Often times, when people come up with an idea they think would make a good business, they just jump right in without first carrying out the proper research or asking the appropriate questions. They don’t even have a strategy outline on how to make the business sustainable. They just rush in and become “wannabe entrepreneurs”.
Every budding entrepreneur with the intent to succeed first off must have a concrete business plan. Contrary to what many may think, (and why they fear to write a business plan), this document is not a top-secret or highly classified file filled with so many incomprehensible writings. Instead, it is a basic document that has in it, your business goals, reasons why they are achievable, strategies to achieve them etc.
A well-thought-out and drafted business plan show your potential investors or financiers that you are not only a professional but also ready to go into business. This makes them trust your business with their investments because from your business plan, they are able to see how they would get back a healthy ROI.
So how can one write a business plan?
This layout can serve as a guide:
- Single out the problem your business solves. In other words, use clear terms to describe how your business solves this problem.
- State how your business is unique.
- Mention your key stakeholders.
- What is your market size?
- Identify your target market.
- Boosting your business
Once you can get all these stated out, you have a business plan.