A business plan can be likened to the heart and life-wire of a business. Without it, a business cannot survive some inevitable setbacks. Anyone who is serious about his startup or expansion needs to have a well-crafted business plan that depicts his modulus Operandi. Without much ado, we will show you how to write a business plan, the essential information to be contained in it and provide a sample business plan written by Business yield Consults.
You can download the resource later on as a guide to writing a business plan.
Before we start on how to write a business plan, we need to find out first what a business is.
What is a Business Plan?
A client whom I was working it argued that a company does not need a business plan. He sighted instances of companies he knew that did not have a business plan. After proper evaluation, we found out that he did not really know what a business plan was.
Now let us break it down.
A business plan is a document with every crucial detail of business operation and growth plan. As a result, it covers what you are going to sell or produce, the structure of your business, your vision, how to sell the product, how much funding you need, information on financial projections, basically everything your business needs to thrive.
Doesn’t this sound like just a written-down plan? That is a business plan simply put!
It actually guides you through each stage of starting, managing and expanding your business.
The mistake most people make whenever a business plan is talked about is that they think a professional business analyst needs to write it. That is actually true but not entirely.
Insofar giving it that professional touch makes it more comprehensive, it doesn’t dissociate the fact that you can craft out a guide in which you can follow to run your business.
Benefits of a Business Plan
There are numerous benefits you as an entrepreneur can gain from having a business plan.
Firstly, think of a business plan as a GPS. It helps steer your business in the right direction.
In addition, having a business plan does not guarantee success in business. Absolutely not! But great planning often is the difference between success and failure
What a great business plan does is that it helps you succeed. It sets the stage for your entrepreneurial success.
See Also how to choose a business name. You require a business name before writing a business plan.
Who is responsible for writing a business plan?
Any individual or a group of individuals who start a business is responsible for writing a plan though one can choose to hire a business consultant
It’s important to remember that this is not a document for internal use only. On the contrary, it is a promotional document that will undergo constant updates and changes. As your business grows and market condition changes, the business plan also undergoes changes.
Keep in mind who you wrote it for (investors, customers), in addition, write it in an easy-to-read language without difficult words and terms.
Basic Components of a Business plan
Why do you need a business plan? Did you know that a business plan can just be written to source for funds?
So, whether you’re building a business plan to raise money and grow your business or just need to figure out if your idea will work, every business plan needs to cover 7 essential areas and each of these components of a business plan is important and should not be left out.
Here’s a quick overview of each topic. We have an in-depth analysis of each in the sample business plan you will get later on in the post.
1. Executive summary
The executive summary is an overview of your business, vision, and plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though this because it is the summary of other components of a business plan
An executive summary is meant to cover the following;
- What sector are you in?
- What products/services do you provide?
- Who is your target audience?
- What does the future of your industry look like?
- What are your plans for the business?
- Who are the owners of your company? Backgrounds? Experience in sector/business?
- What motivated you to start your company?
2. Company description
It provides detailed information about your company, company structure, team members or who works in your company and what they do. Problems your business solves. Your company description is the place to boast about your strengths and competitive advantage.
3. Products and/or services
It includes information on the products or services you offer. This is also where you sell the benefits of your business. You elaborate on how your business is different and better than your competitors.
This section shows these;
- How much does it cost to produce? How much will you sell each piece for?
- Is there packaging?
- How will the client purchase the product?
- What system will you use to bill them?
- Are there extra costs in getting it to the customer? How will it be transported?
4. Marketing plan/analysis
This section shows how you plan to reach your target market, how you plan on selling to those target markets, what your price plan is, and what types of activities and partnerships you need to make.
In getting your market analysis and plans right, figure out how to go about advertising, and also distribution medium.
Find out how to create a winning marketing plan for African businesses.
5. Operational plan
When talking about operational plans, we mean the day-to-day activities of the company. It explains the;
- Location/Logistics of your business
- Transportation if you are into sales
- Legal — Do you need a License? Do you need to join a union or other professional organization?
- Inventory — if you’re selling a product, where will you need to store it?
- Providers/Suppliers/Freelancers — Detailed contact info/pricing for anyone you’re outsourcing to.
The idea is to paint a visual picture of how your company will work. Consequently, you can even include a photo or video showing it.
6. Organization and Management Team
What forms this section is a hierarchical chart leadership. It involves a list of positions and functions of each integral member of your business.
You also need to describe any steps for your staff to expand. Here is a tip, reflecting it in your financial plan, discuss any new hires you want to make and why. Your business plan isn’t just about where your company is, but where it’s future is headed.
This section helps you evaluate the skills, experiences, and resources your management team will need. Addressing your company’s needs during implementation will make a major impact on your chances of success.
7. Financial Plan
Your business plan isn’t complete without a financial forecast. We will not tell you what to include in your financial plan, but you’ll definitely want to start with a sales forecast, cash flow statement, income statement (also called profit and loss) and your balance sheet without forgetting your start-up costing.
Provide a financial outlook for the next five years. Include capital expenditure budgets. For the first year, be very specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests.
This is a great place to use graphs and charts to tell the financial story of your business.
A Business Plan Sample
A typical business plan usually consists of at least 15 pages.
However, we will give just a synopsis of a business plan written by Business Yield Consults.
The full document can be downloaded later on in the post.
Business plan sample
MARKET ANALYSIS SECTION (Excerpt from our business plan sample)
The market for luxury services such as Taxi services is driven by the growth in the economy and the increase in consumers’ spending – in essence, as the general economy of a country grows, more people will have enough financial resources to patronize luxury services such as making use of taxi cab or hiring a limousine as against making use of public buses and trains et al.
Besides, revenue generated by the Taxi services company is driven by business and leisure travel. No doubt, the profitability of operators in this industry depends on good marketing and networking. As a matter of fact, small taxi cab companies can effectively compete with large ones because there are few economies of scale in this line of business. Research shows that the taxi cab services industry is fragmented: the top 50 companies account for less than 35 per cent of the total revenue generated in the industry.
Lastly, technology has indeed played a major role in this industry; especially in cutting cost and enforcing safety and monitoring measures. GPS car tracking device readily comes to mind. There is hardly any taxi cab services company that does not have a GPS car tracker installed on all their cabs. It helps them in monitoring their fleets and also in planning and budgeting et al.
• Our Target Market
Before choosing a location to launch our taxi cab services company, we conducted our feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings. Basically those who will benefit from our service offering are households, corporate organizations, travels and tour agencies, hotels and
Below is a list of the people and organizations that our taxi cab services are designed for;
• Celebrities and public figures
• Event planners (Car rental services for wedding and social functions)
• Travels and Tours Agencies
• The public sector; government ministries, agencies, and parastatals.
• Organized private sector
• Corporate Executives
• Business People
Our Competitive Advantage
The taxicab services business is easy to set up business especially if you have the finance and the ability to run and manage a business. It means that the possibility of a taxi cab services business springing up in the location where our company is located is high. We are aware of this that is why we decided to come up with a business concept that will
position us to become the leader in Owerri.
Our competitive edge is that we are a standard and well-equipped taxi cab service company that is positioned to handle both corporate clients and individual clients.
We can confidently say that the strategic locations we intend covering, the business model we will be operating on, ease of payment, wide range of highly reliable and comfortable cars, highly trained and courteous drivers and of course our excellent customer service culture will definitely serve as a competitive advantage for Diezel Taxi Services.
So also, we have a well – experienced and qualified team that can go all the way to give our clients value for their money; a team that is trained and equipped to pay attention to details.
For the time being, Diezel Taxi Services have competitors like URU and Taxify in Owerri, but cannot match compete with the quality of services we offer and our business offerings et al. Our customer service will be customized to meet the needs of all our customers.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (start-ups taxi cab services businesses in Nigeria) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
In conclusion, a business plan is very essential for any business that really wants to grow and expand with ease.
We have shown above an excerpt of a business plan sample. Use it as a guide in crafting a document that will be a roadmap for your business. Don’t want a generic business plan? You can also contact us to get a professionally written one here. Just make sure your business has a guide that streets its wheel in the right direction. Best of luck!
Free Example of a Business Plan
There are many ideas on how to start a business, how to go about funding if you are a start-up or had been in the business for a long time. But there are only a few or none on how to go about it. So, I decided to provide free examples of a business plan that will help one greatly as they navigate through their businesses, making it fruitful. The many processes of writing a business plan in seeking capitals.
When trying to write a business plan, it might seem like an arduous task to venture into. But there are free examples of a business plan to guide you through navigating the processes of writing a business plan. This is most especially if you are a beginner and there is no financial background to assist in your business. In some cases when you do have financial backings, there is always a need for a refresher on what a modern business plan looks like, how to go about it.
So it would not be a bad idea to get business plan. Well, every year there are new business plans ideas and what people want it to look like. They change over the years and the expectance of lenders and investors don’t remain the same every year. The processes do change, even if it had been for the last ten years.
There is an investor-approved business plan template for free example of a business plan. The template that also had been used by many universities including Princeton and Babson in teaching entrepreneurs how to start businesses. This had also been used by many businesses including 850,000 businesses in writing business plans for many reasons. These are including bank loans, venture capital, and angel investments, business expansion, and sales of the business. The template had been proven to work and will help in jump-starting your business quickly. It saves critical time and makes the planning of business easier to adhere to.
You can download the template below:
You have been worried about how to start? What is the main reason for you to begin with a business plan template:
By the abundance of many options of business planning, is the template the best place to start with? Though a good business plan template, can help very greatly in getting your thoughts organised. In this way, it provides guidelines, so one is not stuck, searching at a blank page as they figure out processes to follow. Well, it can give insight into the general layout of a standard business plan that will come in handy in trying to set up the business. A good business plan template will greatly assist in providing instructions for the many steps of your plan.
This will show one what an investor-ready and SBA-approved business plan would look like. There are different free business plan template that is available online to guide through. A lot of the free example of a business template online, trumps ones offered on sales by people who want to make money out of helping people, guide them through setting up their business plan.
These are including ones I posted the link above, to help you in moving forward on kickstarting your business. You can navigate through finding a business plan examples that are specific to your industry by searching our business idea generator archive where there are various types of business plans ranging from Fashion, Bakery, Fish Farm Business etc. Well in doing so, one has to be careful. Many people try to charge you for a free example of a business plan template.
Never be tricked into giving in cash to acquire one. Online, many free templates are available to assist you to get started on your business plan. If you need more than a free, seek and look into online business planning solutions like Liveplan. They assist in providing examples of a business plan template. In turn, they also help in customisation options than any other template will ever be of assistance. A lot of the free examples of a business plan are available to assist.
What about using a business plan template?
Many benefits which using a business plan template affords is depending on your needed situation and it might not necessarily be the absolute best way to complete your plan. There are still going to be many works involved. Not only do you have to complete the financial spreadsheets, but you have to do all the calculations yourself. You will need to get acquainted with the process to make sure you are in touch with all the numbers in the right places.
This is typical. And the instructional resources are limited to go along with a free template, so when you don’t know what you are doing with numbers, the process of writing the business plan isn’t going to be that much with a template.
And merging data from Excel spreadsheets into the word document is pretty harder than it looks. It is also hard trying to keep in touch with many things completely and up-to-date as you try to make changes to your numbers. This is also in integrating the right charts and graphs into your business plan. They are harder as they seem. But if you are new to the planning of business and want to get a sense of what a plan seems like or want to get the process begin quick, then try downloading a free template. Free template help in guiding you through. This is one of the great ways to get started.
If the template or any other template link provided doesn’t give the flexibility and main guidance you need to complete your business, you might want to take a glance at business plan software. Good software is including step-by-step guidance, video tutorials, automatic financial forecasting, automatical formatting, and chart creation with many more.
In many studies, it had been shown that good software can save hundreds of hours of work when compared to building a plan in Word and Excel. If trying to use the software is the right fit for you, you might spend more time starting your business and a few times when planning.
This is the outline of a business plan and how it are meant to appear on the business plan document. You can follow the process to get your business plan working quickly. It is simplified a bit to assist better in setting it up.
— Executive Summary
— Problem Summary
— Solution Summary
— Market Summary
— Why Us?
— Financial Highlights by Year [chart]
— Financing Needed
— Problem & Solution
— Problem Worth Solving
— Our Solution
— Target Market
— Current Alternatives
— Our Advantages
— Marketing & Sales
— Marketing Plan
— Sales Plan
— Locations & Facilities
— Equipment & Tools
— Milestones & Metrics
— Milestones Table
— Key Metrics
— Management Team
— Financial Plan
— Key Assumptions
— Revenue by Month [chart]
— Expenses by Month [chart]
— Net Profit (or Loss) by Year [chart]
— Use of Funds
— Sources of Funds
— Projected Profit & Loss
— Projected Balance Sheet
— Projected Cash Flow Statement
— Monthly Financial Forecasts
— Additional Documentation.
There are also software packages that can assist one to pull away the pain associated with business planning. A good recommendation is to check out Liveplan archive. It includes complete financial forecasting. There are also many business plans on our website, to assist you in planning your business. You can check and get them here. There are quite a lot of them, at affordable rates. But if you are still at a crossroads, you can hire an expert to assist you with the business plan. There are experts who help to get business plans kickstarted with business plan writing at a rate you might be able to afford.
What makes this the best anyone can find online is that this generator is purely done by humans not a set of algorithms or Artficial intelligence.
Humans gather data and do a quick but detailed research based on the information you provide. It’s simple, answer a set of quick and easy questions and your business ideas will be on your email in less than 24hrs.
24hrs because this is the most feasible idea generator as it takes into consideration, your budget, intended startup locations, talents and skills, available time you can give the business etc. Based on these data with extensive feasibility study and just little token, you would have list of ideas sent to your email with links to give you access to instant business plans, Business model canvas and upto 3 years financial analysis to help you get started for the business.
BUSINESSES THAT MAKE MONEY RIGHT AWAY 2021 (+ quick easy guide)
Maybe you’re currently doing business and it seems like it’s going take a hundred years for you to cash out. It’s possible that the business in question got really good prospects but, it isn’t fetching you money immediately and you’ve got bills to pay.
The question is, how long will you continue to wait for this business to yield profit?
Don’t get me wrong, you can still work at the growth of your current business while waiting for the result but, in the meantime, you have to consider a quick money-making business alternative that will take care of your financial situation. With this new business, you won’t have to worry about rent money and credit card debt.
We have highlighted top money-making businesses that you can start up with little or no cash. The good thing is, most of these businesses are things you enjoy doing at your leisure yet, you never thought you could double them as a source of income. Now, we’ve opened your eyes and we expect you to take advantage of these opportunities.
Businesses that make money right away
There are a lot of quick money-making businesses, below are the top 10 that can fetch you money right away.
#10. Freelance writing
If you’re good with words, you might be able to find some work as an online freelancer. Freelance writing is one great business that can fetch you money right away.
A variety of publications need online content in the form of stories, product or service descriptions, and reports. If you have the talent and skill, you could easily be the one to create them.
Fortunately, all you need is a computer and Internet connection to get started. You can get writing gigs on sites like Fiverr and Upwork.
#9. Jewelry making
This is one of the high cash flow business ideas in recent times. If you have a good eye for detail work and a lot of patience, homemade jewelry can be quite profitable. As with other items on this list, there are many opportunities to sell such items through local gift shops, craft fairs, or sites like Etsy.
#8. Soap making and Spa Product
People value handmade items like soap, perfume, and many others. Making amazing homemade soaps and other spa products isn’t as hard as you might think; it just a matter of time and patience. You can produce these items and sell them at local gift shops and websites like Etsy
Did you major in a subject like English, history, or math in college, or do exceptionally well on the SAT exam? Do you have patience with children? If so, you likely have what you need to tutor kids in particular subjects.
Seek out parents or teachers and let them know that you tutor students in a certain subject, and offer materials for them to share, and phone calls will often trickle in.
#6. Website design
Many small businesses in your community could use a very basic web presence to tell others about their business. You can get clients from the local community by beating the pavement, create sites for them, and maintain them for a small fee. Get enough businesses and you have a nice side business of your own that doesn’t require a ton of maintenance time.
#5. Resume writing service
This is If you’re excellent at crafting amazing resumes that ultimately result in people getting the job, consider marketing those services.
Most of your work will revolve around writing, editing, designing, and proofreading, so you will need a few supplies outside of your computer and basic software to get started.
These are just some of the many side business opportunities that have grown more common in the past few years. However, there are many more out there already, in addition to some that are yet to be discovered.
#4. Event Planner
Thousands of events are held each year ranging from weddings to birthday parties and conferences. You can start by first working from home and gradually scale up.
Event planning does not require any strict education or training. With creativity, organizing, and communications skills, you are good to go. The key here is your ability to make connections with people and make sure your plan is executed seamlessly.
#3. Makeup Artist
If you have a flair for enhancing the appearance of people, then, you can go into makeup. As a makeup artist, your creative imagination can bring out the best in your clients. This is one of the great businesses that make money right away, You earn some good cash as well as increasing your business network.
#2. Affiliate marketing
Affiliate marketing is a high cash flow business idea if you play your cards right. You can connect with different affiliate marketing programs such as Amazon Associates, Commission Junction, eBay, and ShareASale.They will pay you to promote their products and encourage sales.
Check out: Jumia treasure hunt: Best 2020 guide
This is one of the top money-making businesses that require little upfront capital to start. If you have an eye for great shots, then you can turn your creative outlet into a money-making business from your home. There are many photo editing software ranging from decently priced ones to free options to give your pics a professional look.
Do you need a business mentorship? Of course! Every entrepreneur needs a business mentorship.
Before you can run any business successfully, you must get a business plan; this will help you discover any weaknesses in your business idea so you can address them before you open for business. You don’t have to get overwhelmed trying to draft a business plan for your business, with the business yield generator, you can get the best business structure that suits any business type
Business Yield Idea generator
What makes this the best anyone can find online is that this generator is purely done by humans not a set of algorithms or Artificial intelligence.
Humans gather data and do quick but detailed research
based on the information you provide. It’s simple, answer a set of quick and easy questions and your business ideas will be on your email in less than 24hrs.
24hrs because this is the most feasible idea generator as it takes into consideration, your budget, intended startup locations, talents and skills, the available time you can give the business, etc.
Based on these data with an extensive feasibility study and just a little token, you would have a list of ideas sent to your email with links to give you access to instant business plans, Business model canvas, and up to 3 years financial analysis to help you get started for the business.
Click on Business yield idea generator to access top business plans that will benefit you.
Confectionery business plan (Download + 3 years free financials)
Confectionery business has risen to be one of the top lucrative businesses, and thus needs a well crafted MBA Confectionery Business Plan written by a professional MBA business consultant.
Majority of homes these days, demand – on a large scale, baked products.
Both the rich and the poor consume cake, donuts, etc., no doubts.
The confectionery industry is a huge market across the world.
Confectionery business in Nigeria
This is a business you can start from your home, with a primary focus on bread, after which you can begin to expand to other baked products like cake, parfaits, and so on.
With a start up capital as low as N500, 000, you can cover the costs of buying an oven, baking pans, flour/dough mixer, dough cutter, baking pans, working table and other equipment.
If you intend to start up a bakery business, a confectionery business plan is an important tool to help guide your decisions.
See also: Business Idea Generator
Confectionery business plan with 3 years financials
It is imperative to note that a good business plan acts as a guide through the stages of starting and managing your business.
We have developed a bakery business plan that will guide you through the processes of raising fund, saving time and energy, executing the right way, and most importantly, scaling your business in the days to come.
Our business plan is already tailored to suit your needs, and comes with free 3 years financials.
You’re required to change the name, contact details, company details, and other important information to reflect your brands needs and make it presentable to banks, investors, grant competition, etc.
The 3 years financials consists of start up costs, operating capital, working capital, and other sources of funding.
Sample Summary of a business plan
Take a look at the sample of ‘ABC Confectionery‘ business plan:
TABLE OF CONTENT.
• Core values
• Keys to success
• Business description
3.Ownership and management
• Management summary
• Business Model Canvas
• Management background
• Personnel plan
• Organizational chart
5. Value proposition and competitive comparison
• Service / Product offering
• Competitive Advantage
6. Market Research and Analysis
• Industry Overview
• Target Market
• Major Competition
7. Marketing and sales plan
8. Internet plan
• Website/ Blog plan
• Social media plan
9. Strategy implementation summary
• Marketing & sales plan
• Marketing strategy
• Sales & Marketing target
• Promotion pattern
• Distribution strategy
10. Sales plan
• Sales strategy
• Sales forecast
11. Operational strategy
12. Human resources
13. Quality control
16. Exit plan and strategy
17. Plan improvement
The ‘ABC Confectionery’ is a new organic bakery specializing in health focused bread, cakes and cookies with high nutritional contents.
The ABC Confectionery projected growth rate is very high each year with respectable profit margins as a percentage of sales.
This bakery business plan will help the owner navigate the start up, and subsequent management of the business.
ABC Confectionery aims to become the market leader at providing healthy vitamin enriched bread and other pastries through innovation and at a cost effective rate in Nigeria by year 2025 starting from our immediate locality.
ABC Confectionery aims to be a cornerstone in the community creating a neighbourhood atmosphere where customers feel comfortable and become instant regulars.
OUR CORE VALUES
The following core values drive our operations, products and team:
• Health priority
• Excellent service delivery
SERVICE AND PRODUCT OFFERINGS
Our short term concentration includes:
• Banana bread
• Banana chin chin
• Fruit juice
Our competitive edge is our quality of goods. We only use organic flours of the highest quality that creates incredible non9glutten goods that can’t be matched anywhere else in town.
• High income customers who can afford our products and health conscious
• High volume buyers like retailers, retail stores, and restaurants.
• Event celebrants
This standard bakery business plan with 3 years financials is available at an affordable price. Click here to download now!
List of other available business plans
1.Snail farming business plan
2.Digital marketing business plan
3. Agriculture business plan
4. Farming business plan
5. Spa business plan
6. Palm oil business plan
7. Hotel business plan
8. New hotel business plan
9. Pharmacy business plan
10. Fashion business plan
Click here to download the ABC Confectionery business plan.
Best PRODUCT MIX STRATEGIES to Scale Any Business (+ Detailed Guide)
UNIQUE BUSINESS IDEAS 2021- Top 20 to earn from (+ free tips)
Black Friday Deals 2020: Top 20 you do not want to miss (updated)
BUSINESSES TO START right away- Easy 40 ideas (+ business plans)
Konga Yakata: Top deals in 2021
Family Business Succession Planning: Creation, Template, Model, and Sustainability
Marketing Management: All You Need to Know
BEST BUSINESS TO START WITH 10K in Nigeria 2021: The Top 20 (+free guide)
Business Ideas for Ladies in 2021: The highest paying 20 (+quick tips)
35 Lucrative Business Ideas for 2021 (+business plan)
- Grant opportunities1 month ago
List Of Top Agriculture Grants in 2021 (Updated!!!)
- Grant opportunities1 month ago
List Of Federal Government Agriculture Grants
- Business4 weeks ago
Family Business Succession Planning: Creation, Template, Model, and Sustainability
- Grant opportunities1 month ago
LIST OF FEDERAL GOVERNMENT GRANTS 2020
- Grant opportunities1 month ago
List of Government Grants For Individuals
- Grant opportunities1 month ago
10 SME GRANTS FOR AFRICANS
- Management4 weeks ago
Marketing Management: All You Need to Know
- Business strategies1 month ago
Demarketing: All you need to know (+ Case Study)