Business Plan (Block B)

• Business plan -  is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.
• STEPS IN MAKING A BUSINESS PLAN

  1. Write an Executive Summary
  2. Describe your Company
  3. State your business goals
  4. Describe your products and services
  5. Do your market research
  6. Outline your marketing and sales plan
  7. Perform a business financial analysis
  8. Make a financial projections
  9. Summarize how your company operates
  10. Add any additional information to an appendix
• Write an executive summary - this is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.
• Describe your company -  Next up is your company description. This should contain basic information like: Your business’s registered name. Address of your business location. Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.
• State your business goals - The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.
• Describe your products and services - In this section, go into detail about the products or services you offer or plan to offer. You should include the following: An explanation of how your product or service works. The pricing model for your product or service. The typical customers you serve. Your supply chain and order fulfillment strategy.
• Do your market research - Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section, explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.
• Outline your marketing and sales plan - Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.
• Perform a business financial analysis - If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.
• Make financial projections - This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
• Summarize how your company operates - Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.
• Add any additional information to an appendix - Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

  • Licenses and permits
  • Patents
  • Equipment leases
  • Contracts
  • Bank statements
  • Details of your personal and business credit history, if you’re seeking financing.