INTRODUCTION

The Perfect Business Plan can help you achieve a lot of things especially when you are just starting a new business and still trying to find the right foot. Sometimes successful Business owners never start by having a business plan. In fact some of them didn’t even know what it was back then or how to even write one. Even though they have achieved a moderate amount of successes now, a business plan would have made it much easier. If you have set up goals for your business already, having a business plan or following a business plan template would help you clarify your objectives and strategies so as to achieve that goal quickly. Want to know how to write your Perfect Business Plan? Follow through to the end of our 8 steps below.

What Is A Business Plan ?

A business plan is like a map of whatever you are doing. It places importance on where you are and where you hope to be and strategically points out different strategies that would get you there. Basically it is a document that analyzes and shows you the future of your business a we’ll as the present. It talks about your products or services, employees, financing, value proposition  operation model and so much more relevant details.

8 Steps For Writing A Business Plan

Before you think about writing a business plan I’m glad you decided to do research and  stumbled upon this blog post. You may think you know what you are doing when you year out a blank sheet of paper but all you need may just be an outline of what you are expected to write and that is what we should discuss here. Here are 8 steps to take while Writing your business plan;

1. Start With An Executive Summary

This is the first part of your business plan and one of the most important part.  An executive summary is a concise and condensed version of a larger document or report that provides a brief overview of your business key points and main objectives. An Executive summary should be written in a readable and understandable way because it summarizes the objectives or your business. It shouldn’t be more than 2 pages because it needs to be brief. When we an executive summary you have to go with the following subheadings:

• A brief introduction of the document and its purpose 
• A statement of problem highlighting the issues the document would address 
• Objectives of how to go about solving the problems
• Some recommendations or action points
• Conclusion 

2. Describe Your Company

When you are coming up with a business plan you should never miss this part.  This part is very crucial because although it answers just two questions, when answered right it gives your audience an insight into everything about your business. Two questions you should answer here include:

• Who you are
• What you plan to do

When you answer these questions in a clear and understandable manner you will be able to pen down your answers. Some of the details you should include in your company description includes :

• Your business model
• Your business structure ( sole proprietorship, partnership, limited partnership or incorporated company)
• Your Industry 
• Your business vision, Mission and goals
• Background information about your company 
• Your team

3. Write Out A  Value Proposition 

A value proposition is a statement that describes the unique benefits a product, service or brand can offer to its customers or clients. It explains what sets a company apart from its competitors and how it can help its target audience. Defining your value proposition is an important step in creating a successful marketing strategy, as it helps you to differentiate your offering and communicate your unique selling points to your audience. To better define your value proposing document it properly you need to; 

• Identify and understand your target market and what they care about.
• Identify what makes your product or services unique that it sets you apart from your competitors.
• Craft your value proposition statement in a clear, concise and specific form.

4. Perform A Market Analysis

When you are trying to start a new business, you can’t just start up anywhere or on any platform, you have to choose a market that would be favorable for your business to grow and thrive in. This comes by performing a careful market analysis. Choosing the right market for your business means choosing a market that has your target audience and is full of customers who are ready to patronize and refer you to others. While performing your market analysis you should be able to analyze how big your potential market is, your business position in such a market and an overview of your competitors in that market.

5. Customer Segmentation 

This is the process of dividing a larger customer base into smaller groups of individuals who share similar characteristics or behaviors. These groups can then be targeted with specific marketing messages and products or services to better meet their needs and preferences. Customer segmentation is important because it makes it easier to target specific customers with products that are tailored to what they love and would want to purchase.

6. Write A Marketing Plan 

A marketing plan is essential for any business looking to promote its products or services effectively. A marketing plan is a comprehensive document that outlines a company’s overall marketing strategy, tactics, and budget for a specific time frame. It would be annually, biannual or quarterly. You can have to go with what serves your business right. Here are some Steps to follow while creating your marketing plan:

• You have to define your business goals and what objectives or efforts you would put in place to achieve those goals. You also need to make sure your goals are specific, measurable, achievable, relevant and time bound (SMART).
• Define your target audience by demographic, psychology, behavior, emotion and characteristics.
• Set up a clear brand message speaks directly to your audience and has your value proposition. Make sure your brand message is consistent among all your preferred platforms.
• Create an action plan that shows your time specific objectives, budget, responsibilities and marketing initiatives.
• Establish metrics you would use to measure your results.

7. Develop A Financing Plan

A financing plan is a crucial step in developing a comprehensive business plan. This outlines how you plan to finance your business and includes information on your sources of funding, your expected expenses, and your projected revenues. A comprehensive financial plan should include the following:

• You need to identify and write down your sources for funds. This may include personal savings, loans, investors, and crowdfunding. Whichever one you go with should be documented.
• You need to write down a balance sheet in order to identify where the money would be projected to. This would also help you document how much was used to start your business 
• You need to create budgets for all your business expenses.
• When writing your financial plan you need to write the pros and cons of getting a loan or sharing equity in your company. This should be in cases where you decide you want to do either of the two.
• You also need to prepare for the risk of unnecessary expenses and write in ways you can avoid it.

8. Create An Operation Plan

An operation plan states how your business will operate on a day-to-day basis, and includes information on your organizational structure, management team, products or services, marketing and sales strategies, and more. Here are the key components of a business operation plan:

• Define your company structure. It may be like an organogram depicting the hierarchy of responsibilities in your company 
• Write out information of your products and services including your target market.
• Included in your operation plan should be details about production plans for your products, sales and marketing plans and even financial budgeting.

Conclusion

Writing a business plan can help you grow your business as well as avoid risk and pitch your business to the right investors. This plan you have also created would help you plan for the next step to take in turning your business idea into a reality. Start working on your plan as soon as possible and let us know how that is going for you.