A business plan is very important for every business owner as a pitch can come up at anyt, time or you might meet an Angel Investor, you have to be ready at all times.
- Title page: Start with name the name of your business, which is harder than it sounds. You can check @createit.ng on Instagram; they help in creating legally accepted business names.
- Executive summary: This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now.
- Business description: What kind of business do you want to start? What does your industry look like? What will it look like in the future?
- Market strategies: What is your target market, and how can you best sell to that market?
- Competitive analysis: What are the strengths and weakness of your competitors? How will you beat them?
- Design and development plan: What is your product or service and how will it develop? Then, create a budget for that product or service.
- Operations and management plan: How does the business function on a daily basis.
- Finance factors: Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?
For each question, you can spend between one to three pages. Keep in mind, the business plan is a living, breathing document and as time goes on and your business matures, you will be updating it.