Successful Business Plan
A business plan is a detailed outline explaining an approach to a business’ operation. Business plans are composed by existing business owners to assist in the development of their business and by prospective business owners to attract investors to fund a start-up business. Because they are an important document in the business world, it is likely that undergraduate and graduate students majoring in business will have to complete at least one business plan in the course of their studies.
It is important for business students to realize that a business plan is radically different from other types of college and graduate-level writing. It is not a paper, in the standard sense of the term. It requires extensive research, planning, and revision in the same way that a paper would, but its purpose and appearance are very different. A business plan is not written to argue a position or demonstrate the writer’s grasp of a specific business concept. It is, rather, a practical guide that outlines the operation of a business and reveals the business plan writer’s knowledge of a variety of business skills and trends.
Business plans written for a college or graduate course should follow the explicit format requirements issued by the instructor. This format will likely include some variation of the following structure: (1) an executive summary, (2) an overview of the company, (3) a description of the company’s services and/or products, (4) a market analysis, (5) details of the management structure of the business, and (6) a description of the business’ projected finances.
An executive summary is simply a summary of the business plan. It is essentially an outline of the entirety of the plan written out in sentences rather than in outline structure.
Following the executive summary, business plans frequently begin the detailed portion of the plan by presenting a description of the company. This includes explaining what type of business it is (retail, service-based, etc.), where it will be, where this business fits in among other similar businesses, and why the business plan writer believes it will be profitable.
Next, the plan will describe the company’s services and/or products and why those services and products are marketable. This should not merely include the business plan writer’s opinions, but should point to research that suggests why the product or service will be successful. It should also outline a pricing structure.
The market analysis section of the business plan should also rely on research. This section identifies who will buy the product or service and why they are likely to buy it. To do this effectively requires the business plan to point to case studies of similar businesses or business models. It may also require detailed information about the target consumer’s purchasing habits and the business’ competition.
Every business plan should include a description of how the business will operate. This should offer details of the management positions the company will have and the specific roles of each of those positions.
Finally, the business plan should close by projecting the costs of implementing the plan and the profitability of the company once the plan has been implemented.
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