The Business Plan 2023. A business plan can be a dynamic document that creates a roadmap to the process of starting a new business. The plan will help you to understand the cost of your business also the location of your business. Also, it will structure the whole business idea on how to make your business profitable.
The business plan is the summary of what any business intends to sell. The resources (money and materials) you need and how the resources expect to acquire, Who will manage your business, and what profits you may expect.
The main function and advantages of a business plan 2023
- It can help you to decide if you need a loan or not.
- It also helps you to see what needs to be done and when.
- Help you to decide whether your business idea is good enough to spend time and money on, or whether you should search for a better idea.
- It is a good way to explain your business idea to others for example if you want to apply for a microloan you must have a business plan.
- Convince your business partners to supply materials or services.
Some basic conditions for a business plan writing
1. Know your target customers and establish their needs: Consider your customer profile ( age, gender, location). Never produce a product/services that no one has any interest in buying
2. Know your competitors: Identify major competitors and study their business. Also study their products, services, and sales fund. This will help you differentiate yourself from them and create a unique selling proposition ie. Do not copy what is already there.
3. Know your pricing: What is your ideal price point? Study what price competitors are using. Once you have started price testing, different price points for each service/product. This will help you understand which price point is ideal.
4. Choosing your market channel: Find the one that best suits you. The one which reaches many of your potential customers would be best to start with. Identify potential sources of the loss, know them and see how you can overcome them.
1. Cover page
- Name, address, and phone number of your business. Give your plan a professional appearance by printing it on high-quality paper. If it is a company the following information should be given:
- Name of company
- Company address
- Company phone number
- Logo ( if you have one)
- Names, titles, and addresses of owners
- Month and year in which the plan was completed.
2. Table of contents
This is optional but it adds to the professionalism of the business
3. Executive summary
This is a brief one-page summary representing the various sections of your business plan.
4. Business background
This should include:
- Business concept, what business do you want to establish, and state when was it established.
- State its features and potential benefits for customers and society
5. Vision, mission, and objective of the business
Where do you want the business to be in the future? How will you get there?
6. Competitive advantage
Why the product/service is better than competitors?
The product or service can provide a competitive advantage by offering customers low prices. 1) Greater benefits/services 2) Uniques customer care 3) quality services or products 4) Quality services or products 5) Faster services delivery and new offerings which might otherwise not be available.
7. Management structure and organization (operations)
Describe how you will arrange your business. Put down your management strategies clearly. Funders are exactly not ready to fund a person with poor business management skills.
8. Risk control strategies (Risk management)
9. Marketing plan
This section explains how you are going to sell your product or service
- Marketing is
- The customer who needs what you are selling
- The customer who is able to buy what you are selling
- The customer who is willing to buy what you are selling.
- Marketing: this is the process of letting people know about your product/services. This can be achieved with the 4P’s of marketing
- Place at which is to be sold
10. Financial plan or Investment
How much has it been invested in you? Profit projections
So now we know how to write a business plan for 2023.