How to Write a Brilliant Business Plan (Business Ideas)

How to write a brilliant business plan

 

It is so exiting to start your own business and knowing how to write a brilliant business plan makes it more interesting.

You can do something that you absolutely love in other to create the opportunity for financial freedom for your family.

There are many things to do for you to get your new business off the ground and make a success out of it. Right now you might be confused on where to start.

The question now is: Where should you start?!

The question above is what will lead to an answer which is “business plan”


What is a business plan?


This is a formal written document which entails the full details on the goals of your business, the ways you will achieve this goals and the time on which these goals are said to be achieved.


There are two ways of writing a business plan:

1)Traditional business plan

This is a type of business plan that allows you to into details in each section. It uses standard structure and are commonly used.


2) Lean startup business plan:

This type of business plan focus on summarizing only the most important points of your plan using a standard structure. They are one page plan which can take as little as one hour write.


In this article we will be discussing the traditional business plan.

What does a traditional Business Plan contain?


The following are the content of a traditional business plan:


Executive Summary – this is where you give a brief summary of your business it may include your business name and business background.

Your vision statement – this is where you put down the description on why you are starting the business?

The operational/legal structure – this is where you write down how you will set up the business, for example: are you starting as a sole proprietorship, partnership or a limited liability company? How will you operate the business?

You/team members – this where you will talk about the owners and managers, there experience. This team might just be you, so in this case tell about your skills, experience and why you are the best person to start this type of business.

Strength analysis – This is where you will wright down and analyze your Strengths, Weaknesses Opportunities and Threats and compare them to that of your competitors.

Advice and support system – In this area, you will write down who you turn to for help like: Mentors, business advisors, solicitor, etc.

Identify your regulatory requirements – In this section, you will write down the laws that will regulate your industry and an action plan as to how you will enforce it.

Your products description – This section is where you go in-depth on what goods and services to sale, how are they unique and different to that of your competitors, the price you will sell at?

Your market/promotion plan – This section entails who your customers are, where they are, how to create the awareness and loyalty, when you think customers will make more purchase, why you think people will want your product?

Your Suppliers – this section is where you will give an overview of your backup suppliers. Ensure that you don’t heavily rely on one supplier.

The Distribution and logistics – This section will have the details of the costs, lead times and security of your stocks.

Financial analysis and forecasts – This section will have a detailed breakdown of your sales, profit and loss, breakeven and cash flow.

Financial requirements – This is where you will write how you will fund your business. And how those funds will be raised.

Your staffs– This is where you will write down the number of staff you will need, the skills they will have, how much you will be paying them.

Premises/location – This is where you will write about where your business will be located and the cost of the location.

Resources/needs – This section will have the list of what you will be needing to get the business running like machinery, vehicles, office furniture and many more. Don’t forget to write the cost.

IT requirements – You need a website for your business, so in this section, write down its cost.

Appendix– This is where you write down other relevant pieces of information that was not able to fit in the main report.


Who is a Business Plan written for?


Business plan is purposely written for your own consumption and to attract investors. Like I said earlier that a business plan is a formal written document that entails the full details on the goals of your business, the ways you will achieve this goals and the time on which these goals are said to be achieved.


When you present this plan to an investor, they will see your ideas, your market, your track record, your technology and other factors which will enable them have a clear view of your business and will be ready to invest in you. Always remember that this is a working document that will guide you through the life of your business.


Note: The best Business Plans are simple, specific and realistic. It should be something you will be referring to regularly to track your performance.


A good business plan contains an Executive Summary, your vision statement, your products and services description, your financial analysis and forecasts, resources/needs and much more.


Note: You can get a freelancer to write a professional business plan for you on fiverr

 

Why do you need to create a Business Plan?


Having a good business plan will help you structure, run and grow your business by acting as a guide in each stage of your business. Think of a business plan as a living project not as a one-time document.


It can also help you get funding for your business and easily reach your business milestones. You will use it as a tool to attract others to working with you or investing in your business.


CONCLUSION

There is no right or wrong way to write a business plan. Just pick a format that will work for you and focus on reaching your goals instead. I believe this my guide on how to write brilliant business plan helped? Share with friends.

Read Also:
How to start a blog from scratch.
How to plan a money making blog.

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