If you fail to plan, then you are planning to fail- Benjamin Franklin
A business plan is an essential compass for every business success. Coming up with a business idea is good but having a plan for it is even better. When you have a concrete plan, it is easy to predict the future of your business and even easier to secure funding from a corporate body. So what are the things to do?
There is no such thing as “too much research” you need to be armed with as much important data as you can find. Your research will serve as a guide on the important decisions you need to make.
Have an Executive summary.
This is basically your company description and it should describe your business goals, objectives, vision and mission statement, product/services offerings, etc. and all that your business aims to achieve.
This comes right after your company description and should illustrate your industry and market knowledge, size of your target market, key competitors, as well as any of your research findings and conclusions.
Organization and Management.
After your market analysis comes your organization and management. Every business is structured differently. This part of your business plan should explain the details of the company related to its structure, registrations, locations, staff, and a description of the planned processes of the business in detail.
This part of the plan discusses the aspects of funding, operations costs and financial projections. A good list of documents to include in the financial plan is the income statement, cash flow projection and the balance sheet.
All the very best in making your business plan and do let us know how it goes.