It is so exiting to start your own business and knowing how
to write a brilliant business plan makes it more interesting.
You can do something that you absolutely love in other to
create the opportunity for financial freedom for your family.
There are many things to do for you to get your new business
off the ground and make a success out of it. Right now you might be confused on
where to start.
The question now is: Where should you start?!
The question above is what will lead to an answer which is “business
plan”
What is a business
plan?
This is a formal written document which entails the full
details on the goals of your business, the ways you will achieve this goals and
the time on which these goals are said to be achieved.
There are two ways of writing a business plan:
1)Traditional business plan
This is a type of business plan that allows you to into
details in each section. It uses standard structure and are commonly used.
2) Lean startup business plan:
This type of business plan focus on summarizing only the
most important points of your plan using a standard structure. They are one
page plan which can take as little as one hour write.
In this article we will be discussing the traditional
business plan.
What does a traditional Business Plan contain?
The
following are the content of a traditional business plan:
Executive Summary – this is where you give a brief summary
of your business it may include your business name and business background.
Your vision statement – this is where you put down the
description on why you are starting the business?
The operational/legal structure – this is where you write
down how you will set up the business, for example: are you starting as a sole
proprietorship, partnership or a limited liability company? How will you
operate the business?
You/team members – this where you will talk about the owners
and managers, there experience. This team might just be you, so in this case
tell about your skills, experience and why you are the best person to start
this type of business.
Strength analysis – This is where you will wright down and
analyze your Strengths, Weaknesses Opportunities and Threats and compare them
to that of your competitors.
Advice and support system – In this area, you will write
down who you turn to for help like: Mentors, business advisors, solicitor, etc.
Identify your regulatory requirements – In this section, you
will write down the laws that will regulate your industry and an action plan as
to how you will enforce it.
Your products description – This section is where you go
in-depth on what goods and services to sale, how are they unique and different
to that of your competitors, the price you will sell at?
Your market/promotion plan – This section entails who your
customers are, where they are, how to create the awareness and loyalty, when
you think customers will make more purchase, why you think people will want
your product?
Your Suppliers – this section is where you will give an
overview of your backup suppliers. Ensure that you don’t heavily rely on one
supplier.
The Distribution and logistics – This section will have the
details of the costs, lead times and security of your stocks.
Financial analysis and forecasts – This section will have a
detailed breakdown of your sales, profit and loss, breakeven and cash flow.
Financial requirements – This is where you will write how
you will fund your business. And how those funds will be raised.
Your staffs– This is where you will write down the number of
staff you will need, the skills they will have, how much you will be paying
them.
Premises/location – This is where you will write about where
your business will be located and the cost of the location.
Resources/needs – This section will have the list of what
you will be needing to get the business running like machinery, vehicles,
office furniture and many more. Don’t forget to write the cost.
IT requirements – You need a website for your business, so
in this section, write down its cost.
Appendix– This is where you write down other relevant pieces
of information that was not able to fit in the main report.
Who is a Business
Plan written for?
Business plan is purposely written for your own consumption
and to attract investors. Like I said earlier that a business plan is a formal
written document that entails the full details on the goals of your business,
the ways you will achieve this goals and the time on which these goals are said
to be achieved.
When you present this plan to an investor, they will see
your ideas, your market, your track record, your technology and other factors
which will enable them have a clear view of your business and will be ready to
invest in you. Always remember that this is a working document that will guide
you through the life of your business.
Note: The best Business Plans are simple, specific and
realistic. It should be something you will be referring to regularly to track
your performance.
A good business plan contains an Executive Summary, your vision
statement, your products and services description, your financial analysis and
forecasts, resources/needs and much more.
Note: You can get a freelancer to write a professional
business plan for you on fiverr
Why do you need to
create a Business Plan?
Having a good business plan will help you structure, run and
grow your business by acting as a guide in each stage of your business. Think
of a business plan as a living project not as a one-time document.
It can also help you get funding for your business and
easily reach your business milestones. You will use it as a tool to attract
others to working with you or investing in your business.
CONCLUSION
There is no right or wrong way to write a business plan.
Just pick a format that will work for you and focus on reaching your goals
instead. I believe this my guide on how to write brilliant business plan helped? Share with friends.
Read Also:
How to start a blog from scratch.
How to plan a money making blog.
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