ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

"Writing of a Business Plan"

Updated on August 1, 2019

Business Plan

For any entrepreneur who is planning to venture into business, a business plan is a must-have document that contains the details of the proposed new venture. The business contains a vivid description of both internal and external features of the business yet to be put into also serves as proof that the entrepreneur is ready to invest in the opportunity and has sufficient information in terms of the required research.

Importance Of A Business Plan

  • It serves as a sign of the commitment of the entrepreneur

A business plan shows how the entrepreneur is willing to dedicate their finances, effort and even time to carry out their idea implementation

  • It acts as a financial saving tool

To implement a business idea, finances play a key role since the business might require one to rent premises, to have a company registered and most importantly the capital must be available. A business plan, therefore, enables one to plan how to be financially sustainable.

  • It facilitates practical and more organizational about the business and its environment

A business plan brings the idea into reality in a virtual way and it gives a sense of direction

  • It serves as a management plan

A business plan gives a road map and enables good decision-making practices

  • It gives the business idea a feasibility idea

As a result of the ever-changing times, a business idea should be in a position to withstand all the bad recessions that are likely to come about. A business plan, therefore, determines the viability of the idea

  • It acts as an analysis tool

A business plan enables the entrepreneur to assess all the risks and challenges involved in venturing into the business that they would like. They are therefore able to come up with ways of mitigating against uncertainties

  • It gives a timetable for planning and serves as a blueprint for the entrepreneur

The entrepreneur is able to lay out a solid plan on what comes next after every step taken towards the realization of the proposed business venture

Perspectives Of A Business Plan

  • Market perspective

The business plan should bring out the value that it is adding to the already existing marketing

  • Entrepreneur perspective

The plan should be in support and in accordance with the resources that are available to the entrepreneur and also their interests

  • Investors’ perspective

The plan should be appealing to the investors such that they will be in a position to benefit from the idea in case they choose to invest in to

Components Of A Business Plan

  • Introduction stage

This introduces the venture and therefore here state the name and addresses of the business location .also include names and contacts of the entrepreneurs and a brief description of the business.

  • Executive summary

This is a summary of the entire plan and it should include the strong points of the venture, how the money will be generated and also the targeted customers

  • Production plan

This should state a brief description of the production process, the raw materials needed, labor requirements and availability too

  • Operational plan

This is how the business will carry out its business operations and which technology will be used to carry out transactions

  • Organizational plan

This is basically the form of business that the venture will be.

It can either be a partnership or sole proprietorship

  • Management plan

Outline the management personnel needed, their areas of expertise, skills, qualifications, duties, and responsibilities

  • Marketing plan

This gives a description of goods and services that are to be offered and also include the target market. Also state the marketing strategy, the market size, the location of the market and its potential growth.

  • Financial plan

This includes all the projected sales, break-even point analysis, detailed budget, projected balance sheets, and cash flow

  • Industry analysis

This section includes the specification of the industry in which the venture falls undertaking into consideration the various rules and regulations governing the industry

  • Assessment of risks

The risks and challenges that are likely to be faced by the new venture should be highlighted here

  • Appendix

There should be supporting documents such as collected data, management, and organizational charts

Tips to consider when presenting a business plan

  • Be precise and specific to the point
  • Focus on the problem which you aim to solve with the idea
  • Make sure you can demonstrate your market
  • Sell your product or service
  • Let the investors know what they will gain out of your business
  • Make sure to close the deal

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2019 Dora


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)