Business planning

What

Business planning is the activity of setting the goals of your business, as well as the policies and strategies to achieve these goals.

Step 1: Business planning (your first thoughts):
• What are my personal goals?
• What are my technical capabilities?
• Do I have a business licence?
• Is there a market for my idea?
• Which business structure is appropriate?
• Do I need employees? Where will this business be located?
• What investments do I need?
• Do I need facility permits from the authorities?

Step 2: Prepare a business plan that includes:
• Executive summary
• Company description
• Product/services description
• Marketing and communication
• Strategy and implementation
• Organization and management team
• Financial plan and projections

Step 3: Do a market analysis:
• analyse the situation: concentrate in internal and external conditions;
• set objectives and define strategies: based on the analysis of the situation, you can define the marketing objectives (set clear goals, don’t aim for only one goal)
• plan and implement measures: once marketing strategy is defined, you have to consider the ways how to achieve your goals.

Step 4: Fundraising:
• Own capital:
o Own money: resources, bank deposit, credits,
o Own resources (what you can do yourself)
o Informal donors (relatives, friends…)
o Business angels
o Crowdfunding
o Venture Capital
o Initial public offering
• Outside capital:
o Bank
o Investment loan
o Bank guarantee

Good to know

A business plan is essential, both for you and for the management of the firm, while banks and other investors increasingly frequently request one as well.

Where

Zagreb, Croatia

Zagreb, Croatia