Like any business hoping for success, your joint venture must have a plan – a business plan allows you and your JV partner to develop a plan for your success and a strategy for achieving it. If you're forming a new JV or have an existing JV without a business plan, here's how to get started.
A business plan doesn't have to be a new document. There may be just a few pages explaining you and your JV partner, why you're in business and how you hope to be successful. However, more complex joint ventures that may require outside funding may require a more detailed business plan complete with a professional resume, marketing strategy, and financial projections. You can also avail the benefits of the best new venture challenge via https://tmp.ucsb.edu/new-venture/new-venture-competition.
Regardless of the length and details of your joint venture, here are the key elements that should be included in any business plan:
Even though this section is first, it should be written last after all the details are done. The summary should be written carefully and concisely and serve as an introduction to the business plan. It should be around a few paragraphs or no more than a few pages and contain only the main body of the rest of the document. Think of the summary as a "preview" that draws the reader's attention to the rest of the document.
This section should cover your vision, people, and business profile. This should include details about you and your JV partner and include a biography of your experiences and experiences. They'll also want to talk about why the joint venture worked and what you're trying to sell.