A business plan is a document showing what your business is about, the goals for your business, the methods of accomplishing those goals and the duration planned out for execution.
Without a business plan you will just be dilly dallying, creating a business plan will set you on course and will be a guide for you as you journey through entrepreneurship or the business world.
Investors need this document before they can invest their money and time in your business.
A business plan varies, it depends on the niche you choose as a business owner and the approach you wish to follow.
Before starting off with the tips, ensure you have your business vission and mission clearly stated out.
THE TIPS FOR CREATING A TIP NOTCH BUSINESS PLAN
- Write an executive summary
- Establish a target market
- Who are your competitors
- Identify how your human resources will look like
- Who are your vendors
- What is/are your marketing plan(s)
- How are you going to operate
- What are your financial projections
1. WRITE AN EXECUTIVE SUMMARY
This first step is like an introductory write up, it’s always written in about a page or two.
It should contain your business mission statement, vision and purpose.
It’s as simple as that !!
2. ESTABLISH YOUR TARGET MARKET
Every business has its own market and its determined by the niche each business represents.
While preparing your business plan, discover who your target market or audience is/are, what they want and how to get them.
One good factor in determining your target market is to identify what you want to offer, that will inform who your target market really is.
3. WHO ARE YOUR COMPETITORS
This is also an integral section when creating a business plan, you need to know who your contemporaries are. By doing this you get a chance to know how to strategize when creating the business plan.
4. IDENTIFY HOW YOUR HUMAN RESOURCES WILL LOOK LIKE
This section will tell how your company will operate as in how your company will be organised, it will also tell how it will be managed, the way and manner it will relate with the people working within the company and also outsiders.
It also tells what the public is meant to expect from the company and vice versa.
5. WHO ARE YOUR VENDORS
This part is where you decide who will be your marketers, because no matter what you do, the public will still be the end users.
Therefore, you need to be able to carefully draft out your strategy and know how to get it accross to your users.
Your vendors could be via social media platforms, or human beings or marketing agencies.
6. WHAT IS/ARE YOUR MARKETING PLANS.
In this section, you need to spend quality time here which means that you and your team needs to look at the pros and cons of your business to guide you into developing your business plan.
You need to look at the economic position of your business in relation to the environment you are in so as to ensure you arent spending out of budget.
A good marketing plan can scale your business so high so far its done the right way. You may not even need to spend much sometimes given that you have a feasible marketing plan.
7. HOW ARE YOU GOING TO OPERATE
This is a question that is mostly ignored by most business owners.
When developing a business plan, you have to state how your operatioms will be. Will you be an online or local business ? Will you be able to serve users who arent inside your locality or be able to deliver good to them that’s if your bisiness involves that.
8. WHAT ARE YOUR FINANCIAL PROJECTIONS
As a business owner, you need to see beyond the present. From your feasibility study you must be able to tell where your business will be in terms of its financial status as a result of the inputs in the business.
This section is so vital because it keeps you focused and motivated to accomplish that goal.