How to Write a Business Plan: Guide on It Features
A business plan is a scheme that is designed to answer relevant question to business men and women, It has cover sheet, Statement of purpose and a table of content. Hence, it is a document that shows the way and the business success and we are going to define business plan and briefly discuss body of the plan.
What is a Business Plan
A business plan is described as the road map on the journey to your success. It is the key to the successful take off and the execution of your business.
As we said earlier, the business plan is a document showing where you are going, how to get there, with what means and what you will get when you get there, because of the volatile business climate today with several ever changing environmental challenges. There are a lot of questions people ask as to whether you still need a business plan at all give such rapid and fast negative change all over the time.
- The fact is that thing are change so rapidly that is reason why you must have a business plan before going into any business of your choice.
- The business plan is the only way that can save your dream on, otherwise your business dream would be swept off by the wind of change.
- Joining any business without a business plan is starting a journey that you don’t know where you are going.
The Body of the Business Plan
A business plan is made up of the description of the business, the mark of the financial management plan, the management plan and the executive summa supporting document.
You have to make a specific area of your business whether you are info manufacturing, merchandizing or service. Your proposer must to the appropriate government agency for official approval, when you do that the organization will be able to operate officially in any aspect of its registration functioning in the case of Nigeria for example; the appropriate registration agency is the co-operation commission (CAC). The CAC issue certificate of operation in the area of the function activities. Other agencies in Nigeria today include national food and administration and control (NAFDAC), and standard organization of Nigeria (SON) etc.
What Product or Services You Will Provide?
You need to specify your product to clear definition of your business, your must produce what will give money not what will make you worse. New and independent business or takeover and expansion, a franchise? You need to make it clear the business you are going into whether new project or taking over let it be known to everyone.
With good explanation, whether your business bring better returns than those of others. At what rate?
When Will Business Be Open/Days or Hours?
Clearly state the hour of your business day because people have a different choice of working time some like as day some like hours.
What knowledge do you have within the outside the environment in term of publication on trade, supply and demand? The description of your plan will show clearly, where you are or why you want to be business. Your ability and capability to be in the business will be a great help to determine your business type and strength.
You should try to describe the benefit of your goods and services to your customers. The facts is that successful businesspersons and women or at least have ideas of what their customers want and their expectation hence you have describe.
The Market Plan
Your marketing plan plays a decision role in your business success or failure your business ventures. How well you will market product or services along with other competitors will largely the degree of your success.
The location can play a decision role in your business success or failure. Your business should be round your customer, your plan must address the following.
- Your location needs.
- Your location needs.
- Your desires in term of area and the building.
- Accessibility to the public and power as well as water availability.
How do you treat your employee? Just as we manage plant and equipment, business is all about people, as resource that you need to combine with other factors of production to result in output management plan should therefore in lines with the following.
- How does background help in your business
- What are your weakness and how you can over come them.
- Other are personal needs, training, salaries, benefits, vacation, holidays offer with your need to address.
The executive summary is very important part of the plan that provides an overview of the business especially the product. How it will be sold and the benefit reading it will tell financial and investor whether they should continue reading it or not you must include any document that lend support to statement made in the body or your business plan e.g credit information, quote and estimate, lease or buy agreements legal document, census, demographic data e.t.c.