Looking to start up your own business? If you happen to be one of those people, then this article is meant for you. Drafting your own business plans means that you have an initial idea on how your business is going to turn out and how it is going to survive in the next couple of years. A good business plan guides you through each stage of starting and managing your business.
Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment as it is the tool you’ll use to convince people that working with you — or investing in your company — is a good and smart choice.
There is no right or wrong business plan- there is only the plan that can best suit your needs. Businessmen and investors would normally make use of the traditional business plan as they are more common that make use of a standard structure, and encourage you to go into detail in each section. The disadvantage of this however is that it tends to be quite tedious and straining to make since it requires to be at least a few dozen pages long due to the careful detail that will have to be used and since it is more comprehensive that way. You may also see what is a survey questionnaire?
In drafting said business plan, there is actually no need to exactly follow the business plan outline. What is crucial for you to include are these 9 aspects that can be found in a typical traditional business plan format.
This is known as the executive summary since it is in this section that you will be explaining on what your company is about and why the said business is going to be successful. Included in your executive summary should also be your mission statement, your product or service, and basic information about your company’s leadership team, employees, and your store location.
Another crucial aspect that should be included in your business plan must also be the company description. What exactly does your company do and who does it cater to? What services can it provide the customers and where does it see itself a couple of years from now? Try to also list down the strengths that the company can offer to its clients as to make a name for itself. Make sure that in writing the company description, it would have to be detailed and smart-sounding. You may also like research questionnaire examples & samples.
Now that you have already described the your company completely, it is high time for you to conduct your own market analysis and what kind of target market do you think it tends to attract. Who are you catering to? Do you know the likes and dislikes of your clientele? Are you aware of the growing competition? And if you are, do you think you can serve their products better? Try to keep in mind that businesses who are in the same industry tend to have the same niche market. You just have to find out on what aspects do you think you can do better. You may also check out assessment questionnaire examples.
Now that the foundations have already been formed, it is then time to lay out on who is in charge and who does what in the company. And for that, you need to form an organizational chart to help. When forming an organizational chart, you will be tasked to list down all the personnel involved with the company, what division or branch do they represent and their role in the company? By listing them down, it means that this certain member or team is accountable for that kind of task and whatever results their team has managed to achieve will be given due credit or will be held responsible if they have somehow failed. You might be interested in student questionnaire examples.
Describe what you sell or what service you offer. Explain how it benefits your customers and what the product life cycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you’re doing research and development for your service or product, explain it in detail.
There is no single strategy for marketing a said product nor is there a perfect marketing or sales strategy. There is only the value of giving up or not giving up. When you know that Strategy A has not been working for quite sometime, will you proceed to Strategy B or will you keep going with the former until it starts working? Truth be told, you can go with either. Because in the world of business, everything is achieved by either lots of preparation or by sheer luck. Sometimes, you just have to go with your instincts and guts.
And sometimes, you would need to prepare extensively to ensure that the plan works. But without even bothering to advertise or market your product for the whole public to know about, how can it then be successful? Reach out to the local media, hire graphic designers to do with attractive posters and simple billboards for you. If you do, then there is absolutely no reason to worry.
Specify whether you want debt or equity, the terms you’d like applied, and the length of time your request will cover. Give a detailed description of how you’ll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans just in case.
Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections.
The appendix simply refers to the supporting documents that you would need to include to make your business plan more substantial. Example of these are credit histories, resumes, product pictures, letters of reference, licenses, permits, or patents, legal documents, permits, and other contracts.
1) What is the need that your business exists to satisfy?
2) How will your business satisfy the need?
3) How does your company differentiate itself?
4) Who will be the key players in the business?
5) How big is the market you are entering?
Keep in mind that you need to be committed from the start ’till the end when formulating your business plan.