Therese Mayssa September 6, 2020 Business Plan
On average, a good business plan will be about 15 to 20 pages. Keep it concise but detailed. A good business plan will pay dividends both in the short and long terms. An investor and/or bank manager will see this and if the plan holds up well, then this will bring you the business that you seek. And from a personal point of view, a great business plan is something that you can return to time and again as a good reference point – something that you can draw upon in the future.
However, a good business plan defines one’s target market, the class of people he intends to sell his products to, how to reach them, promote his products, in addition, defines one’s market mix- people, place, product and price. People- this defines the people involved in the promotion one’s goods and services. Product- this defines what one’s goods and services are. Place- defines the location which also includes the means of delivering the goods and services. Price- defines how much one’s products and services are worth in the market which will enable him analyze and evaluate his return on investment (ROI). A marketing and strategy tool defines one’s business strength, his weakness, his opportunities and threats. It plots a graph that helps one reduce cost while maximizing profit.
In the second section of your business plan, you will cover the analysis of your specific market. During this section you will showcase your business’ ability to succeed. Success is dependent upon accurate and complete market analysis. This section will show that you have done your research. Use this section to sell your business to potential investors. Show them how your business can succeed.
Remember that each section in your business plan will overlap. This means that you may cover information more than once as you move from section to section. This is okay. Your business plan may be considered as a whole or may be viewed as individual sections. This means that each section must include all key information. Don’t neglect including important information simply because you feel it has been covered in other sections.
A good business plan is used to attract funding from investors. Most investors will look at a business plan as a decision-making tool. There are certain things investors look out for in a business. These include one’s management team, every investor will want to know a business owner’s managerial skills, passion, and his dedication to his business. A comprehensive description of how one’s products or services should be discharged, his customer base, his market and financial analysis. A business plan should have a realistic financial forecast. Every investor will always like to see his business associate’s return of investment, cash-flow and break-even analysis. Hence, a well prepared business plan is the key to attracting investors.
After showcasing how your business can succeed in your specific market, it is time to illustrate a comprehensive picture of your business. Cover in detail your business including information regarding the type of business, the target market and how you can meet their needs and distinguishing factors that make your business unique.
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