How to Write a Business Plan

The issue of writing a good business plan has always been the primary concern of anyone that has the intention of going into business. Most people have good business ideas but lack funds or capital to  start up with and that’s why they draw out a business plan and submit to investors or sponsors.

 These investors later review them critically to know if they are going to be lucrative and worthy of investment. It is also possible to initiate a good plan with the worst business idea if you know the right way to present your plan and how to make it convincing to your reader. In this post, i will be guiding you step by step on the different stages of writing a good business plan. 

1. Know your audience

     Before you start writing your plan, you should know the type of audience that will be reading it and how best to write it so they can understand ; since you might not be present when they are going to review the plan. You should also ensure that you make your plan easy to understand as most sponsors might not have that patience to keep racking their brain when reviewing your it.

 

2. Be Concise and brief.

   In your plan, you should be able to analyze your business idea by stating the company's mission-the primary aim of venturing into the business, market opportunities and plans of growing the business in the nearest future.

 Your plan should not be lengthy because the shorter the business plan, the bigger your chances of securing the sponsorship but you should make sure you don’t omit the key points that must be included in the plan. It’s also important you remember that your business plan should be a tool to grow and improve your business and should be subjected to constant review.

3. Team Analysis.

   This depends on the nature of the business idea and how enormous the work force would be;but if it's going to be a large business enterprise, you should state the qualities of people you would like to recruit on your team and how you intend to get them to work with you. It is also important you give an overview of your current team if you have any. Scroll to the end of the page to view more business ideas from companies.

4.  In-depth description and analysis.

   You should be familiar with the product, identify any future challenge and suggest solutions to them. You need to be able to describe the products very well while listing your target customers and how to reach them. Also ensure that whatever plan you are drafting out should be feasible and convincing to your readers.

6.Risk management.

  When writing a business plan,you should be able to predict and define any possible risk that can affect the business in the future and possible ways to overcome them because no company is above risk at all. Above all, you should be able to swing into action once your business plan has been approved.

  

5. Financial forecast.

   When writing your plan,you should include your financial goals, ways of making sales, managing expenses and making good profits. Your financial forecast should also include funding requirements and estimated sales.

I wish you good luck in your prospective business venture. Please leave questions or comments below and don't forget to subscribe to our blog via email.