Business Plan made easy

A business plan is the blueprint of a company or a document that provides the foundation for running and maintaining a company. It clearly defines what and how to achieve a business goal. It spelt out how several components will work together to achieve the desired organizational goals. 

 An entrepreneur needs to consider several factors when designing a business plan. The primary considerations are as follows.

1.      Passion, Interest and Experience

We all have passion, interest and experience. The issue is that most people ignore the business side of their interests. Imagine a man that people frequently call to help them solve a problem in the community; if this is done regularly, that's an avenue to consider starting a business. It means that the man can create solutions that require him to employ others. So, aspiring business owners need to identify and itemize their passion, interest, and experience capable of solving societal problems and, in the process, help them to make money themselves. Think for a few minutes and write down your passion, interest and experience in the business plan you are working on. 

 2. Business Opportunity side of your passion and interest.

There is an opportunity to make money from your passion and interest if you pay attention. Imagine a man with a passion for writing who consistently shares his experience. If consistency comes to play, there is the possibility of transforming passion and interest into money-making ventures. There are online writing platforms where you can write and earn income. A good example is Fiverr, where you can write in exchange for financial benefits. When drafting your business plan, it is

essential to look at the business side of your passion and interest before you

create your products or services. Let your passion and interest drive you to success.

 3. Competitors

Life is about competition, and healthy competition is valuable to personal growth. Let's look at a football team. They compete, and the winning team gets medals and sometimes financial rewards. The same thing always plays out in the business and corporate arena. There are market leaders in all industries, and every market leader was once an amateur. They work their way to the top through a simple and actionable business plan and outweigh the competitors. 

In the business plan, you will need to identify your competitor and what they currently offer to the market. Based on your answer, you develop strategies that will help you deliver more effective solutions.

 4. Customers.

A business without customers will eventually die. It is imperative to get an assurance from potential customers of your products or services that they will buy from you when you start your business. 

One way to attract customers is to offer superior services, and access to your company and products should be easy for potential clients. Let me ask you a question, would you buy a low standard product or high-quality products or services. The answer is obvious. You will prefer high-quality products, though it may depend on how much the customers are willing to pay for them. It is also important to note that every customer wants to be treated like a king, and it will be nice if you assume the customers' mindset. Think and act like the customer. 

In the business plan, write down all the features and benefits of products or services that will provide a superior solution to your customer's needs. 

 5. Service or product needs of customers

What kind of solutions do you intend to offer? Do you think what you are offering is not already in the marketplace? If so, what will you do differently? You need to remember that customers won't buy from you if your products or services fail to solve their problems. Customers buy from the brands that will help them solve their problems. Your business plan should list how your products and services will solve customers' problems.  

6. The Price.

In the business plan, it's necessary to determine the price you will charge for your products or services. A great way to achieve this is to survey the market and confirm how much price competitors charge for their products. This will guide the entrepreneur in fixing the right price. It is advisable to set something not too high and low if you are new in the industry. Build your brand and gain a reputation. Consider using the average price that's obtainable in the market. 

 7. Finance

Finance is the backbone of the company. It will be interesting to consider how you raise funds for start-up and expansion when designing your business. Most start-ups rely on their savings and loan from family and friends to start their business. When the company begins to stabilize, the owner may consider securing a loan from financial institutions. Fund management is an essential part of business management. It is crucial to mage the business fund properly and don't combine personal and business funds together. 

 8. Marketing and Communication

A company without proper promotion strategies will struggle. It is essential to design a workable digital strategy to support the company at a different growth stage. Use online and offline marketing and communication strategies to reach out and expand your followers. Convert followers to customers through a careful and systematic process. 

 9. Business Assessment

Consider a proper evaluation of the company at regular intervals. Also, external evaluators will add more impetus and development to the company.  

 Thank you for reading, and kindly leave your comment below.