Business plan

A simple guide to write a business plan A business plan is important for the success of any business. It should contain budgets and cash flow forecasts depicting expected profit, financing and the risks involved in the venture. WHEN WRITING A BUSINESS PLAN, THE KEY THINGS OR QUESTIONS YOU NEED TO CONSIDER: 1. What service/product does your business provide and what need does it fill? 2. Who are your competitors? 3. What is your picture of success? 4. How will you reach these potential customers? 5. Where will you get the financial resources to start your business? 6. Who are the potential customers for what you offer and why should they choose you? A GOOD BUSINESS PLAN HAS THREE MAIN PARTS: 1. The first is the business concept, where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success. 2. The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy and so on. 3. Finally, the financial section contains your income and cash flow statement of affair, balance sheet and other financial ratios. Such as break-even analysis. A business plan does not have to be long or take months to write in order to be useful tool for small business owners. A simple exercise, as outline below, provides a quick and painless start to the business planning process by asking you a series of questions about your business, your goals and your future plans. The end result is a streamlined and brief business plan that you can use as a starting point for a more elaborate business plan: 1. Outline the vision you have for your business by answering these question: what are you creating? What will your business look like in one year, three year, and six years? 2. What is your mission? Why are you starting this business, and what is the purpose? 3. List your overall objectives by outlining your most important business goals and answering this question: how will you measure success in achieving your goals? 4. Write down your business strategies by answering these questions: How are you going to build your business? What will you sell? What is your unique selling proposition i.e., what make your business different from competitors? 5. What is the total startup capital you will need to launch your business? 6. What do you estimate your business's ongoing monthly expenses will be in three months, and in one year? 7. What do you anticipate your business's ongoing monthly income will be in three months, in six months and in one year? 8. Create an action plan by answering this question: what are the specific actionable items and tasks you need to complete now? What are your future milestones? What will need to be accomplished by those milestones in order to meet your objection? Once you are able to answer these questions, and arrange the business plan in a structured manner, it will become your guide to doing business. N.B: Business plan can also be adjusted as time go on. Happy business plan