Writing Your Business Plan – Get Started

 Writing Your Business Plan  – Get Started

Writing Your Business Plan – Get Started – get business plan examples, how to write a business plan step by step, free business plan, simple business plan example, business plan format, business plan template.

Therefore, one of your questions are, How do I write a business plan? What is the importance of a business plan? What is the purpose of having a business plan? These questions and more will be answered in this article, just read on.

In the first place,we want to take this opportunity to give the necessary highlights in writing business plan. Our step by step process will certainly help you make one for yourself.

In fact, creating a well-structured business plan will give you direction and help your business become a success. A business plan provides a road map for your business’s future and is essential to attracting funding.

Writing Your Business Plan  - Get Started

Writing Your Business Plan  – Get Started

First Step:

To start with, reason along these known regular quotes, and draw inspirations from them.
 
“Good things come to people who wait, but better things come to those who go out and get them.” –Anonymous

. “If you do what you always did, you will get what you always got.” Anonymous

“Success is walking from failure to failure with no loss of enthusiasm.” –Winston Churchill

“Just when the caterpillar thought the world was ending, he turned into a butterfly.” –Proverb

“Successful entrepreneurs are givers and not takers of positive energy.” –Anonymous

“Opportunities don’t happen, you create them.” –Chris Grosser

Writing Your Business Plan  – Get Started

Second Step:

To go on, you need to think things through to maximise your chances of success. You need to ask yourself several questions, such as:


Am I the right person to run the business or do I need to hire an expert? Will customers like my product? What is the market like in terms of competition? What is the nature of the industry I want to venture into? What are my opportunities in this industry? Are there environmental challenges – what are my weaknesses and threats ?

These questions will be answered by a well thought out business plan. It will then help you turn all these questions into business objectives and the idea into a business. It will need you to think through all the parts of your business to plan how everything will work. It will take a few weeks to write if you are going to do it properly. Some parts will be easier to complete than others.

Third  Step:

Evaluate Yourself.
Before writing your business plan, try to evaluate yourself and decide if your business idea has a good chance of success.  Do you have the necessary expertise needed for such business or are you going to hire one? Analysis can help you anticipate any challenges you may face and help you overcome them. It can also help set the goals for your business in your business plan. 
Are you ready to venture into business? Operating a business is not just about working for yourself, it is also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed. 
Identify your skills needs. To stay competitive, it is important your business has the right skills. Training is a great way to helping you achieve this. Work out what skills your business needs to thrive so you can create a training plan for yourself and your employees. 

READ ALSO:150 BUSINESSES YOU CAN DO WITH LOW CAPITAL

Writing Your Business Plan  – Get Started

At the outset it is important to consider whether you really understand what is involved and whether you are suitable for this business and self-employment. Examine these questions:

• Why are you starting a business?
• What are your business and personal goals?

• What are your skills?
• What are the advantages and disadvantages of starting your own business?
• What are the barriers to entry in starting or growing your business? How will you                overcome these?
• Have you considered an exit strategy and succession planning?

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

Fourth Step:

Analyze your business idea

Is your idea feasible? Before starting your business, find out if there is a demand for your products or services. It is also useful to find out who your competitors are and whether the market can sustain your business.
Researching all aspects of your business idea will involve gathering, analysing and evaluating information to help you write your business goals. Some questions to consider are:

  •  What product/service will you provide?
  • Is your idea viable
  • How will you protect your ideas? 
  • Is there a market for your product/service? 
  • What skills do you need? 
  • Who are your competitors?
  • What difference will you bring to the market?
  • Do you have the financial capacity to start a business?
  • What income do you need to generate? Analyse yourself.

Writing Your Business Plan  – Get Started

  Fifth  Step:

Do The Following:

  1. Search Advisory Services to find a business adviser near you.
  2. Educate yourself and seek business advice and support.
  3. Attend business events .  Small business workshops and seminars are run regularly in most areas of Nigeria, and deal with issues such as planning, marketing, financial management, innovation, employing staff and exporting.
  4. You may also find it useful to attend networking events to help expand your business. By developing networks, you can keep up-to-date on industry and local information, promote your business through new contacts and learn key skills from other businesses.
  5. Search Events for networking, mentoring or training events and seminars.
  6. Take on a mentor or business coach
  7. Participating in mentoring or coaching programs can help you develop a greater understanding of business processes and practices, and equip you with the skills you need to grow and improve your business.Tips when writing your business plan
When writing your business plan and before you start using it, consider the following:

• Do your research – You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete your plan. By having the right information on hand you  can be more accurate in your forecasts and analysis.

• Determine who the plan is for – Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package.

Writing Your Business Plan  – Get Started

• Do not attempt to complete your business plan from start to finish – First decide which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections later. 

• Get some help – If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice.

• Actual vs. expected figures – Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates.

• Write your summary last – Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to quickly read your plan, find it realistic and be motivated by what they read. 

• Review. Review. Review – Your business plan is there to make a good impression. Errors will only detract from your professional image so ask a number of impartial people to proofread your final plan.We have a number of free templates and tools to help you get started.

Writing Your Business Plan  – Get Started

The next section is based on our free business template and guide and steps through the various areas and information you need to include in your business plan. Your business plan may vary from this depending on the type and structure of your business.

What to include in a business plan?

• Title page – This describes what the plan is for and includes general information on your business. Find out more on what to include in the title page of your business plan.

• Business Summary – A one-page overview written after your business plan is finalised. This is also called executive summary.

• About your business – This is typically called the management plan or operations plan. It covers details about your business including structure, registrations, location and premises, staff, and products/services.

• About your market – This is the marketing plan. It should outline your marketing analysis of the industry you are entering, your customers and your competitors. This section should also cover your key marketing targets and your strategies for delivering on these targets.

• About your future – This section covers your plans for the future and can include a vision statement, business goals and key business milestones.

• About your finances – The financial plan includes how you’ll finance your business, costing and financial projections. See the Finances section for detailed information on what to include on finances.

• Supporting documentation – List all of your attachments under this heading in your plan for referral. For example: copies of emergency procedures, maps, resumes, or financial tables.
 
When you have finished your business plan

• Review it regularly. Business planning is an ongoing business activity. As your business changes many of the strategies in your plan will need to evolve to ensure you business is still heading in the right direction. Having your plan up to date can keep you focused on where you are heading and ensure you are ready when you need it again.

• Distribute your plan. A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.

• Protect your plan. Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Writing Your Business Plan  – Get Started

Writing your business plan summary (Executive Summary)

Your business summary should be completed last. It is the summary of all you have written.  It is not to be more than two  pages and should focus on why your business is going to be successful. 

The following Business plans and more are available. Contact us for your copies.

Production Industries:

Furniture Making

· Confectioneries,

· Table Water Production
· And others.

Writing Your Business Plan  – Get Started

 Service Industry such as:

. Event Management,

· School Set-up,

· Day Care,

· Air Travel Agency,

· Beauty Salon,

· Restaurant,

· IT Company Business 

· Landscaping Business 

· Non-profit organisations (NGOs)

· Other service oriented Projects.

Trading Activities

· Super Markets,

· Real Estate.

· Partnership Deeds,

· Wholesale and Distributions,

Writing Your Business Plan  – Get Started

Agricultural Industry:

.  Poultry, 

· fishery,

· Palm Produce,

· Cassava/Yam Processing, etc.
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