Here is a business plan for starting an outsourcing business.
Like most new businesses, launching an outsourcing business will present a lot of challenges. Being able to overcome them is where most entrepreneurs find deep satisfaction.
The process begins with writing an outsourcing business plan.
This requires a lot of considerations and deliberations with the end goal being to create a well-written plan that’s easily implementable.
OUTSOURCING BUSINESS PLAN SAMPLE
For many business owners, the need to get or attract funding is primary. With a good plan, that is very achievable. Basically, your outsourcing business plan helps reveal the viability of your business idea.
More importantly, your plan serves as a tool to implement your business strategies and also monitor its growth.
Key Sections you must include in your Plan
In a bid to create a great plan, certain points or sections need to be covered. These serve as a framework around which the entire plan is developed.
They include the executive summary section, company or business description, products & services section, as well as the market analysis section.
There are other equally important sections like the strategy & implementation, organization & management, as well as financial plan & projection sections.
With all of these combined, you have an easily implementable sound plan. But what’s contained in these sections? Let’s find out.
i. Executive Summary
This is the first section of the plan in order of arrangement. It’s the section potential investors will want to see before anything else.
It’s called the executive section because it provides a brief overview of your outsourcing business plan. In other words, this section can be referred to as the condensed version of your business plan.
As expected, the executive summary section should be highly summarized with main points such as your outsourcing business name and location, the products and services on offer, mission & vision statements, as well as the specific purpose of the plan.
Let’s discuss these points in brief.
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Business Name & Location
You’re expected to have figured out a befitting name for your outsourcing business before writing your plan.
As part of the introduction, a location must also be provided. All of these provide a starting point for readers to follow and to understand more about your business idea.
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Products & Services
What type of services and products do you intend on providing?
This is a key detail of your business plan investors will be interested in. Because this is the executive summary section, it’s necessary to avoid getting into all the details as there’s a whole section for it in the main plan.
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Mission & Vision Statements
The mission statement for your outsourcing business should clearly state the goal you plan on achieving as a business. In other words, it articulates your business’ purpose by stating the why.
For the vision statement, the current and future objectives of your outsourcing business are brought to the fore.
In basic terms, your vision statement should embody your dream for the business and adopts a long-term perspective.
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Specific Purpose of the Plan
Without a specific purpose, your business plan will be deficient.
What do you want your outsourcing business plan to achieve? For some entrepreneurs, the purpose might mainly be for strategic planning while for others, it might be to attract investments or other reasons.
State your purpose for having the plan.
ii. Company Description
A broad look at your business operations is necessary with key areas to be looked at like short and long-term goals as well as how you intend to make a profit.
This detail among several is important to investors. Also, the legal structure you’ll be adopting is important. What more? The company description will require adding a summary of your business’ growth.
Financial or market highlights will need to be part of the details to be added here. Provide a brief history of your outsourcing business as well as the problems you intend to solve through your services and products.
Who are your target clients? Will you be working with suppliers? Include such details included here.
iii. Products & Services
Anyone in the dark about the services and products your business will be about should be enlightened by the information they get from this section.
This will require a detailed description of your services with the main emphasis being customer satisfaction.
If ongoing research and development activities are leading to the development of newer products, such should information should be included here.
What advantage(s) does your outsourcing business have over its competitors?
iv. Market Analysis
An in-depth marketing analysis is required to gain a better understanding of the business.
With such knowledge, you’re able to demonstrate that to your audience by covering key areas of operation such as providing a sketch of your target market segments with demographics where necessary.
To measure up, you’ll need to assess how you stand relative to your competitors by identifying their strengths and weaknesses.
You should also be able to provide marketing data on historical, current, and projected operations through an in-depth analysis of the market.
v. Strategy & Implementation
Marketing and sales are primary determinants of growth for any business.
With the help of an operating plan, provide cost and pricing details of services and products as well as any promotions you intend on embarking.
You want to also state how you intend to reach your target audience and capture a fair share of the market.
vi. Organization & Management
A competent organization and management team must be in place to aid with the smooth running of your outsourcing business.
Under this section, provide an organizational chart that clearly identifies and describes key employees and the departments they occupy.
Who is/are the business owner(s)? You’ll need to go into more detail by providing names, percentage ownership, and level of involvement in the business.
Moving from the business owners, provide the profiles of your management team members.
vii. Financial Plan & Projection
It’s always advisable to seek professional help when putting the financial plan together. This won’t be necessary if you’ve got great accounting skills.
Otherwise, have an accountant help out with details such as the historical financial data, as well as having realistic prospective financial information.
With these sections carefully written and included in your plan, you should be ready to proceed with implementation. You also get the added benefit of attracting funding for your outsourcing business.