Your plan must be JUSTIFIED. This business plan is NOT a creative writing exercise. What this means is that the assumptions/claims that you make should be based on external evidence. Don’t just pick numbers out of thin air. For example, in section 4.1 of your report, you need to work out what the staff you require will expect to get paid by researching on salary rates in the relevant industry.
It is very important that you put all these references and external evidence in your businessplan so that the marker can see that you have put something credible together. Hence, from the beginning, you should start working on collecting strong evidence for your plan.
The first step you need to take for your business plan is to work out the business idea for the new venture. Below are some questions students often have regarding the business idea.
Question 1: To what extent should I take the current COVID situation into account in formulating my business plan?
You have a choice. You can assume that your business will launch in a post-COVID world, where prior assumptions about the market will apply. Alternately, if your business is in response to COVID-related issues (e.g. you are making face masks or working-from-home equipment) then you should incorporate the changes in conditions from the pandemic. Either way, you should state in your report what your COVID-related assumptions are.
Question 2: How realistic should my plan be?
It should be as realistic as possible. If you really think you can get equity finance of a few billion dollars then sure, present your plan for beating Apple at making phones. Otherwise, present something that you might just be able to pull off (with a bit of luck). But remember that no one is interested in financing a venture without potential, so think big. All ventures may fail, so investors are looking for the ones that promise high returns if they succeed.
Having said all that, remember that we are marking the quality of the plan and not the quality of the idea. The key is that your assumptions are JUSTIFIED. Lack of evidence = lack of marks.
Question 3: Does my business idea have to be located in Australia?
Your business plan does not have to be in Australia, but you need to demonstrate that you can execute the plan in the location you have chosen. So if you are locating the plan in your home country and make the case that you have the appropriate level of knowledge/contacts etc. to make it work there, that is fine.
Question 4: Can my business be a service-based business, without any physical product?
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