A business plan has the following components:
Industry analysis: Study the popcorn production industry in your region and country. The research will help you understand the nature and intricacies of the industry, from production to selling finished products.
Competition analysis: Look at the key competitors in your region. Get into as much detail as you can on the key competitors. The more you understand the competitors, the better you can plan your business.
Customer profiling; is an important component of the plan. Create the persona of each customer segment. Get into detail.
Popcorn production: Write all the details of your popcorn production venture. Include information on plant and machinery, production processes, products, etc.
Business models: What is your business model? I normally look at several business models, analyze each for their suitability to the business and finally zero down on the best option.
Workplan and organization plan: Here, do a work breakdown structure on popcorn production and put a timeline for each component. Think about the organization that you will need to run your business
Financial model: It has costs, revenues, and cash flows
Common errors committed by entrepreneurs while asking for professional help for a business plan:
- Hire the cheapest business planner to create the plan. An experienced business expert will charge you anything from $1000 for doing a plan. It is the analysis that is critical to business planning. Check for certification in modeling and strategy.
- Entrepreneurs think that a beautiful PowerPoint deck makes for a good plan. If you are looking for an investment, they believe the investor is looking for a pretty-looking document and a financial excel sheet with positive cashflows and exponential growth numbers. Investors are smart people. They see through these gimmicks.
Use the guide I shared if you cannot afford to hire a business expert to prepare a plan for your venture. You can do better at your business plan than content writers making pretty decks or accountants giving you an excel sheet with great projections.
Brian Chesky and his co-founders got their first funding for Airbnb without a formal business plan. Investors look for energy and clarity of thought and objective to get interested in your venture.