Also look beyond your industry, as valuable parallels can be drawn and trends understood from Social Purpose Businesses in other sectors.
The legal structure of your business will impact its structure, governance, taxation, regulations and ability to attract investments and partners.
The purpose of the design and development plan section is to provide investors with a description of the product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.
The operations and management plan is designed to describe just how the business functions on a continuing basis.
You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.
Market strategies are the result of a meticulous market analysis.Like Christine Poirier, you might be drawn to a social issue through your own experience, but the cause you choose needs to be important to many others.For example, a recycling business that helps reduce the amount of plastic water bottles in landfills can resonate with a wide audience, in turn making a greater positive impact on the environment.Before you decide upon a legal structure for your business, be sure to do your research, speak to other entrepreneurs about their experience and make sure you understand the impact your decision will make on your business.Read more about choosing a legal structure for a Social Purpose Business.The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.Financial data is always at the back of the business plan, but that doesn't mean it's any less important than up-front material such as the business concept and the management team.A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.Market research and analysis, feasibility studies, industry analysis and viewpoint forums can help you validate your assumptions and determine the potential of your idea. There’s a world of resources available – international websites, online blogs and social networks, local and global social enterprise networks, events and meet-ups and traditional media.Take advantage to find out who the relevant innovators and innovations are worldwide, and to set up interviews with experts and potential customers.