As a business management student, one may require writing business plan for better understanding of how to put business idea into action. The student needs to have clear understanding of what he wants to extract from the business plan and how he can have an action plan that entails from the business proposition in place.
What is a business plan
A business plan is a written document that describes what you plan to do through your business and how you achieve it. A sound business plan is one that has a scope for dealing with contingent situation too and provides the business owner ample tools to keep sailing even when the rough times are around. You have a starting point in mind and then you have an end point. Your way to reach from the start to the end is clearly chalked out in a business plan.
Your business plan is a mirror image of your vision and there is no way you can falter with it. Getting a lot of support in terms of finance and social acceptance depends upon how you perceive your business as a problem solver and how it will work towards improving the quality of life of its clients and other related entities.
How to create a business plan with a definite structure
Writing a business plan requires clear and logical thinking. A clearly written business plan has a definite outline. Listed below are few sections that outline a business plan in a logical manner:
- Executive summary : Executive summary is the highlight of a business plan. It can be divided into:
- Purpose of the business and its relevance
- Opportunity for it to make profits
- Business management heads
- Your past performance
- Financial goals
- Sources of fund and revenue generating possibilities
Your executive summary provides food for thought to the investors and so it must be written in order to show the funding partners how they are going to maximize profit from the business.
- Background of the business plan: You need to explain what prompted you to put the business idea into action. What was the scene amongst consumers before the start of the business and how much work has been done by the core competitors in the past. You can also explain what existing players lack and how your business can plug the existing loopholes.
- Concise and clear explanation of the product or service: Explain very clearly what your product or service is. Also, try to fit in to the content some counteractions which your product may face while mentioning conditions where your product may not deliver. Mentioning weakness shows how transparent you are in your approach.
- Industry study: Once you are through with explaining about your product, shift the introduction to the bigger picture. Give introduction of the industry to which your business belong and evaluate critically how the industry has been helpful in creating economic value in the country.
- Competitor Analysis: It is important to see the work of the competitors and include your observations in the business plan. Explain how similar or different you are from your competitors and why your business is needed amongst the competitors
- Sales and revenue plan: Explain in your business plan the sales model that you plan to follow. Sales forecasting allows you to design the production policy and thereafter, complete business process comes into the picture.
- Point of sale: You include in your business plan how and where you propose to sell your product and service. Will it be available online or will you be choosing phones and e-mails to market your product? Do you have plans to open a showroom or an office too?
- Mode of operations and workforce analysis: You mention in detail the business plan execution process. Visualize the work force required to carry out your business and analyze the role and utility of each kind of worker. Explain the job descriptions of prospective employees and how they will contribute to productivity.
- Risk assessment: You need to be quite real in approach while writing the business plan. Thus, there has to a section for assessing the risks involved. Investors should be informed very clearly of the risks involved and there has to be a solution available for managing the low phases of the business cycle.
Challenges involved in writing a business plan
How to write a business plan is a question that bothers many management students. They have just entered the management studies program and are not much conversant with the way things work in a university environment. Their planning skills are not so sharp and there is dearth of analytical abilities too. So, the business plan writing proves to be a challenging task to the students because of the following reasons:
- Lack of confidence
- Lack of knowledge of various industrial sectors
- Poor writing and presentations skills
- Inability to use professional terms
- Need to master language as well as presentation styles
Business plan examples worth considering
Examples give you a better idea of how your business plan matches the requirement set. A variety of examples fit for various industrial sectors are available. These you can use to base upon your business plan and have a better understanding on how to write an effective one:
1. Food and Beverages Industry:
- Cafe House Business Plan - Cafe Confidental
- Non-profit Food Chain Business Plan - Food Court at Missionary Compound
- Bakery and Confectionary Business Plan
- Coffee House at Hospital Business Plan
2. Retail and Online Store:
- Discount Store Business Plan
- Multi-speciality Retail Store Business Plan
- Art Supply and Fancy Dress Supply Business Plan
- Woolen Clothes Retail Outlet Business Plan
- High end clothing Business Plan
3. Service Industry:
- Insurance Broker Business Plan
- Wireless Services Business Plan
- Gift Delivery Service Business Plan
4. Medical and HealthCare Industry:
- Cancer Hospital Business Plan
- Super-specialty Hospital Business Plan
- Multi-speciality Hospital Business Plan
- Mobile Dispensary Service Business Plan
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