Why Do You Need A Business Plan?
A business plan is the blueprint for your entrepreneurial journey. It’s a document that outlines your business goals, strategies, operations, and financial projections. Whether you’re starting a new venture or seeking funding for an existing business, a well-crafted business plan is essential for success. In this comprehensive guide, we’ll walk you through the process of creating a business plan step by step.
‘If you fail to plan, you plan to fail.’
It is good to say here that the business plan is a big subject that can be written in a separate book to cover all the details. Here is an overview of each step so that you can follow the steps yourself to create a business plan. If you regularly read our Biz Uplifted blog post and support us by subscribing, liking, commenting, and sharing, then I will present the ins and outs of the business to you by discussing every aspect of the business plan in detail. So that you can easily turn your business into a big business.
Steps in Business Planning-
Section 1: Executive Summary
The executive summary is a concise overview of your entire business plan. It should include:
Type of Business: It is important to decide at the beginning what type of business you want to do. you need to decide must before starting your business, what type of product or service you will be working with.
What product or service do you produce in the market? Be an e-commerce merchant or a retail or wholesale product supplier? You have to choose from such a variety. If you make the product or service yourself, you will be a manufacturer, and if you source it from somewhere else, you will be a trader or wholesaler.
Here the type of ownership has to be fixed in advance. There are various types of ownership such as Sole Proprietorship, Joint Proprietorship, Private Limited, and Public Limited to choose which one matches your plan. According to the type of business, documentation work has to be done mainly.
Deciding on a name: After thinking of a business, the first step is to decide on a business name. Once the name is decided in the beginning, the whole thing gets a lot of reality. The desire to enter the field is intense.
After the name is selected, it is better to check with the Joint Stock and Trade Mark Office to finalize it. Otherwise, you have to get into a lot of legal complications later.
Before the name is finalized, it should also be checked whether the domain name is empty or not. Because whatever type of business, a digital presence is needed in this era.
Business Summary/Executive Summary: In this section, the overview of the entire business is to be presented. including its mission, vision, purpose, target, how to reach the target, what product or service you are working on, how big the business will be, etc.
It is best to write the summary on one page. A maximum of two pages can be made. 98% of investors don’t have time to read all the details if you create a profile for investment. That is why the executive summary should be arranged with the Core Message.
The main service or product of your business should be written in one line. If you can’t tell someone what you’re working on in just three seconds, the product or service plan isn’t right yet. And company profile and presentation are very important in any job.
Market Analysis: Summarize your market research findings and identify your target market.
Competitive Analysis: Highlight your competitors’ strengths and weaknesses and explain how your business will differentiate itself.
Business Model: Describe your revenue streams, pricing strategy, and sales channels.
Financial Projections: Provide an overview of your financial forecasts, including sales projections, expenses, and profitability.
[To be continued……]
