Lesson Plan for New Businesses and Brands
Prepared by Komards NFTS
The purpose of this lesson is to help you in the development of a business plan. If you are in the web 3 space with an NFT collection, investing in Crypto currencies, or even the metaverse you are a business. As such you need to make sure you are operating with your best foot forward. To do that you need to make sure you have a thorough and completed business plan. We are here to help with that!
For those of us that are in the web 3 space we know and often execute roadmaps for our collections and projects. The business plan is the same thing however, it's directed at your overall business. Additionally a business plan will also show you any potential obstacles that you may run into in the future.
There are 6 types of Business Plans according to the Small Business Chron. The 6 types are as follows:
It is important to note that each plan has a specific purpose and place. However, we are of the belief that a complete business plan includes all of these areas and details. We will show you throughout the Business Planning series of lessons what some of that looks like for Komards NFTS. To be clear there are proprietary ingredients of the Komards NFTS business plan and for that reason those details will not be shared.
Generally speaking most people are not being as thorough as what Komards NFTS was in the development of our business plan. However most businesses use a plan with a standard 9 part plan. It contains the highest value information and metrics to attract potential investors. Those parts include the following;
A complete and thorough business plan can take as much as 6 to 12 months according to Harvard Business Review.
As we stated earlier we are of the belief that it needs to go beyond that for your personal use. Going the extra mile in your business plan can and will make a difference in what you do, how you do it, and keep you at the ready for anything including making adjustments in your business goals, activities, products, services and more. So do not skimp out doing so can cause the business to fail.
The Komards NFTS business plan consists of the following sections and details:
For Komards NFTS we initially spent more than 200 hours building out our business plan. Even as we speak the Komards NFTS business plan remains fluid and is adjusted as needed.
I have seen business plans written on napkins, lol. No joke! But seriously it dont take a lot too much in the way of the materials to create a business plan. You can even start with as little as a notebook and pen to begin jotting down ideas and thoughts surrounding your business. At some point you may want to consider investing into a business plan software or even putting it in a digital format for future uses and needs as they arise. Generally business plans that are digital in nature are not stored online due to containing proprietary information. Additionally when using them to raise capital such as from angel investors they are delivered in the format of a PDF/Physical.
If you are going to use a business planning software, be thorough in your investigation of each to allow you to make an informed decision of which is the right one for your needs, don't FOMO over any given one. Now we have taken a look at several providers and softwares. To help you in looking at a few we have included a list of the softwares as well as the developers of them, and what we believe are the primary pros and cons. We want to be clear we are not recommending one over another simply because it's important you do not let our thoughts and opinions impact your decision. Our Business plan however was written solely in a notebook then created as a digital document.
Created and owned by Palo Alto Software. For those of you familiar with Palo Alto you know they are a reputable company and have been around for more than a decade.
This software is considered to be an overall business planning software. It includes a multitude of templates with an easy to use, user interface. The interface has a sleek and slick appearance all while offering intuitive and easy to use features.
Plan Guru has way more financial features then nearly all other business plan softwares. Other business owners will sometimes use this service in conjunction with other business plan softwares simply for the financial side of it, because this one puts more emphasis on the financials where other softwares focuses more on the plan itself.
This software is the closest thing to free business planning software that you can find. They offer a 7 day free trial without a credit card. Enloop is also among the most direct and simplest of ways to write a business plan.
This company is 3 decades in the making, with more than 10K users, in more than 20+ countries. This is probably one the most thorough and complete services available on the market. With that in mind you need to understand it's also among the most expensive.
Remember its always an option to create your business plan the old fashion way like Komards NFTS did.
Do your homework on the above softwares and services. Do not be afraid to look at additional softwares. Investigate the Small Business Administration for additional help with getting started on your business plan.
In the next Komards Klass we will be diving into the nuts and bolts of business planning and each section of a complete business plan, starting with the Executive Summary.