To write a catchy, an appealing and successful business plan, you have to know, develop, have the knowledge and opinion on how, and what makes an effective business plan that will attract approval from either an angel investor. or a banker, The following are the things to know, bear in mind when writing business plan.
(a)Who are your audience? It is key to know your audience, so that your business plan will focus on a style and with information they need for the action(s) you want them to take, because, Read more
(b)Make it a marketing action. Your business plan should be able to demonstrate to even you as well as others that you are serious about your business idea, Read more
(c)Let your business plan focus on the customer, not on the entrepreneur. The group or categories of establishment set up to fulfill a customer/client/society need are profit oriented business and non-profit organization, Read more
(d)If you run a small business, provide a biography which demonstrate that you have the technical and leadership experience to drive your idea to success, because that will serve as a bate to the investor. Read more
(e)Deliver the message and set the tone on the table of the executive clearly at the executive summary pages, which should not be more than two pages long, written out professionally, concisely, enthusiastically, and neatly. Read more
(f)Your sales goals must be supported by research and with an actionable marketing plan. This is a first test ground for you as far as sales strategies are concerned. Read more
(g)Do not exaggerate or inflate the funding required than the amount you truly need, then support your request with financial statements to help facilitate the funding. The financial statement here is the cash generation and expenditures as that will go a long way to demonstrating that you have thoroughly thought-out the business and you consider the financial aspect important, hence, you approach them. That will create assurance cover that you are sincere, and focused.
(h)What are the focus of funding you want to collect, because the investors assumed that you will contribute sweat equity, agreed that some of the funding ma be needed for critical staff salaries, you must use the majority for activities that will generate sales, Read more
(i)Your mentors and advisors should be your pals, and freely discuss your business ideas, and the challenge you envisage. To start a new business from the scratch is very difficult and demanding. Research findings revealed that more than half of all start-ups fail in their first five years and you don’t want your own to form part of the statistics, Read more
(j)Having gone this far, I must stress that you have done your best, after all you’ve read so far, a business plan is never perfect, ideal or finished, so do not wait until you have a perfect one before you submit it. Read more
(k)Know that you are out for money, and so do not miss your steps here. Irrespective of what many entrepreneurs have as bottom lines for going into business, be it profit or cash flow in form of mission, life style, causes they believe in, Read more
(l)Finally, if you are going to win the heart and get the attention, improve your credibility with a potential funder, you must answer three major questions clearly and thoroughly in your business plan.
*State clearly the five Critical Success Factors, or keys to success, then demonstrate which focus pattern to achieving them.
*Explain in details three to five goals/objectives in focus to achieve over the next twelve to thirteen months, and should be tied or related to the Critical Success Factors. It must be written boldly and clearly in a format of Specific, Measurable, Action-Oriented, Realistic and Time-Bound.
*Explain thoroughly the steps, process, actions, and milestones, and who is responsible for making that happen, because to achieve any feat, an action steps for achieving it must be established first.