In our introduction to Business Plan Basics, we dug into the first section, the Executive Summary. Today, we’re getting into the nitty gritty with the Vision, which is all about explaining the purpose of your business in much more detail. At its core, the Vision is meant to document the past, present and future of your business.
Map out your Vision
The hardest yet most important part of the Vision is listing five things that make your business concept unique. Think about it this way: if your business is a cookie-cutter takedown of your competitors, why would anyone want to invest in it? And, why would potential customers choose you over the original? If your idea has a special twist, chances are that you’ll be able to market those qualities and gain traction much faster. Differentiation is the key to standing out in a crowded market.
Besides listing five unique qualities, also include the following within your Vision:
• Explain the reasoning behind creating your business. What problem are you solving in people’s lives? How are you improving them and adding value?
• Include any copyrights, trademarks or patents that you may own related to the product or service. For instance, we would list our business name since We Are Branch is trademarked.
• Include the stage you’re at with your product or service. Is the concept still being developed or is it ready to be sold?
• If there’s room to modify your offerings, what goals do you have? Investors want to know not only where your business started but where you see it going.
• List short-term and long-term milestones in detail. You need to have a clear vision for what you want your business to accomplish.
• List how your business is set up. As an example, We Are Branch is a DBA which is housed under our overarching business, Shauna Haider LLC.
Once you have all these steps outlined, you’ve completed the Vision portion of your business plan! Next week, we’ll complete the third step, the Market.
Business Plan Basics is a six part series that makes developing a business plan a painless process.