Writing a business plan is the most important step if you are considering starting a business or a company. With that being said most people do not know how to write a proper professional business plan, so today l will show you all the steps you need to writer you own business plan. Let me clarify to some of you why a business plan is very import for any business, firstly a well written business plan can help you financial help from investors, banks and even family because it shows how organised and prepare you are. Secondly it will help to run you business in the long run because it contains all your fundamentals(mission statement), you marketing strategies, goals and financial forecasts.
1. Executives summary
Here you briefly describe you business or company, your objectives(both short and long term), your mission statement(the values you believe in) should also be there and the start-up capital you need. This is the most important part of a business plan if you are looking for investment because its the first part the investors read. An executive summary is the first thing on the a business plan but the last to be written since it is a summary of everything in the plan.
2. Company/ business summary
This is where you describe your company/business in depth. All the information about the company or business should be there like company’s name, location, products and services you offer, type of company(sole trader or join venture), company hierarchy(ownership), the reason why you chose that location e.t.c. Make sure the you describe and explain your services or products the you will offer.
You also have to describe yourself and your team, you should talk about your academic achievements, your characters, your leadership skills etc, basically you must convince the readers why you are the perfect candidate for them to invest in.
3. Market analysis
Market research is key to any business’s success so make sure you have done your homework properly. Market research is very important because it will highlight all the problems you are going to face , the market trend, market growth, the future of your business in the long run, all your competition both direct and indirect rivals. It will also help you to know your target customers and their age groups.
4.Strategies and implementation
There are five stages you need to consider here namely promotion strategy , marketing strategy, pricing strategy ,sales strategy strategies and product or service distribution strategy.
5. Financial statements
This final stage is very important because as you know every one is obsessed with figures including investors because the main reason that they will invest in your business is because they want to increase their wealth. Point to note make sure that your figures are not just random figures because that will show the investor that you don’t know what you are doing. You must write down financial statement for at least the next 3 years. Income statement and sale forecast are expected to be in the financial statements. After writing all the financial statements you can know derive the start-up capital and that’s the one you will put in the executive summary.
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