Do you have a business idea and all you need is a business plan, or are you a student looking for a business plan template? If so, here is a step by step guide to creating a business plan. First, a business plan is a formal document that details the objectives of your business and a clear means of achieving them within a set period.
Objectives of a Business Plan
A business plan has two key objectives, the more important one being to help you run your business with a cohesive vision. Think of it as a roadmap to the treasure. To achieve success in business, this objective dictates that you invest in a lot of research and analyze your plan for the best strategies in sales, marketing, manufacturing, web design, policies, etc.
This means that you can keep adjusting your plan to measure up to the changing trends within your sector. Additionally, you could decide to adjust it to so you always have the best roadmap.
Secondly, you need a business plan to acquire financing. Since it gives a realistic forecast of how much you need and when the investor is likely to start getting their money back, a business plan needs to be convincing. It should appeal to potential investors and answer their queries.
What a Business Template Entails
A simple business plan example contains chapters, section titles and section subtitles. This is like a business plan for students to help them develop the skills of formulating creative forecasts that would propel a company from scratch or improve a running company. A simple business plan example includes:
Chapter One: Executive Summary: Is your company worth investing in? This chapter provides valuable answers to potential investors, giving them a general layout of your business. Think of it as where you provide realistic replies to the hardest questions before the financiers can ask.
Chapter Two: Company and Financing: Here, you aim to outline your company’s legal and operational structure, financial requirements, your company’s history, mission statement, and your management team. This is also where the Articles of Operation is included in the case of a corporation.
Chapter Three: Products and Services: What are you offering for sale? You have to ensure that you present a minimum viable product and how you intend to build, assemble, and deliver it to your customers. Besides, be realistic about your company’s direct and indirect competitors.
Chapter Four: Customers and Market Analysis: This chapter should indicate the various customer segments that you target, their latest behavior trends, and the niche you are filling in the market. Draw reference from the current changes in the market sector.
Chapter Five: Marketing and Sales: This is where you showcase the strategies you intend to employ to sell your product or service. What methods of positioning, promotion, and distribution do you intend to use to ensure maximum sales?
Chapter Six: Strategy and Implementation: This is the chapter where you explain how you will measure progress towards the company’s goals. Moreover, it includes timelines for subsectors like SWOT analysis, competitive edge, and strategic alliances.
Chapter Seven and Eight: Financial Plan, Sales Forecast, Financial statements: The two final chapters define and calculate financial variables to be employed by the entrepreneur. You have to outline how you intend to expand your idea or even create fresh ones.
Include your expenses, your anticipated sales forecast, personnel plan, cash flow assumptions, and more. Use tables, graphs, and pie charts to create a clear forecast of your finances. Remember to include when the company is intended to break even.
It is important that you understand every small detail in your business plan. To achieve this, try writing it yourself and have a professional do the corrections after consulting you. Alternatively, source it from a professional, and read through it to absorb every detail. No investor wants to see errors in your business plan. They all want to start the journey in a boat that looks promising, not faulty.