Most businesses fail because there were no plans from the onset. People feel you can only have a business plan if you want to access loans, grants and other forms of investment opportunities. I believe that one should always have a plan for whatever you want to do in life. That plan is not for formality sake, it’s meant to guide you through the establishment and running of that project or business.
A good plan should not be rigid (it should be flexible enough to accommodate future happenings).
It should be time bound 6months,1year,5years etc
It should be specific(clear objectives), achievable(plan according to your budget or accessible funds), measurable (should have pointers or parameters to access growth)and reliable.
Below is a template you could use to put down your business plan. Just for your private use, it may not serve as a detailed professional plan you might need for a loan or grants etc
Disclaimer: This is my personal opinion and shouldn’t serve as a legal document for any body.
A. Overview/General Outline
Legal Business Structure: if you are registered ®
Brief description of what your company does or what your company intends to do if it is still at idea level:
Chart of Accountability/Organizational Structure:
B. Message/Aims And Objectives
What problem does your company solve/intends to solve for your customers?
What result does your company create/intends to create for your customers?
How does your company create/intends to create that result?
Who does your company serve/would be serving?
What inspired what you do or want to do?
Why should customers choose you over your competition/competitors?
Your proprietary system or information (your business secrets which you think is unique to you that will help you stand out and succeed. It could be a process or procedure. It could be an employee training method, production or products composition and how you intend to protect such secrets from the public eye.
Target market demographics: Age, gender, employment status, income or socioeconomic status, geographical location, +/-religion etc
Target market psychographics: their behavior and interest like online/offline shopping, movies and music, football and coffee products, fashion and beauty enthusiasts etc
Estimated size of target market: population or no
Where can target market be found? WhatsApp, Facebook, Instagram, Twitter, Offline/Online events, offline/online forums, religious houses, political rallies, football pitch, local market and malls etc
Visibility (brand awareness) strategy: mainstream media like television ads, radio, magazines and newspapers, offline rallies, social media presence, google Adsense, seo, Online/offline workshops and trainings, banners, flex and business cards, word of mouth by family and friends etc.
Lead generation strategy: referrals, influencer marketing, email marketing, social media marketing, seo, clickbacks, giveaways, banners and posters on sites and offline events etc
Conversion strategy: email follow up, discount codes, free delivery and free trials, Free trainings/workshops, easy site navigation, checkout and payment processing.
E. Production & Delivery
Production System:( how do you produce or procure your products)
Delivery System:(what is your logistics like from suppliers to consumers/customers)
One Year Goals
Revenue: what your revenue is like in one year or what it would look like. Budget.
Profit: how much profit you made or you project to make in a year based on your statistics.
Sales: your total sales in one year or projected sales.
Impact: what impact has it made or would it make in your business. Positive and negative if any. Goal achievement survey.
Development: any growth or development or anticipated.
Five Year Goals
I am always open to learn new stuff incase you want to share your personal experience with me as regards your business. 😍😍
Thanks for reading 📖