- Business and Employment»
- Small Businesses & Entrepreneurs
How to Make a Business Plan
Any enterprise has risk involved. We come now to understand that such risk can be minimized if we come up with a sound and reliable proposal. A business plan or sometimes called a business proposal is a detailed description of a plan on how things will run through the business. Also, it is plan outlining the strategies on how to achieve the entrepreneurial goals of the company. A well crafted plan will guide your company to success. The following are the list that must be included in your business plan.
1. Executive Summary - This include description of the enterprise in short and striking format. Briefly discuss what the company wishes to achieve in the future including goals and objectives of the company.
2. Business Description - Describe the industry which your company belongs to. Provide information about the outlook on several markets including future products and developments.
3. Market Strategy - Market analysis is needed to come up with a good market strategy thus, research must be conducted to identify the market trends and opportunities. Analyze the potential of your product or service based on data gathered. The "pulse" of the consumer must be identified to identify the viability of the product. This will enable the company to have competitive advantage and address the weak points of the product or service.
4. Design and Develop the Plan - How the business will work in the long run must be described in this section. This highlights the functions of the different sections of the organization including the financial requirements of each segment of the organization for the daily operations. This may involve a detailed sketch of the possible location of the business the space requirement and the equipment.
5. Financial Factors - Every activity and operations entail expenses. This determines the feasibility of the business plan. Remember this is a business that you must grow by being financially sound.