Basic Business plan Development

Business plans are important since they provide clear action for a company to reach its goals and objectives or rather alternatively said a ‘roadmap’. They are also utilized to attract funding for the business intended operations through the means of equity or loan financing.

Key Components of a Business Plan

  1. Executive Summary
  2. Business Description
  3. SWOT & PESTEL Analysis
  4. Market Analysis and Strategy
  5. Marketing and Sales Plan
  6. Competitive Analysis
  7. Management and Organization Description
  8. Products and Services Description
  9. Operating Plan
  10. Financial Projection and Needs

Executive Summary

This is the most important component of the business plan since it provides the reader with an understanding as to what the business idea or concept is about. The summarization takes into consideration an appraisal of the business’s human resource plan, financing options, business location, marking and product information to name a few.

Business Description

  1. Brief background to your business.
  2. Provide a comprehensive description of your business and its vision, mission, goals, core values, products, services and target customer base.
  3. Industry Summary (pay keen attention to trends)
  4. Team's experience in the industry

SWOT and PESTEL Analysis

  1. SWOT Analysis is a tool that can help you to analyze what your company does best right now, and to devise a successful strategy for the future
  2. A PESTEL analysis is a framework or tool used by marketers to analyse and monitor the macro-environmental (external marketing environment) factors that have an impact on an organization, company, or industry

Market Analysis and Strategy

1.      Where your target market is geographically located

2.      The primary pain points experienced by your target customers

3.      The most prominent needs of your target market and how your products or services can meet these needs

4.      The demographics of your target audience

5.      Where your target market spends most of their time, such as particular social media platforms and physical locations

Marketing and Sales Plan

1.      Your anticipated marketing and promotion strategies

2.      Pricing plans for your company's products and services

3.      Your strategies for making sales

4.      Why your target audience should purchase from your company versus your competition

5.      Your organization's unique selling proposal

6.      How you will get your products and services in front of your target audience

Competitive Analysis

1.      A comparison of your organization to your competitors

2.      Competitors' weaknesses and strengths

3.      How you anticipate your company to compare to these

4.      any advantages your competition has in the marketplace and how you plan to set your company apart

5.      any potential issues you may face when entering the marketplace