Business Corner: Writing A Business Plan
06:18
Each year, tertiary institution graduates flood the labour market and the cost of living is constantly on the rise, thanks to the present state of the global economy. Years ago, we
were made to believe that well educated people had “professional jobs” while the others who were not privileged to be as educated made up the entrepreneurial niche. The tide has taken a different turn these days and lots of people, especially the well-educated ones are becoming business owners. Your idea can be a fresh one or an upgrade of an existing business, however, its success is dependent on the strength of its foundation – the business plan.
were made to believe that well educated people had “professional jobs” while the others who were not privileged to be as educated made up the entrepreneurial niche. The tide has taken a different turn these days and lots of people, especially the well-educated ones are becoming business owners. Your idea can be a fresh one or an upgrade of an existing business, however, its success is dependent on the strength of its foundation – the business plan.
A business plan is a written description of the future of your business, describing what you plan to do and how you plan to do it. The conventional wisdom suggests that a business plan has a role to play in determining the success of a business, but disregard for it is on a constant increase, especially in this era of start-ups. Absence of a business plan is one of the contributory factors to failure of businesses daily. Before a business plan is written, a business model is required to be in place.
A business model outlines how your business makes money; it can be referred to your business cheat sheet, which often times makes it a completely confidential document. Establishing your business model is the most important step to take before starting your business. Clarification of your business model before your write your business plan completes one-third of the work. Your business model should provide answers for the questions such as:
1. How viable is your business idea?
2. What is the stance of the market on businesses in your chosen industry?
3. What problem does your product or service aim to solve?
4. Who is your target audience?
5. Who is your competition?
6. What is your competitive advantage?
7. How do you plan on approaching the market?
8. How much are you willing to take in exchange for your product or service?
Change is constant and business models are not set in stone. As the business grows, you may find a need to make changes to your operational model. These changes can be influenced by trends of your chosen industry, a different target audience, market needs, etc.
You might say you know not how to design or create a business model, life is made easy by business consultants cut out to do the job. Consulting one will cost way less than it would if your business ends up folding up after a short period of time.
If you are one of the great percentage that have decided to delve into entrepreneurship either full-time or part-time in 2016, it is advisable you start the journey the right way. Next time, we will focus on other aspects involved in creating a business plan.
Make 2016 your best year yet!
Spread the word… It’s a #Deliberate2016.
Article by:
Osatohanmwen Omwanghe
Director, BICEPS
+2348130910375
osato.omwanghe@gmail.com
#BusinessPlan
#BusinessModel
#BusinessRuleBook
#Deliberate2016
#JIBBusinessCorner
1 comments
Nice post. I think B plan is an important document for your startup. We have helped various clients by making right business plan and impressive startup investor presentation for them. If you are also looking to be an entrepreneur and need professional business plan for startup and pitch deck then contact us soon. We are always ready to help our clients.
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