 years making it exceptional, this cover letter still helps us today to identify opportunities, to avoid unexpected incidents and to have it all under control.
Now, with Lexington as our central example, take note of the essential points your business plan should include:
The business plan: Lexington
1. Write an executive summary, an overview of your business idea and your motivations.
2. Next you should find an opportunity section, explaining what are you actually selling, your product or service.
This one is easy for us: we would describe our hybrid and by the hour offices, our customised corporate offices, our virtual office services and our meeting rooms for your events!
3. You should also add a Human Resources plan to it, where you’ll provide a quick overview of your structure, your departments and, of course, your team.
4. Most business plans should include market research and a comparative analysis of their features against competitors. That should make a difference.
I’d advise you to define your buyer persona for this target market chapter.
A highlight of the latest version of our Lexington business plan is the figure of the buyer persona… let me introduce them!
Mark Douglas is our international corporate model, CEO of a company based in the USA who seeks to open their market with a new office in Madrid. Mark needs a flexible space and a bilingual team to assist him on a daily basis, to help him growing and structing up professional relationships within the national scene.
Other example would be María Ortega, with a degree in Human Resources and looking for avant-garde spaces where she can host training or team building session with her team.
Her learning techniques demand cutting-edge technologies, and her most sensitive side wants the best locations in the city, full of possibilities for the after-work meetups at all costs!
Extra tip: take our lead and give a name and a surname to your buyer persona! They are real potential clients, with goals, fears and concerns, even with favourite clothing brands! Be as creative as you can while working on it to differentiate your business plan.
5. Your promotion strategy is as important. That is why you should work on your marketing plan as thoroughly as possible. This business plan may be your cover letter for now, but how you communicate, your brand image and your identity will be your cover letter for many years to come.
Don’t forget to keep it up to the current times! Branding and rebranding, to mix in the latest trends and your corporate image.
We just got a new haircut on Lexington, and we are thrilled! With this rebranding, we wanted to bring the non-conformist rebel back. Now our logo, our colours and our brand identity are imbued with the #RebelDNA. Do you want to know more? Read this post to make sure you are in the best scenario for a rebranding!
6. A business plan will never be whole without a financial plan. Include a short report indicating the kind of investment you need.
7. Figure out how you’ll cover the main areas of production, facilities, equipment…
8. Remember to prepare your cash flow statement, as well as a profit and loss statement. With all this efficiently done, alongside the previous analysis, presenting your project as profitable will be a piece of cake!
9. And last but not least, use a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) to close your presentation, as well as visual infographics throughout the whole thing.
Your time is here: how to present a business plan?
Tell them something about you, about the BTS of your project. Maybe an anecdote?
Present your business plan with enthusiasm, that’s the final key to make a real impression on an investor! Tell them some funny anecdote on how the idea was born or what really pushed you to pursue it. Success is guaranteed!
Besides, between you and me… the theory is important, I know, but here you have a piece of advice from me:
Tell stories. Don’t just narrow everything down to data, but don’t disclose everything either. Add videos and images to make it as visual as possible for your audience. And, please, focus on the profits, selling is your real goal!
Any questions? If not, class dismissed!
If you are wondering if you should start with your business plan now, or even if you are about to present yours to your soon-to-be investors, you may need some extra tips, or even some cheering up? Do not hesitate to reach out (:
“Play by the rules, but be ferocious.”
Phil Knight