{"id":2413,"date":"2020-08-31T22:55:35","date_gmt":"2020-08-31T22:55:35","guid":{"rendered":"https:\/\/enterthemission.com\/?p=2413"},"modified":"2020-12-15T00:29:50","modified_gmt":"2020-12-15T00:29:50","slug":"how-to-write-a-virtual-reality-business-plan","status":"publish","type":"post","link":"https:\/\/enterthemission.com\/blog\/how-to-write-a-virtual-reality-business-plan\/","title":{"rendered":"How to Write a Virtual Reality Business Plan"},"content":{"rendered":"\n

A VR business plan should lay out a detailed roadmap for the growth of your VR business over the next few years.<\/strong><\/p><\/blockquote>\n\t

How important is it to create a business plan for your VR business plan?<\/p>\n

Well, there are many ways to answer this; but the best has to be this one that I read in an article not too long ago\u2026<\/p>\n\t

Creating a business without a business plan is like building a house without a blueprint.<\/p>\n

The chances of success are limited; the chances of creating something exquisite are remote; and the chances of the entire thing just falling apart are very high.<\/p><\/blockquote>\n\t

Some studies suggest that if you have a business plan, your business has a 20% higher chance of success<\/strong> than if you didn\u2019t create a business plan.<\/p>\n

And that is why, in this blog, we will go through the process of writing a virtual reality business plan.<\/p>\n

\n\t\tBlog overview\n\t<\/h2>\n\t

First, we will take a look at the traditional format of a VR business plan.<\/p>\n

This is the format you\u2019ll be using on almost any professional occasion (such as pitching your business to a bank for a loan).<\/p>\n

Second, we will look at the most important uses of your VR business plan.<\/p>\n

Third, we will look at some important characteristics of a VR business plan.<\/p>\n

We\u2019ll conclude the blog with some useful resources to help you create your virtual reality business plan.<\/p>\n

\n\t\tVirtual reality business plan – the traditional format\n\t<\/h2>\n\t

When people say \u201cbusiness plan\u201d, they\u2019re talking about the traditional format most of the time.<\/p>\n

This is an expansive and exhaustive document<\/strong> that should capture every aspect and every detail<\/strong> of your VR business.<\/p>\n

Like I mentioned earlier, you can take this as a definitive document when you\u2019re presenting your business to formal lenders or investors<\/strong>.<\/p>\n\t

The traditional business plan format consists of the following parts:<\/p>\n

\n\t\tTitle page\n\t<\/h3>\n\t

The title page should include only a title <\/strong>and a subtitle<\/strong>.<\/p>\n

For example,<\/p>\n

 <\/p>\n

Business Plan<\/i><\/p>\n

Virtuality Healthcare Solutions, LLC.<\/i><\/p>\n

 <\/p>\n

Virtuality Healthcare Solutions is a Virtual Reality startup catering to the healthcare sector. We aim to create custom-made VR simulations to help surgeons plan and prepare for individual surgeries.<\/i><\/p>\n

 <\/p>\n

That can be the title page of the business plan a healthcare VR startup<\/a>. As you can see, it simply states the company\u2019s name (title)<\/strong>, and their main business idea (subtitle)<\/strong>.<\/p>\n

\n\t\tTable of contents\n\t<\/h3>\n\t

I hardly need to explain what this is.<\/p>\n

But I need to remind you to include it in your virtual reality business plan. It sounds trivial, which is why some people forget about it.<\/p>\n\t

Neither the title page nor the table of contents reveals a lot about your business.<\/p>\n

But it\u2019s crucial to include both to make your business plan presentable<\/strong> and organized<\/strong>.<\/p>\n

A dishevelled and disorganized business plan will fail to inspire confidence amongst potential investors and lenders about your organizational capabilities.<\/p>\n

\n\t\tExecutive summary\n\t<\/h3>\n\t

The executive summary offers the reader a bird\u2019s eye view of your entire business plan.<\/p>\n

It should include what your VR startup is aiming to achieve<\/strong>, and why you think your business strategy will work<\/strong>.<\/p>\n

In other words, it should summarize for an investor why they should invest in your business.<\/p>\n

Key points to be included in the executive summary are:<\/p>\n