LRVMotivation.com

Business Plan Guideline / business plan process

Business Plan Guideline / business plan process

It's not vital that every business idea becoming a success in the future. Of course, many people have business ideas but the big question is do they have what it takes to survive in this fiercely competitive global marketplace?
if you have a unique business idea, it’s helpful to create a business plan to guide you.

What's A Business Plan

Basically, a business plan is an overview that describes details of your business and how you achieve your goals. It brings the services of your business to the marketplace, competitive market analysis, organizational structure, what funding you’ll need and what your financial projections are.
A business plan is the best way to determine whether or not your business idea will have headway on startup. It clearly outlines what sets your business apart from competitors.

Business plan guideline / Business plan process

2.1. List out what sets you apart.
Before Writing or drafting a business plan, Your need to know the weakness of your competitors to see where in lay their weakness. You can capitalize on their weakness, resulting in more superior service. If you are planning to venture into the cosmetic business, for instance, then you need to state what makes your outfit different from other cosmetic stores already in the market.
Always keep this thing in your mind, You are promoting your products, services, and your brand together.

2.2. Be concise

All modern business plans are short, concise and straight to the point. While you might want to include results of your market research, narrow it down to the products and/or services you plan to offer, and outline your marketing strategy.
You don't need to add every detail in your business plan. Only write the most vital aspects of the idea. All other details, You can keep in a separate file for your further use. So learn to be concise and precise.

2.3. Proper Formatting

For making an easy sequence to do jobs you must need to make a properly formatted your business plan. Try to use headers and bullet points where can use. Also, highlight or write in bold letters key terms your want the reader to take away.

2.4. Update your business plan regularly

Updatation of a business plan is the most important step. update your plan or make changes according to an environment of your related market.

Why we need a Business Plan

Of Course, It's there is definitely challenges and difficulties and at that point in your business plan when you going to convert it from the plan into reality. Your innermost strength will be put to test here.
But, you must have to keep going. For this, these few points may helpful for you,

  • Proper planning of your business plan.
  • Try to make an undying commitment.
  • Fact is the two works hand in hand.

Business Plan Format

  • Tabel of Content

    Though it’s among the first pages of the business plan, it should be the last thing you write. This will help guarantee that all page numbers are correctly written. Table of contents helps readers locate each section easily.

  • Executive summary

    This is perhaps the most important part of the business plan format. The executive summary can make readers decide whether or not the business plan is worth the time. Just like the table of content, the executive summary should be written last. Basically, it’s a summary of the critical parts of the comprehensive business plan. Also, it should be no more than two pages.

  • Company Overview

    This section provides a well-detailed overview of the business and what it will do. When writing this section, use only simple, concise and easy to understand language. Also, explain any industry terminologies in clear terms.
    This section may include:

    • Name of the company
    • The legal structure
    • Business history, If any
    • Business objective
    • Mission and vision statements

  • Opportunity

    You don’t need to say much about the business in this section. Odds are you probably want to write as much information about your business as possible into this section, but you have more opportunities to delve into more details further on in the plan.
    This section should focus on describing the market. Why is it a popular market? What kind of service are you offering? State in detail what opportunities exist in the industry and why it is so popular. To make your points more clear use of figures and statistics.
    This section also addresses the questions that pertain to target market, product distribution and marketing activities. Furthermore, it should explain how the business is going to make a profit.

  • Market Analysis

    You should be more acquainted with every aspect of the market. By doing this, you can be able to define your target market.

    • Industry

      Outline the forces that dictate the market operations. What are the factors that affect new entrants, how powerful are the customers and how competitive is the market?

    • Market description

      Describe the market in which you will operate. This part should address issues such as total market size, market growth rate, and market trends

  • Market Strategy

    You must have keep information about what your competitors are doing and what type of services customers wants at the current time.
    Prior to positioning your business, you first need to understand the position of your competitors and what makes your product and/or service a standout. Does your product meet the most pressing needs of your customers? Of course, the research work you’ve done previously will provide answers to these questions. With that, you can develop a well-crafted positioning that gives you an edge over your competitors. This part only indicates how you want your potential customers as well as your primary competitors to perceive your business.

  • Management and Staffing

    At this point, you’ll give brief details about each individual involved in the business. A summary of the management team comes first in which you’ll list their area of expertise, previous experience, qualifications and their key role in the business.
    This section also points out the specific skills and qualification requirements before any individual can appoint roles. An organizational chart will come in handy in this aspect. Also, you need to state different activities including training and recruitment that will have to take place to guarantee that you have only the best hand working with you.

  • Marketing and sales plan

    It is about promotional strategies. How you advertise your brand? It is however impossible to achieve your business goals without a proper marketing strategy.
    A detailed marketing and sales plan gives readers a clear idea that you know the right way to reach your target audience. At this point, you need to put on your thinking cap, outline the many different marketing strategies and choose the one that will deliver maximum result. Your primary objective is to sell your products. So how do you do that?

  • Operational plan

    Some of the consideration plan include:

    • office space

      Do you want to lease office space or use a home-based office for a start? If you’re renting an office space, provide a breakdown of the liabilities and costs involved.

    • Equipment

      List out all the equipment you’ll need for a start (both in the short and long run). How much does the equipment cost?

    • Licensing

      Prior to running your business, you need to get a license. And for every business, there is a specific license. So explain the license peculiar to your business.

    • Insurance

      Every business regardless of how big or small needs to be duly insured. This will give not only the business extra protection but also customers the peace of mind to do business with you. Explain the insurance policies that are best suited to your business and costs of policies.

    • Production

      Describe what the business will do to fulfill orders or deliver its services.

  • Financial Plan

    This is the last things in our business plan, but that doesn't make it any less important than other sections. In fact, it is the base of the business plan. Basically, your financial projections should include an income statement, cash flow, profit and loss statement, break-even analysis and a balance sheet.
    Potential investors usually take these projections seriously, so it’s important to put in more effort. If you don’t have an accounting background, contact a professional accountant to help with this section. The financial section indicates whether or not the business can be able to stand the test of time in the highly competitive global marketplace.


    These are some important points to put in place when you write down your business plan. Do thorough research and be realistic with all projections. and after that review and proofread the business plan to check for any spelling or grammar error.