How to write a business plan
Now that you have done thorough research about your business, it’s time to write it down neatly, and draw up a business plan.
A Business plan shows other investors, people (and yourself!) that you have thought about your business and that you have taken everything into consideration.
If you want to borrow money from someone and they’re hesitant to help you, you can show them your business plan and try to persuade them that you are serious about your business and your money plans!
Answer the following questions and then copy the answers neatly on a separate sheet of paper. You can also rewrite the questions and then write your answer under each question – this will lay out your business plan.
- Name of business
- Description of business (What does your business do?)
- From where will my business operate?
- Who is my market?
- Where will I find my clients?
- How will I deliver my product/service to them?
- How is my product manufactured? (How much time does it take? How many people do you need to help you? What will you pay them?)
- How will I advertise?
- How much money do I have available?
- How will I get money?
- How much money do you think you will make?
- What is the worst thing that can happen to the business?
- What is the best thing that can happen to the business?
- Plan the year ahead. Set a short-term goal for yourself (that which you want done in a few months) and a medium-term goal (that which you want done in a year’s time).
- Where do you see the business in five years’ time? (This is your long-term goal.)