You're creating a business plan. What are the most important questions to ask?

What problem are you solving, and how does your offering provide a unique and valuable solution? Who is your ideal customer, and how big is the market opportunity? Who are your competitors, and what's your competitive advantage? How much funding do you need, and how will you generate revenue and profit? Who is on your team, and what skills and experience do they bring? If you can answer these core questions, you'll lay a solid foundation for your business plan and impress potential investors or partners.

"Start by asking the right questions." - Albert Einstein. What problem does your product or service solve? Knowing this defines your value, target market, and edge. Got a clear problem you’re tackling? Let’s share and refine our approaches, making sure our solutions hit the mark. Who’s in for a deep dive?

Just apply the basic principle of economics. What to produce? How to produce? For whom to produce? Once you can answer these three, you are good to go.

++ How will you make more money? ++ How does the reader [i.e. customer, supplier, investor, lender, etc.] benefit? ++ What important problem[s] does the company/project/product solve? ++ What are the exit/monetization options? ++ How much capital is needed? When? For what specifically?

"Necessity is the mother of all inventions." However, is the problem you are solving going to lead you to a blue ocean or a red ocean? Both scenarios could present opportunities but will require different mentality, skill sets and strategies to exploit. Do a self-assessment to see which scenario better aligns with your personality, ambition, resources, and stamina.

When you make a business plan, you need to be sure that your business plan is profitable matters because it ensures sustainability, attracts investors, guides resource allocation, maintains competitiveness, manages risks, and motivates employees. Profitability is vital for long-term success and achieving your business goals.

I would recommend preparing a business canvas to identify your largest expenses and all the sources of your revenue. How long is the sales cycle? What is the customer acquisition cost? Does your business make one time sales or does it have recurring revenue streams? These are just some of the considerations when building the business model and financial forecasts. "Cash flow is king!"

Understand who your real competitors are. Leverage the available competitor information found online, including sales, market share, product and service offerings, who their customers are how they generate revenue. Depending on the product or service, play the role of a customer to assess their strengths and weaknesses. Canvas your friends and family to engage with your competitors and report back their experiences. Their feedback will sharpen your understanding of your competitors and help you build better strategies.

Understanding your competitors will allow you to refine your business strategy by learning from their successes and failures. Start analyzing their marketing tactics, customer feedback, and product offerings, so you can adapt and improve your own approach. Additionally, knowing your competitors can help you set realistic goals and expectations for your business, as well as identify potential partnership or collaboration opportunities within your industry.

Esta análise precisa ser bem realista, não escolha seus concorrentes somente pela sua percepção. Ao definir seu público-alvo você poderá identificar aqueles que estão rivalizando contigo. Daí você inicia o entendimento do SWOT do seu concorrente.

This is perhaps one of the most important parts of the business plan, and the most overlooked. You MUST do your research and know who your competitors are, what theiroffers are, and what they have in the pipeline. Look at their reviews, both on their website and social media. What are their customers/clients saying? Is there a need or void that you can fill? All of this could dramatically alter what you are offering and how you are bringing it to market. For example of the companies I had invested in was briging a revolutionary skin care to market. As we were getting ready to launch, we attended a trade show where we found out that one of the largest companies in the world was launching a similar product. We had to change strategy.

This is a crucial part of your business plan the SWOT (Strengths- Weaknesses - Opportunities - Threats) What sets you apart? Why are you better than your competitors? What products do they have coming to market that might directly compete with your offering (See the importance of the competitor analysis) What in the environment or economy might play a role in the future. (Both as an opportunity or as a threat) Are you prepared to pivot if need be? Do you have a contingency plan? Have you validated your product? (Perhaps an MVP or minimum viable product launch?) Even with the BEST product or service offering, what we think our customers/clients want or the messaging that will resonate with them may be different what we are thinking

One additional crucial point to consider is how will you adapt and grow? What's the strategy for evolving the business over time? How will you stay relevant as markets and technologies change? This question encourages to think about the future beyond the initial launch and growth phases. It's about anticipating how you'll navigate changes in your industry, adapt to new challenges, and seize opportunities to innovate and expand. Planning for adaptability ensures the business remains resilient and forward-thinking, ready to evolve with the changing tides of the market and technology.

How fast are you able to generate positive cashflow? This is to be recognized and acted upon while drafting business plan. Tools to generate positive cashflow, it's use, monitoring and review to be set in business plan itself.

A very important aspect when making a business plan. Believe in it and stick to it. Make sure you ask yourself all the questions, do analysis, and deliver results.

I believe that an exit strategy is your plan for leaving your business. It could involve selling the business, taking it public, passing it on, or closing it down. This plan is important for investors to know how they might get their money back and for you to plan for the future.