Everything You Need to Know About Writing a Good Business Plan
If you have a kickass business idea and plan to pitch it to investors or potential partners, you definitely need a business plan.
A business plan is a document that outlines the growth trajectory for your business to take over a period of time. It reflects your goals, the actions you will take to grow the business, the process of generating capital and most importantly, what kind of product or service you intend to offer. Before you create your business plan, you need to put work into researching and gathering accurate information.
A good business plan highlights the following:
The summary of business plan should briefly describe the business, highlight its intended purpose, strengths of the business and why the business idea should be supported. It should indicate how the business’s performance would be compared with existing competitions, its proposed achievements, how much funding it would need and where the funding would be sourced from.
This section details of what birthed the business idea, the concept of the business, its objectives, purpose and goals. You also need to describe what product or service you are proposing to provide in a detailed enough manner such that anyone who reads the plan would understand it.
This is where you outline your target market. You must have carried out enough research to determine the prior existence of the business, the group of people you intend to and their size so as to estimate demand. If the market already exists, you need to outline problems and limitations against it so as to determine the best approach to addressing the problem. In addition, you have to describe how you intend to position the business and the marketing strategies you intend to use to penetrate an existing market.
Here, you outline all the processed that goes into the development of the products or the processes required to provide the proposed services.
This part is where you outline your current financial capabilities to fund the business, how much funding you intend to source for and from where and how the fund would be used. You also have to provide details of the profit projection of the business here.
Structure and Personnel Management
Here, you detail the key personnel, Directors, Professional Advisors and proposed labour force.
It is imperative to describe risks that could affect the business such as unforeseen economic developments, failure to meet deadlines, government policies, inadequate capital e.t.c
Highlight the benefits of your product or service.
Once you have documented all of the above, you can then attach supporting documents such as pictures of product or service, market survey, production flowchart, projected profit and loss statement, e.t.c