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Step 9 - Business Concept

In this section of the business plan you must:

• Point out the purpose of your business
• Formulate a proper business model
• Explain to the reader in which direction you are heading

Can you, in your business plan, present a clear mission statement outlining how starting this business will be great? In reality, very few entrepreneurs can actually do that.

Your mission

The company´s mission or philosophy is the foundation on which the rest of the company will be built. Can you find a good mission that can show you the way and give you strength when everyday problems take hold once you have come a long way.

Your mission is your guiding star

When you are a bit tired of your life as an entrepreneur, you can look to your guiding star and say, " Yes, that’s why I do it ." It will give you the energy needed to get through the hard times.

Examples of guiding stars

• I love to make women beautiful ( a beautician )
• We will revolutionize the way you perform micro-payments on the web (software developer )
• A perfect translation makes me happy (translation agency )
• Get the most out of existing wind turbines (engineering firm that optimizes wind turbine performance)

Social enterprise

Where entrepreneurs normally have the mission to “make the business work well and earn some money”, social entrepreneurs always have a mission.

Social enterprises are working to promote a social, health or environmental purpose. These type of businesses start to formulate a mission and must then find a solution to make a business out of it. Read about a social enterprise business plan.

Examples of mission for social enterprises

• We produce high quality food and create employment for the deaf.
• Our mission is to fund the care of orphaned and abandoned children around the world.
• Code Club World wants to give every child in the world the chance to learn to code.
• DNA Digest secure open access to genomics data for research, and allows for huge amounts of data to be shared by researchers.

SWOT

To help you find what you and your company are good at, and what you miss, you can make a SWOT analysis. It is a good tool in this section where you have to find the company´s mission and working basis.

Business Model

The above reflections can be summened up  as your business model. A business model is a description of “how you generate revenue in your company” E.g. I sell razor blade sharpners online to to men who e.g. use expensive GIllette razor blades. Your business model is the starting point of your business plan.

Question of the business plan

In the business plan template you must relate to the following issues:

The company’s mission

The company’s mission is a little more than simply selling "good food" or "good working relational databases”. We have to go higher up to the skies to find a company’s purpose and mission.

It is important to work your way beyond the immediate product or service to see the human, commercial or social needs of the value your business delivers.

What is your business mission?

Measurable goals

It is important to know your company’s mission, but it also helps you build your business if you have clear measurable goals. They push you forward.

There may be many measurable targets to set up:

• By the end of the year, there must be five main customers, who provide 60% of revenue.
• At least one new product to be developed each year.
• Revenue after two years should be one million $.
• Owner must have at least two months of vacation time per year.
• A penetration of min. 80%.
• The profits within three years must be 15% of the revenue.

What goals did you set?

Download business plan template

Go to Download Center and find the template in which you can write your own business plan.

You know you´re doing what you love when Sunday nights feel the same as Friday nights.
- Donny Deutsch, Talk show host