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How To Make A Business Plan

 

Most people have dreams of owning a business some day or at some point in their lives which is actually a good thing as it comes with the freedom to be your own type of boss & make decisions and stuff like that, but not everyone knows or has an idea on how to go about it especially when it comes to how to prepare a business plan. To successfully write a business plan is not a rocket science, just common sense, creativity & a clear mind. It is worthy of mention that there is no clear-cut way, structure or method to create a business plan as different styles could apply but there are a few things that are sacrosanct irrespective. That being said, let’s get right to it. To make a perfect business plan, here are a few tips:

 

Have a clear idea of what business you want to get into:

To draft a business plan is the most crucial step in starting a business because every effort & resource put into starting that business would be based almost totally on the plan that has been created in order to prevent waste of time or resources. The first step to creating that business plan would be to think deep & properly identify what business you want to get into. Is it as a service provider or a seller of goods/products?  Making this decision on what business you desire to start leaves you with a clear roadmap of where you want to be & what sector or area of human endeavor you are getting into. This first point sounds too basic right? Bus as basic as it sounds, many people fail in this regard & it literally sets them up for failure even before they venture into that business. So, get a clear head about what business you want to start.

 

 

Spell out your business structure & form of your business:

For you to get it right at drawing a successful business plan, you definitely need to spell out the structure & form of tour business. You will need to decide if it’s Sole proprietorship, a partnership etc. You must outline the key roles of personnel in your business, what positions they will hold, what skills they would need, who is above who in hierarchy and stuff like that. This helps you to define how your business will operate in the long run. Under this you should also have decided what name your business will & try to pick a name that’s easily relatable with your sphere of business as it is very crucial.

 

Outline your Goals for the business:

Under this ambit, question such as Why am I venturing into this business? What am I trying to fix with this business? What gap am I trying to fill? etc. would definitely pop up. Here you are trying to spell out your aim and objectives that you seek to achieve with the business. You would definitely need to draw up your “Vision” as well as” Mission” statements as this enables anyone who stumbles upon your business plan to know what direction you are going in. Your goals could be short term, long term or even both but make sure they are identifiable & realistic.

 

Spell Out & Buttress your Vantage points:

You know for certain that you are not the only person in that niche, you have competitors, but what makes you stand out is your vantage point. For you to determine this, you must conduct intense research on your competitors as well as consult with clients & customers of your competition to see where they are weak & you are strong. What do you do better than them? How are your goods or services better than theirs? Or it could even be your pricing? Or your customer service? You ought to know what you have as an edge over your competition & hammer on it without seeming desperate or being too obvious.

 

Ascertain what tools, equipment or materials you would need to start that business:

This is simple! Once you know the business you want to get into, the next step is to ascertain what you would be needing to start that business. For example, to start a car show room, you would need a look a large space in a middle to high income neighborhood, some cars to show cos it’s apparently show room eh? Some good knowledge about cars & their interior, receipts, ledgers and most basic of all, a business name etc. So you’ve got to know what tools, equipment, skillsets you might need if you’re going to venture into that business you have picked and that surely would help you draw out a business plan.

 

Decide where you want to start the business (Location) & your target customer base:

Most people would again miss the mark in choosing a place for business & quote frankly that’s definitely one ingredient for a failed business. Choosing your location helps you ascertain if your business is going to fail or nor (at least to an extent). Not all locations fit all businesses, for example setting up a high cost designers retail store or a 5-star restaurant/hotel in a low or middle class income neighborhood is hilarious to say the very least because hey! The income of the people can’t afford your goods, they’re too expensive. Picking the right location would also help you in determining your cost and budget to start the business and this clearly is a plus if you’re going to successfully write a good business plan. The above are a few steps to take in coming up with a good business plan. For further reading, you could follow the link below:

https://www.nerdwallet.com/article/small-business/business-plan#4.-describe-your-products-and-services

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