Here’s How to Create a Business Plan
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 07,2021
- 12 Mins Read
The Indian business landscape is rapidly changing. Well-defined business plans are a vital part to create a successful business venture. In such testing times, it is imminent to identify flourishing business opportunities, as well as business ventures, that are likely to doom in the offing. A handful of companies, even during the pandemic, have managed to attract investors and secure their ground in the present unsettling business market.
According to The Economic Times' report, Avishkaar has secured INR 5 crore in a pre-Series A funding round led by venture capital firm Auxano and Mumbai Angels. Angel investors Alok Mittal (CEO of Indifi Technologies) and Varun Aggarwal (co-founder of Aspiring Minds) also participated in the financing. The funds would be earmarked for product development, expansion and hiring talent.
Similarly, Jai Kisan has received $30 million in the funding round. According to TechCrunch’s report, Jai Kisan, an Indian startup that is attempting to bring financial services to rural India, where commercial banks have a single-digit penetration, said on Monday it has raised $30 million in a new financing round as it looks to scale its business.
The success mantra for these startups is primarily their business plans and visions. Their unique business model helps attract customers and investors in the long run. Therefore, such companies manage to grow eventually and develop themselves beautifully.
In an opinion piece published at Mint, the core idea of discovery driven disruption (DDD) is that rather than creating an expensive, risky plan for an uncertain venture, one must break it into stages. At each stage, identify and test assumptions, ideally at the lowest possible cost and time. That will de-risk ventures and make an early exit possible if things don’t turn out as expected. Instead of fearing failure, one can then turn the question into: ‘What is it worth to our organization to learn something?’ Whatever the outcome, if the answer is found to be worth the investment, it need not be written off as a failure.
The pursuit of finding something distinct, alluring is a common practice amongst aspiring businessmen. While searching for a new business idea, one should not overlook that success of a company does not solely depend on the firm but business plans as well.
Here are some steps that should be followed to create the best business plan in India
Aspirations from the Business
What do you want from the business? How do you want to achieve those goals? Questions like these should be answered while framing a business plan. Suppose, you are not certain about goals or are unable to estimate your business' future growth, then converse with business partners or mentors.
After ascertaining your business' goals, the next step should be setting weekly and monthly goals. By analyzing the market and rivalries, you can know industry standards and accordingly, form the company’s benchmark. A benchmark will help offer better services to clientele and enhance their experience with the firm.
While establishing your firm, every activity goes as per the business plan. Therefore, it is imminent to eliminate errors for a smooth implementation of the business plan. In case, fallacy appears in the business plan, things should not end there! The entrepreneur in you should not give up. You need to have a Plan B and also, Plan C for such situations.
These steps should be followed while forming a business plan. Besides this, financial sources, allocation of capital, trading with vendors, and human resources are other cores of the plan that should be considered in order to form the best business plan in India. If you want to share personal ideas or inputs regarding this topic, share them with us in the comment section below.
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