Updated: 10:45am – As the saying goes ‘If you fail to plan, you are planning to fail’ This simple statement applies to many areas of our lives. Even so, it is especially true when operating a Business.
One of the very first things you should do when starting a business is to write a Business Plan.
A business plan is a written document that describes in detail how a business, is going to achieve its goals. The process of creating a business plan forces you to look at your business and evaluate what’s working and what isn’t. It can help you focus on the right things and give you a roadmap to future success.
How to write a Business Plan?
Here are the typical sections of a business plan for a new business:
- The Executive summary – will include your company’s mission statement and provide readers with an overview of your Business Plan
- Company Description – describes the proposed new venture, explains its purpose and its target market.
- Market Analysis – discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure
- Organization & Management – Description of your management team, including the experience of key team members and legal structure.
- Service or Product Line – details what you’re offering. What’s so great about your product or service? How will customers benefit? How is it better than your competitors?
- Marketing & Sales – explain your strategies for branding, marketing and selling your product or service.
- Funding Request – In this section state the amount of funding you will need to start or expand your business. Include best and worst case scenarios.
- Financial Projections – covers the expected financial performance for the first 5 years of operation
It is a good idea to seek input from professionals, business mentors and colleagues on your plan. This will help you give an objective viewpoint.
-Fameeza Sheikh
