A business plan is a descriptive document providing details about the nature of the business, objectives of the business, the marketing and advertising strategy, sales strategy, growth plans, budget, financial investment, prospective growth and profits. It is a guide book showing the path to the business to achieve its objectives and avoid any obstacles in reaching its goals.
Business Plan involves the following
* Executive summary: The business goals and plans as to how to achieve the goals are mentioned in the business plan. It may also include company information, mission statement, growth highlights, products, services, financial information and summarize future plan.
* Company description: Nature of the business, target consumers, products etc. should be included here.
* Organization & Management: Describe the best organization structure and management selected for your business in the business plan.
* Marketing and sales: The marketing plans, market penetration strategy, growth strategy, channels of distribution, communication strategy all should form part of the business plan.
* Financials: Mention the historical financial data of any other established business you own. A prospective financial data should be prepared to show the creditors for funding. Projections and forecasting of incomes and expenses should be done appropriately to take future decisions.
1. Be clear: Research and decide on the products and other sale plans for the business. Check the market and then select the product as per the market needs. The marketing strategies should clearly target the consumer the appropriate consumers to increase the sale and growth of the business. If you plan to start a bakery or a hotel, be unique and creative so as to face the competitors and survive in the market.
2. Strategize: Planning is very important as it will help you to take proper decisions and face problems smoothly. A good strategy will always create an impact and help in achieving the goals of the business.
3. Create your niche: Creating your niche in the business is very important to gain success. Take the right opportunity to target the customer and create an impact on them. This will help the business to establish its existence in the market.
Tips for a business plan:
1. Be realistic: Be honest in making a business plan. Consider all the challenges and opportunities that can arrive during the initial years of the business and your strategies to cope with them. Be as open as possible.
2. Be creative: The business plan should be creative and unique. It should be different as compared to others. One can use different templates to elaborate and explain certain points. Visuals: The use of charts, graphs, maps etc. always add a plus point to the business plan. But do not overdo it and place them wherever needed.
3. Language: The language should be simple and easy to understand. It should be up to the point and not unnecessarily run into pages.
Points to be considered when making a business plan for a bakery or hotel
1. How much space is needed?
2. What will be the cost of the space?
3. Is there any flexibility for expansion?
4. What all equipment’s that will be needed?
5. What will be the cost of installing the equipment
6. Are there any need of vehicles for transportation?