Envestors Business Plan Phase: The creation of a detailed digital business plan

For the business plan submission, you DO NOT need to prepare a full PDF of business plan. Envestors streamlines the process with their bespoke online platform. So, you can channel your energies into perfecting your proposal directly on their system.

Tip 1: Conduct thorough market research

At this stage, you should really aim to wow the endorsing body. Think of yourself as a detective with a magnifying glass, scanning every inch of the industry landscape. Your objective should be getting them excited about your business as you are. 

How do you do that? Numbers, stats, solid facts—these are your best friends. And don't forget to throw in some references. It's like saying, "Hey, don't just take my word for it; check out these experts." This approach does two things: it proves your business isn't just a castle built on sand but a fortress ready to expand and conquer. Plus, it shows off your passion and meticulousness, marking you as a founder who's not just in it for the kicks but seriously in it to win it.

These are just some examples for you to think about:

• Specific and Relevant Data: Utilise up-to-date, specific data on the target market, such as the number of potential users within the service area, their average income, spending habits on food delivery, and preferences.
• Competitor Analysis: In-depth analysis of competitors, including their market share, strengths, weaknesses, pricing strategies, and customer reviews. This might involve creating a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for each major competitor.
• Customer Insights: Conducts surveys, focus groups, or interviews with potential users to understand their needs, preferences, and pain points. For example, discovering that customers in the target area are particularly interested in organic or locally sourced food options.
• Market Trends: Identifies and analyzes trends in the food delivery industry, such as the rise of eco-friendly packaging or the impact of the pandemic on delivery services.
• Feasibility and Validation: Tests the concept with a small, targeted pilot before full-scale launch, using feedback to tweak the service. This could involve a minimal viable product (MVP) to gauge user response and refine the app based on real-world usage.

Tip 2: Financial Projections is very important

If there’s one thing that can really throw a wrench in your application, it’s a financial model that seems more like a dream than reality. Trust me, a solid financial projection is not just another section of your business plan—it’s the heartbeat of your idea. It proves that what you’ve got is not just viable but ready to scale and thrive. And yeah, getting this right is absolutely key for meeting those visa requirements.

So, how do you make sure your financial model is rock-solid? Let’s break it down:

• Dive deep into your income statement. Think of it as the storybook of your business’s finances. You’ve got to understand every chapter and verse—what each figure is telling you about where your money’s going and coming from.
• Keep your feet on the ground with your projections. Base them on the hard facts. Ever wonder what it costs to win over a new customer in your industry? Find out and use that. Guessing games won’t work here; you need numbers that are as solid as the ground you walk on.
• Show your work—like in math class. Where did your numbers come from? Be ready to prove to the endorsing body that you didn’t just pull them out of thin air. They need to see the credible sources behind your claims.
• Align your numbers. If you’re predicting your user base will go through the roof, that’s awesome. But remember, your budget for getting the word out there needs to be just as ambitious. If you’re dreaming big without the funds to support it, that’s going to raise some eyebrows.
• Sanity Check. If you’re forecasting revenues that outstrip the entire market size, you’re living in a fantasy. And yep, we’ve seen it happen. It basically tells everyone you haven’t thought things through.

Stick to these pointers, and you’re not just avoiding the common pitfalls. You’re showing that you’ve got a deep, thoughtful grasp on your business’s financial future. And that? That’s golden.

Tip 3: Be as specific as possible

The devil, as they say, is in the details. When it comes to convincing others of the viability and potential of your business, being vague just doesn’t cut it. Specificity is your best friend. By naming your suppliers, pinpointing your manufacturing location, and detailing the technologies you're using, you’re not just sharing a plan; you’re showing that you’ve done the legwork. 

For insights into effective and ineffective digital business plan writing, consult this blog for detailed examples: Mastering Your Envestors Digital Business Plan: Learning from the Hits and Misses Series.

Keep in mind, Salmo's endorsing service is your go-to resource for support. We're here to dive deep into industry research and craft a comprehensive five-year financial statement tailored just for you.