I called my college mate, a founder running a Fin Tech company in Chennai, to talk about the EMR SaaS I’m building.
He asked me to share my business plan. I have never written one before. Few days later, I found myself learning what a business plan is and how to write one.
Business plan is basically a document that includes the following:
- What is the problem you’re trying to solve?
- How does your product or service solves the problem?
- Targeted market for your product or service
- TAM, SAM, SOM (Basically, how big is the opportunity, how much of that market can you serve and how much can you realistically win)
- Go-to-market strategy
- Financial plan: Investments & monthly operating costs
- Potential risks
Writing a business plan helped me think more clearly about what I’m building, who I’m building it for how I intend to make it a business. I could have spent weeks without clarity. But his question forced me to write a business plan.
Talking to people who’ve walked the path you’re planning to take can be incredibly valuable.
Go talk to that person.
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