Business the activity gives a person good prospects just like a good admission essay enters the doors of the desired university in front of a student. However, without knowledge of the market and the chosen niche, estimates of future costs, and financial parameters, you can only not go to the level of the plan for the past and in the dust. The development of a business plan for the future project will help to avoid this. This is an important moment, having given it enough time, a person will be able to enter the market with the necessary knowledge.
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Business plans are papers that display a complete program of what needs to be done to implement a new project. In it, the project itself is mandatory, and the medium of implementation is assessed. In the course of creating a business plan, the business person chooses effective methods of managing his own business, which should help to keep the energy at the same time.
Working in a specific niche requires special knowledge and skills from the business. The development strategy also depends on the level of competition, the format of the company. All of this is reflected in the business plan. By working through each step, the operator will create a competitive and reliable behavior model.
At the heart of any business plan like in any academic writing is a definite idea, be that the opening of an own restaurant or the implementation of products. And so, as the business plan is clearly compiled, it will depend on the understanding of 3 things:
● What is it today? A person who has never worked in a business or a specific niche has much less knowledge than an experienced business person. Such people should clearly understand what knowledge they lack, what size of start-up budget they have. It would be a good idea to analyze what you have in order to implement the idea, a place (for example, to use a garage as storage, to use one's own plot of land to plant vegetables and fruits).
● What will be the final result? This is not an abstracted idea about the presence of wealth, real estate, and apartments. It is important to set a specific goal: for how long and for what volume of production/service you need to get out, what should be the profit. You can also strive for a specific position in the niche, of course, the brand.
● What do you need to do to go from what is now to the final result? Ideally, there should be a clear plan of action. A person should assess the size of the necessary investments, understand what difficulties can be found on his path. From here it is possible to refer to the definition of marketing strategy, the creation of a production plant. It is imperative to pay attention to the specifics of doing business (whether you need licenses, certificates, permits, whether there are grants from the government).
Clearly knowing the answers to all questions, a person will be able to create a business plan in English from scratch, reflecting the realities of the chosen business
What business plan is needed for
A person who has been working in a certain sphere for many years, like a writer who has been writing for many years, therefore, can evaluate his/her capabilities without a business plan. For a newcomer, starting a business without a clear sequence of actions with the greatest likelihood will mean that there are no ideas.
The development of the business plan will allow the future employer not only to understand the specifics of work, but also to evaluate the situation on the market, to develop the traffic. The act of information is one of the most important principles of planning. If the data are out of date, its use will not bring the person to success.
Sometimes experienced businessmen come to form a business plan. In this case, they use it to attract investments, receive financing from banks.
Depending on the purpose of the state of matters, the business plan is divided into two types:
External. It is developed for the owner or employees of the company. Its structure, as a rule, is occupied by the business itself. The finished plan is used for strategy development, management solutions, and risk avoidance. In the long run, it will allow you to think about the possibilities of further development.
External. Its main task is to convince investors to invest money in the project. Much attention is paid to the financial component of the idea, how cheap it is, how much you need to invest, when the funds are returned, how much you can earn from it. Sometimes a business plan is drawn up before the sale of its subsidiary in order to emphasize all its positive sides and the financial benefits of the purchasers.
Essentially, the projects will be slightly different, however, in both cases, you have to apply a little effort and time in order to obtain adequate results.
Business plan experts assignments
The finished business plan has to solve a number of important tasks. The structured document, compiled on the basis of active data, will help the receiver in solving the following questions:
● formulation of the goal, strategic plan for its achievement, forecasting the result (can be given in short, medium or long-term);
● determination of target auditing;
● the correct choice of the market segment (in the end, this will allow formulating the cost of products/services, to understand the wishes of customers and their expectations);
● evaluation of the competition and the development of personal benefits (it is important to study the situation not in the whole country, but in a particular region or even a city);
● determination of the accompaniment of goods or the list of provided services, the development of their characteristics (form, etiquette, composition);
● calculation of costs associated with production, directly or indirectly;
● the choice of a marketing strategy in matters of promoting the products (who, where and how to sell), the establishment of an acceptable price;
● determination of financial results (ratio of incomes and costs), size of potential profit, rate of operating efficiency, level of efficiency.
The presence of a similar business plan will allow not only an approximate estimate of their capabilities at the start but also clearly to act during the implementation period.
Functions of a business plan
For many entrepreneurs, the development of a business plan is exclusively associated with the planning of their own investments and potential profits. In fact, there are a lot more functions:
● comparison of expectations with real indicators (already after the implementation of the project, the entrepreneur can estimate, as soon as he made the calculations correctly)
● creation of a strategy and concept for work;
● calculation of financial indicators;
● add-ons
Sometimes the final result can not solve some of the tasks presented. For example, if the employer does not plan to attract financial means, then the business plan from this point of view will not be of interest to him. In the document, he will highlight other questions.
Types of business plans
All the different types of business plans, depending on the purpose, in a broad sense can be divided into the following categories:
● for obtaining investments - needed for attracting investors (necessarily includes in the analysis of the market, a clear marketing strategy, goals, production, and production);
● for an enterprise - it is gleaned in what the organization will be engaged in (what problems with this can arise and how to solve them, has to reflect the strategy of work, management structure);
● For obtaining credit - the main task is not only getting money from a bank or other creditor but also execution of an agreement on the most favorable conditions in the form of reduced percentage rates, individual payment schedules, large amounts of money (it is important to prove not only the effectiveness of the idea in such a business plan but also to show one's own ability to pay and experience);
● to obtain a grant - it is important to show the social direction of the project, since charity funds or governmental structures are often grantors.
The form of the business plan will be slightly different depending on what the owner will be doing. Perhaps, the most difficult is to create a strategy for the production sphere.
Here you will need serious calcifications, reasons, and you will also need to create samples of ready-made products, compose and estimate of products among the target audience.
Key components of the business plan
Creating a personal business plan from scratch is hard and time-consuming work. The importance of each of the points is assessed by the business owner himself, depending on the sphere and the specifics of the case. If there is a concern about driving on investors, then the business plan must necessarily have the following components:
● The relevance of the idea. If you are looking for a product or service, then it is important to highlight its competitive advantages, demand, and targeted audition. This principle is also called "wow-factor", since it is intended to make an impression, to convince the efficiency and prospects of ideas.
● Ready marketing strategy. It is important to convince the investor that the owner has a specific plan for the sale and the finished production distribution. It is necessary to write down the model of interaction with wholesalers or those who buy in retail because without well-established delivery systems and customer engagement, even the products of the highest quality might turn out to be not relevant in the modern world.
● Management efficiency. The person must convince the investor that he does not only have to create a strategy but also to work with people, a person. It is important to show that for the implementation of the project, professionals have been selected for their business, each of which will perform the function assigned to it.
● Financial results. No matter how good the project is, the investor, first of all, evaluates it from the point of view of monetary benefits. He wants to know exactly how much he will receive in total and how soon, what will be the risks of ideology and ideas as a whole. It is important that these predictions were not too difficult to understand, the information will be presented more simply and clearly, so there are more chances for raising funds
Of course, these are not all questions that are solved in the framework of the business plan, but it is the experienced investors who pay attention to them.
Who should make a business plan
Uncommonly inexperienced employers assign tasks to create a business plan to other employees of the company or ask for assistance. This decision is wrong since no one other than the business owner is interested in the result either.
Investors at the stage of negotiations also pay attention to how much the business owner is involved in the development of the idea. If he has no concept of the specifics of the business, then hardly anyone is investing money in his business.
However, the engagement of specialists can help to reflect the picture more realistically and clearly. You can consult a specific employee of your company or take a consultation from a professional.
What's better: write yourself, make orders or buy a ready-made business plan
It’s not easy to make a business plan well for a newcomer, s/he has not only to dive into the structure of it but also to learn the conditions on the market in a certain area. Moreover, for production activities, you will need to become familiar with the technologies, established standards, and the mass of important documents. In such a situation, a person often wonders whether it is worth doing it himself or whether it is possible to buy a ready-made business plan, order the content. Each of the options has its own characteristics, advantages, and disadvantages.
When looking for an investor, it is very important to create a relevant business plan. People wishing to invest their money will not be interested in working together if at the same time they understand that they have something to do with an unprofessional. It is a great opportunity for students to let professionals do the job.
How to make the right business plan
There is no regulation as to the structure of the business plan. However, there is a typical form with its own points. Quite often, some of them can be excluded due to the specifics of the chosen niche. It is not necessary to follow these points strictly. The main thing is that the study should be useful for the business owner. The possibility of its use in practice is one of the main factors of success.
It is necessary to start with the definition of a niche, a specific business idea, and ways of its implementation. By the time the action plan is completed, the idea will be "processed" with new nuances and details.
For example, a person wants to open a bakery. In the course of research, the market, and competition, he finds out that it will be quite difficult to find customers for ordinary bread. As a result, the owner decides to produce fitness or eco-bread, since this niche is practically not occupied in the area.
It is also possible to adjust the volume of production, technology, place of sale, the strategy of engagement.
Before describing your idea in the business plan, you need to evaluate the market and develop a strategy. In this, SWOT analysis is excellent. This strategy of strategic planning will allow you to collect all available information together. It is not difficult to work with it. The results are clear due to the presentation of information in a tabular form, where they are limited:
● strengths;
● weaknesses;
● opportunities;
● threats.
Moreover, the strengths and weaknesses are related to the factors of the internal environment and the opportunities and threats are related to the external ones.
SWOT analysis is a universal method for assessing a situation. It is based on the business plan and development strategy. A similar technique and effective tools are used to increase the efficiency of work and minimize possible risks.
What sections should be in the business plan
When looking for a step-by-step business plan, the business owner asks himself what sections should be there. The structure can change depending on the sphere and the specific idea. In general, the document plan looks like this:
● title sheet;
● summary of the project;
● positioning of the main goals;
● industry analysis (and it is better to include industry analysis in a certain region);
● possibilities;
● description of goods/services;
● marketing plan;
● production plan;
● organizational moments;
● financial component;
● assessment of possible risks;
● annexes (to illustrate the idea).
Basic mistakes
when making a business plan
The most common mistake in the creation of a business plan is that the business owner does not determine whom he provides information with:
● In the business plan for yourself, you can take into account, for example, that in free from work time friends or staff will help, that you may use your personal laptop;
● In the business plan for investors, all expenses should be clearly recorded and justified, precisely - it is one of the most important components. This is not the only mistake that people make when making up a business plan. All of them are usually divided into several types:
● technical (incorrect processing of information, use of unreliable facts, errors in calculations, lack of important information, outputs);
● conceptual (appear due to lack of experience in the business sphere, lack of knowledge of technology or their failure);
● methodological.
Conclusion
The development of a business plan is not an easy task, with which all the new businessmen are faced. It is important to relate to its making as seriously as possible as an expert. The correctness of the calculations and the accuracy of the strategy will not only determine the success of the business, but also the preservation of one's own and others' investments.
