Source : http://realtalkng.com/draft-small-business-plan/

You’ve got a business idea. You’ve decided to start a business. You want to get going? There’s a lot more to a good business than a good idea. You need to think things through to maximize your chances of success.

Are you the right person to run the business?

Will customers like your product?

A business plan will help you turn an idea into a business. It needs 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’re going to do it properly. Some parts will be easier to complete than others.

Stick at it because it’s not the final document that’s important, it’s the process. Although you want to have a good plan when you’re done, an OK plan is better than no plan.



So you may ask why do you need a business plan?


– It can help you recruit individuals or corporations to help you get your business off the ground. If you plan on taking your new business to great heights, you need to recruit good hands and expert corporations in the long run. As they say, “no man is an island” and for you to actualize this, you need a business plan.

– Having a business plan allows you to remain on track and stay focused. You will have a tangible plan that you can refer back to on a regular basis. It’s just like starting a journey, you need to know why you’re starting, where you’re going, and where you shouldn’t be. Having a business plan will help you answer these important Questions.

– It will give you the final analysis of your potential home business which will allow you to see if it is feasible or not. In Nigeria, and around the world, its a popular saying that, “if you fail to plan, you’re planning to fail” Having a business plan Keeps you the business owner abreast with the workings of you business, which will enable you to make realistic goals and choices in the long run.

– If it’s your Plan to seek external funding (business Loans), you will need to provide the investor or financial institution with a business plan. This is arguably one of the most important reasons why you need a business plan. Investors will only see reason to sponsor your business only after you present them with a feasible business plan.

Now to the Big question…..How do you draft a Business Plan?

You should Know, that they are 2 (two) classes of Business plans…

– The Informal, and

– The Formal Business Plans

An informal plan which is for your personal use ONLY, should include the following “usual” Business plan sections which Include:

– A profile Of your Target market
– A full description of your company, including its goals and main product
– A marketing plan
– An organization plan
– Financial statements
– Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis
– An in-depth analysis of your Competitors in the Industry.

For drafting a formal business plan, you should include all of the above sections , along with a full summary which should include a summation of all the points covered. Try as much as possible to use this “summary” to promote your business and this will eventually make it easy for a potential investor of a financial institution to accept your Application for Funding (after-all, what’s a business without funding?)

When presenting your business plan, make sure that you vigorously bring out the passion you feel for your business as this will definitely rub-off on your potential sponsors. You must add a description of your company Introducing your specific business and explaining your businesses main product and goals.

What do you think? I'd Loove comments!!

Source :
http://realtalkng.com/draft-small-business-plan/

Nice one...

Here is an infographic summarizing the msin points...

ovo12:
Nice one...

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Nice article..