It is a document in which you describe your plans as a
starting entrepreneur, such as your product or service, the price and the
expected profit.
WHY ARE YOU DRAWING UP A BUSINESS PLAN?
As a beginner, you are not required to create a business
plan, but it is prudent to do so. A business plan is written primarily for
yourself: it forces you to concretize and clearly formulate your idea. You can
also find out if your plans are feasible and if there is a market for your
product or service. You will also discover your strengths and weaknesses.
Many new entrepreneurs create a business plan only when they
need money to implement their idea. Potential lenders determine based on your
business plan whether they want to invest in an idea or not - they estimate the
risks based on the plan. Nevertheless, drawing up a business plan is very
useful even if you are not looking for investors. If you have clearly put your
plans on paper, you can take much more targeted action.
WHAT'S IN A BUSINESS PLAN?
A business plan should include at least the following topics:
Resume
Assume that the reader is short on time. Therefore, a
business plan starts with a summary of no more than two A4 pages. Discuss your
idea, the market, potential customers, possible competitors and how you want to
differentiate yourself. And, very importantly, include the key figures from
your financial plan.
Description of your idea
Explain your idea and why you want to set up a business
around this product or service. What need will you meet?
General description of your company
In this part, you tell how to organize your company. Answer
questions such as:
·
Do you start alone or with others?
·
Do you employ staff?
·
Where do you locate your company?
·
In addition to being an entrepreneur, are you
also employed?
·
Do you need permits?
·
Are there risks for your company?
·
Do you take care of your administration or hire
a bookkeeper or administration office?
·
How do you arrange your retirement provision?
Financial plan
A critical component. How much money do you require, where will
you get it, and what do you intend to do with it? You show in numbers in your
financing plan that your plan has a chance of success. If you are looking for
investors, this section must persuade them. Always use common sense and be
truthful! An investment, financing, operating, liquidity, and personal budget
are all part of the financial plan.
Marketing Plan
The marketing plan should make it clear how you will find
your customers. Describe in which market you want to enter, what developments
you see there, whether you benefit or go against it, who your competitors are,
who your potential customers are and how you think you can win them over.
Personal information and entrepreneurial abilities
You present a business plan to yourself. Include personal
information, such as that of a potential business partner. In addition, consider
personal information, marital status, and work history. Consider this a resume.
Also, explain why you want to be an entrepreneur, what you hope to achieve with
your business, and your strengths and weaknesses. How do you intend to grow as
an entrepreneur? Do you take courses and receive coaching?
USE AN EXAMPLE FOR YOUR BUSINESS PLAN
Download a business
plan template from Mbplans. This will neatly organize all your ideas.
If you are unable to draw up your business plan yourself,
there are various options for enlisting help. You can ask whether a student can
support you via a higher professional education or secondary vocational
education institution. But commercial parties can also help you for a fee.
CONTINUE TO USE YOUR BUSINESS PLAN AS A GUIDELINE
Set up your business plan once, and then put it aside. Your
business plan can be an excellent guideline once you have started your
business. Check now and then whether the content of your plan is still in line
with practice. And adjust it if necessary. This way, you do not lose sight of
the bigger picture and keep your focus, which can be very pleasant, especially
during major changes.
If you want to get business plan writing
services from an external source, visit mbplans.com.
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