Writing an effective business plan is one of the requisites for success as entrepreneur. Good business plan can get you investors, sponsors, government approvals and loan. Therefore this part must not be neglected when starting a business.

When writing a business plan, you must be very strategic. Business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.

Here are what should be in your business plan;

1.Executive summary

This is a statement of purpose or mission statement if you choose to call it so. By glancing through , your target lender should be able to know the name and nature of your business, its legal structure, the amount and purpose of your loan request and your repayment plan. You must be précised and specific and make it brief because nobody likes to read too much text.

2.The business

This section addresses the details of your business. You can start with a page summary addressing the key elements of your business. This includes information about the industry in general and your business . You must justify your projections with data for example the financial worth of the industry and how a top player in the industry is doing

3.Legal structure

Is your business a sole proprietorship, limited or unlimited liability company etc? State the reasons for your choice of that structure. You may need to add your business licence for the purpose of credibility. If you have formed a partnership, include a copy of your partnership agreement as part of the supporting documents.

4.Business description

In this section, you go into more details about your business. Provide clear cut answers to questions like the business history, present status, and future projections. Highlight the assets you have, inventory, turnover rate, industry trends and others. Emphasis why your product is different from the ones in the market and why customers should choose yours.

5.Products or services

Here, details of your product from raw materials to finished item.

The types of raw materials that are used, the prices, where and how to buy them and the purpose of your choice of such products and cost breakdown.

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