STUNNERBIZ  CLINIC

HOW TO CREATE A BUSINESS PLAN THAT WORKS

Creating a business plan that works for a young entrepreneur involves breaking down the process into actionable, clear steps. There are some aspects that an entrepreneur should be keen on  before making a business plan for his or her business.

The first  one  is  executive summary. These are some of the key elements that one has to delve into deeply.  They  summarize your business idea and what you aim to achieve including :  business name and location, vision and mission statement, product or service overview, target market and growth potential, brief financial projects as well  as   funding needs.

Secondly,  describe your business by outlining the core idea  as well  as   the product or services you offer. Additionally,   identify the problem that your  business   is   solving and outline  why  it is relevant in  today’s market.  By  the same  token,   you  need  to   have  a brief on how your business will generate money.  Is it by selling directly, via e- commerce, or through other channels?

Finally,  conduct  market research.   This   will  help   you   to  identify  the ideal   age   of   your  customers,  gender, interest, location, and level of income.  In  the same  vein,   identify  your competitors  –  what are their weakness and their strengths and how will you differentiate from  them.  Also,  identify  the new trends in your industry and how you will leverage them.