How to Write a Business Plan




What is the secret to winning any grant? You might ask, the answer is not far-fetched. To be considered for Fundings, One must come up with a ‘Bankable Business Plan’. The keyword is bankable, what do I mean by bankable? A bankable business plan is a plan that outlines how the business would get a reasonable Return on Investment (ROI) within the shortest time possible.

Now, let's look at what a business plan is and how to write one for your business.

What is a Business Plan

A business plan is a detailed document describing what the business is about and its potential to scale should the business be launched. It is often used to source for grants, loans or any other financial support from the banks, private or angel investors.

A well written business plan can be used to grab the attention and attract financing from any financial institution. This document serves as the first requirement to landing you a meet and greet session with an investor who deem your business fit for their investment.

Banks and investors use the business plan to analyze whether your project will produce successful results or not. Strategic goals, marketing and financial forecasting aids the decision making process of the funding Organizations.

By having a detailed business plan, you can easily attract financing, partnership, employees and suppliers.

Who Needs One?


Idea-based, Start-ups and Existing Businesses seeking funds.

Reasons to create a business plan


1. Use for Planning

Just like the saying goes "when you fail to plan then you're planning to fail". By having a well written and detailed business plan, this serves as a compass to direct the activities and helps you to set and Implement SMART goals in your company.

2. Use for Funding

No matter how big or beautiful your business idea is, without capital to start, your business remains an idea, this is why it's very important to have a business plan as it helps to communicate to potential investors whether your business is profitable or not. It also helps describe your products/services and the Unique Selling Proposition in your business.

3. Oversees Risks and Prevents Damages

Most small businesses shut down in less than 3-5 years in existence due to the lack of cash, marketing strategy and manpower.

You are not in business if your business lacks these things mentioned above. By having a detailed business plan for your business, you can achieve a whole lot as this will help organize your activities, see what to do next and tick your milestones. One of the core functions of the business plan is to oversee and prevent damages that may likely occur in the future.

A bankable business plan must have the following;

  • Executive Summary
  • Products and Services
  • Mission and Vision Statement
  • Job Roles and Responsibilities
  • SWOT Analysis
  • Market Analysis
  • Your Target Market
          Your competitive advantage
  • Sales and Marketing Strategy
  • Sales Forecast
  • Publicity and Advertising Strategy
  • Pricing Strategy
  • Startup Expenditure (Budget)
  • Sustainability and Expansion Strategy

These tables are the complete components of a business plan.

Although most business owners kind of include the financial plan in their business plan, it's advisable to have a separate document for each.

Conclusion

Many investors and banks require a well-constructed business plan describing how you will use their funds. A business plan Communicating ideas, management guidelines and strategic planning would grant you and your team the audience to speak with your potential investors. That is why it is important to invest in a properly constructed business plan as the first few steps of your business or project.

Many people spend weeks writing a business plan without coming up with anything reasonable. Some even copy from the internet, this can affect your business model due to the fact that the data you get from the internet are dummy and may not depict your business ROI. I'm sure you're tired of digging up incomplete works on the internet that don't just add up or give you what you're looking for.

You can follow the tips on this article to writing a standard business plan for your business or request us to write one for you HERE

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