Sencha business guide

Democratizing Access to business credit. Sencha is here to help everyone understand what it takes to start from scratch and transition to running a strong small business.  We are the business credit hub.

Create a business plan
A business plan is like a roadmap for your business journey. It's a detailed guide that explains how your business works, what it offers, and how it will grow. Having a good business plan is important because it helps you get funding and partners who believe in your ideas.
Sencha is here to help everyone understand what it takes to start from scratch and transition to running a strong small business. 
Here's what you need to do:
Executive Summary
This is like a quick overview of your plan. Talk about your business's mission, what it does, and who's in charge. If you need money, mention your financial plans here.
Company Description
Tell more about your company. Explain the problems you solve and who you're trying to help. Also, talk about what makes your business special and better than others.
Market Analysis
Understand your market really well. Learn about your industry and your customers. Find out what your competitors are doing and what trends are important.
Organization and Management
Describe how your company is set up. Show who's in charge of what. Highlight the skills and experience of your team members.
Marketing and Sales
Explain how you'll attract customers and make sales. Describe your marketing plans and how you'll convince people to buy from you.
Product or Service Details
Give all the details about what you're selling or offering. Tell why it's great for customers and explain if you have any special rights like patents.
Funding Request
If you need money, be clear about how much you need and what you'll use it for. Say if you want a loan or if you're open to investors.
Financial Projections
Show how your business will make money in the future. If your business is already running, include financial statements from the last few years. Then, predict how much money you'll make in the next few years.
This is like extra stuff that supports your plan. Include things like resumes, pictures, legal papers, and anything else that helps explain your business.
If you prefer a lean startup format for explaining or launching your business quickly, especially if your business is relatively simple or you anticipate regular changes and refinements to your business plan, consider the following:
Lean Startup Format: Quick and Flexible
Lean startup formats use a concise set of elements to describe your company's value proposition, infrastructure, customers, and finances. They are effective tools for visualizing trade-offs and conveying fundamental facts about your business.
To develop a lean startup template, you can find free templates on the web that suit your needs. We will discuss nine components of a model business plan in the lean startup format:
Key Partnerships
Identify the other businesses or services you will collaborate with to operate your business. Consider suppliers, manufacturers, subcontractors, and strategic partners.
Key Activities
List the methods through which your business will gain a competitive advantage. Highlight approaches such as direct-to-consumer sales or leveraging technology to tap into the sharing economy.
Key Resources
Outline the resources you will utilize to create value for your customers. These can include staff, capital, intellectual property, and other essential assets. Don't forget to consider available business resources specifically tailored for women, veterans, Native Americans, and HUBZone businesses.
Value Proposition:
Craft a clear and compelling statement that articulates the unique value your company brings to the market.
Customer Relationships
Describe how customers will interact with your business. Will it be automated or personal? In-person or online? Consider the entire customer experience from start to finish.
Customer Segments
Be specific in identifying your target market. Your business won't cater to everyone, so it's important to have a clear understanding of the specific audience your business aims to serve.
List the primary communication channels through which you will reach your customers. Most businesses utilize a combination of channels and continuously optimize them over time.
Cost Structure
Define your company's strategy regarding cost reduction or value maximization. Identify the most significant costs you will encounter while pursuing your strategy.
Revenue Streams
Explain how your company will generate revenue. Examples include direct sales, membership fees, and advertising space sales. If your business has multiple revenue streams, list them all.
By utilizing a lean startup format, you can quickly convey essential information about your business in a concise and visual manner. Adapt these components to align with your specific business and industry.
Remember, a business plan is like a story that tells others why your business will succeed. Make sure it's clear, accurate, and shows how much you believe in your own idea.
For more information and resources, you can visit the SBA Write Your Business Plan page