Writing a good business plan is a very easy task for some people while it looks difficult for some others. The knowledge of writing a very good business plan is very essential for everyone that wants to operate or is operating a business. It is a very important laid out plans that projects into the future or set goals of a starting business or a growing business. In this course, we shall be talking about business plan writing. This course will focus to answer the following questions: what exactly is a business plan? Why do we have to write a business plan? What are the key elements of a business? And what are the online earning opportunities for a business plan expert?
What is a business plan?
A business plan is a written tragedy that outlines goals and details of how to achieve your goals.
For a business plan to be executed, you will have to think about what products and services you want to offer, how will you provide those items, what you need to have in order to provide those items and most importantly, whom you will provide those items to i.e. your consumers or customers.
Also, you need to focus on the basics by:
Identifying your industry i.e. clearly define your type of business
Identifying your customers in the society
Explaining the problem you solved i.e. what is the special thing about your product that makes it more valuable than others.
Showing how you will solve that problem
Identifying how you will beat your competitors in the labour market
Identifying the best medium to advertise your products
Further, a business plan entails the following target:
Market: marketing unit monitors change in the environment of the wants of the people.
Competitors: they include other substituted products of your business.
Consumers: they are the target whom you intend to sell your products to.
Why writing a Business Plan?
Business plans are written due to the following reasons:
- To develop products and services that meet the needs of the target market
- To improve your urge against all other competitors and newly emerging ones
- To reach your customers target audience
- To secure loan to start or run your business
ELEMENTS OF A GOOD BUSINESS PLAN
Key Element of an Effective Business Plan
There is no “one-size-fits all” approach to preparing a small business plan. The elements include:
Executive Summary: this is a brief introduction and summary of your business plan. It describes your business, the problem that it solves, target market and financial highlights.
Market Analysis: this involves both the quantitative and qualitative assessment of a market.
Competitive Analysis: it’s an assessment of the SWOT analysis which includes the; Strengths, Weaknesses, Opportunities and Threats of your products and services.
Management Plan: this is the way you want an organization or business to run both day-to-day and over a long term.
Marketing Plan: this is a comprehensive document that outlines the marketing and advertising efforts for the coming year. Components of a marketing plan include: title page, table of contents, goals and objectives.
Operating Plan: this is the process of planning strategic goals and objectives technically.
Financial Plan: this is a document containing a person’s current money situation and long term monetary goals, as well as strategies to achieve those goals.
Types of business plan
- Start-Up Business Plans: this is for a new enterprise. This document typically includes sections describing the business, the products and services your business will supply, market evaluations and your projected management team.
- Internal Business Plans: this business plan targets a specific audience within the business. They provide information about project marketing, hiring and tech cost.
- Strategic Business Plan: this provide a high level view of a company’s goals and how it can be achieved. It brings all levels of business into big picture, inspiring employees to work together to create a successful culmination to the company’s goals.
- Feasibility Business Plan: this answers two primary questions about a proposed business ventures: who, if anyone, will purchase the service or products a company wants to sell, and if the venture can turn a profit.
- Operations Business Plans: they are internal plans that consist of elements related to company operations.
- Growth Business Plans: growth plans are in-depth descriptions of proposed growth and are written for internal or external purposes.
In your own words, mention and explain the key elements of a good business plan. Also, state the types of a business plan you know.
AMAZING BUSINESS PLAN
Signs of an Amazing Business Plan
A business plan will be an amazing one if it has the following qualities:
- A detailed information about those you want to render your services or products to.
- Information about the competitors of your products
- Availability of target market where you will sell your products
- A detailed information on your SWOT analysis and competitors should know your comparative advantage and evaluate performance
- Information on the best form of advertising medium as regards the concentration of your target audience
- A detailed information about your financial plan
Writing a Business Plan I
In this lecture, you will learn how to develop your own start up business according to the template given earlier. Again, this exercise will be covered within two lectures for your comprehension and smooth reading. In this lecture, we shall develop the first four elements of the business plan while we develop the rest in the next lecture.
Every year, 440,000 low-income high school seniors who are qualified to go to college do not
enroll; 85% of them never even fill out a college application (Hahn and Price, 2008). This is in
large part because low-income students face a college application information gap: they have
limited access to information about which colleges to apply to, how to complete a college
application, what a good application essay looks like, and how to navigate the complicated
financial aid process. Attending college is one of the best ways to advance economically; without the information and guidance necessary to apply to college, many low-income students are deprived of the opportunity to escape poverty.
NijiSuccess bridges this information and knowledge gap so that low-income students who want
to apply to college have the same opportunities as their high-income peers.
NijiSuccess is a web-based platform where low-income high school seniors (“Applicants”) are
matched with undergraduate students at top universities (“Mentors”) who serve as volunteer
college counselors throughout the course of the student’s application process.
NijiSuccess provides low-income students who are qualified to go to a four-year college with the
means to get there. We eliminate the college application information gap by matching our
Applicants with students from top colleges who guide them through the college application and
financial aid process via our interactive online platform.
Keys to Success 1. Differentiate from box-pushing, price-oriented businesses by offering and delivering service and support—and charging for it accordingly. 2. By making sure that are our services are free to our applicants 3. By being competitive
The proportion of high school graduates who subsequently enroll in college has risen from 61.5% in 1995 to 70.1% in 2009, and the rate at which that figure grows is increasing quickly (Bureau of Labor Statistics). Additionally, the college admissions process has grown more competitive, prompting an increase in the demand for college counseling services across all student demographics. There are two professions that assist students with their college applications: guidance counselors and college advisors.
NijiSuccess plans to target the 440,000 low-income students who are qualified to go to college
but do not enroll. We will recruit students at Title I schools, which have the largest concentration
of low-income students, by reaching out to teachers and staff at those schools. In our first year,
we will serve 90 Applicants, and grow to serve over 6,000 by our sixth year.
While there are many organizations that offer college counseling, NijiSuccess will be the first to
provide free, personalized college assistance to low-income students anywhere in the country.
Existing competition falls into three categories:
For-profit application coaches (e.g., Ivy Coach, My College Vision, IvyWise, College Bound
Mentor). These organizations, while high-quality and highly recognized, offer services primarily
for middle- and high-income families. In fact, some top college admissions coaches are known to
charge upwards of $40,000 for their services.
Online application information sites (e.g., My College Calendar, College Board). These
organizations serve a more passive role in application assistance. While offered for free, they are
essentially a repository for application information, not an interactive facilitator for application
assistance and do little if anything to tailor such assistance to students.
Non-profit local mentoring (e.g., College Success Foundation in DC and Tacoma, POWER 4,Youth in Long Beach, university volunteer programming).Broadly, these
organizations provide holistic one-on-one mentoring services to local low-income students. They are rarely located in rural areas, concentrating heavily on urban public school districts within their immediate vicinity, and tend to be confined to the limited local resources. In addition, they face the logistical difficulties of organizing face-to-face mentoring even locally.
NijiSuccess offers free, personalized college assistance to low-income students anywhere in the
country. This places us in a uniquely unoccupied space of college application assistance:
(1) Unlike for-profit substitutes, we are open to and targeted toward low-income students who
most need the guidance but cannot afford it;
(2) Unlike online information services, we include a dimension of one-on-one interaction and
guidance with college application “professionals” who have recently gone through the process;
(3) Unlike non-profit mentoring organizations, our Mentors will not only focus on college
applications, but will be uniquely matched with Applicants based on mutual characteristics of
their profiles. In addition, use of the web-based platform will eliminate geographical constraints,
making it easier to link the Applicant need with the Mentor supply in both rural and urban areas.
The services that NjiSuccess provides will be completely free to its Applicants. Rather than
charging our Applicants to cover the costs of the services we provide, we will instead use a
sponsorship model, where we will get individual donors to “sponsor” an Applicant to go through
Writing a Business Plan II
NijiSuccess will use two separate marketing campaigns—one targeted at Applicants and one
targeted at Mentors. In each, we leverage meaningful relationships and the low costs of
technology to reach our target audience.
Marketing Campaign for Applicants
During Stage 1 of our growth, we plan to select a handful of high schools nationwide, and foster
personal relationships with teachers and staff in those schools, who will help us identify
Applicants that would benefit from NijiSuccess. Especially in the early phases of
implementation, we will work to build relationships with staff members inside schools. These
4 Ten of our best Mentors from the previous year will be allowed to mentor two Applicants.
Marketing Campaign for Mentors
Approximately 3.3 million college students volunteer each year, and the median college student
volunteers for more than 50 hours per year. Nearly 32% of students who volunteer work either
directly with an organization in education or in youth services, and over 50% of all college
volunteers have tutored or mentored youth through some type of organization.
Logistics, including transportation, is ranked as one of the highest barriers that is keeping college
students from volunteering. NijiSuccess takes something that college students have already
shown interest in—volunteering with children—and lets them do it from the comfort of their
NijiSuccess’s management team will be comprised of educators, web developers, and business
· The CEO was a Teach For America teacher, worked at D.C. Public Schools, and founded
a small education organization;
· The CTO is a computer science student and has extensive experience in web development;
· The COO worked at Boston Consulting Group where he advised urban school districts;
· The CAO was a Teach for America teacher and works extensively with the YMCA to develop leadership programs for college students;
· The CFO served for over 20 years as a portfolio manager at Fidelity and Wellington
We will hire web developers to help build the website, and will grow our staff commensurate
with the growth of our organization. By our sixth year, we plan to have a total of eleven people
In our first year, we will draw Mentors from three universities, and expand to work with the
schools on the U.S. News Top 100 Colleges list by our fifth year. In each university that we
work with, we will recruit a Campus Leader—a student leader who will serve to recruit Mentors
and serve as a liaison between Mentors and NijiSuccess. NijiSuccess headquarters will be based in Cambridge, Massachusetts. Employees will be based out of NijiSuccess headquarters, though employees will have the option of working remotely
There are two key financial criteria to our mission: (1) that the application assistance always be
provided free of charge to the Applicants, and (2) that we have a financially sustainable
organization by year three of operation. Our projections achieve both of these goals.
Total revenues will grow from a base of approximately $210,000 to over $940,000 by year six of
operation. These gains are a direct benefit of the continued support of our donors and partners, as
well as advertising related to the growth of our business.
Our largest expense is personnel, with salaries and benefits estimated to be around $560,000
during the first two years alone. Note that throughout the six-year projection more than 80% of
our expenses are related to personnel, as the hardware/storage, real estate, and miscellaneous
costs are minimal.
Despite a minimal loss in years one and two (that could be financed by guaranteed loans), we
will be fiscally sound and self-sustaining thereafter
Quarterly Statement of Income
NijiSuccess exhibits seasonality in accordance with the college application process. College
application deadlines range from mid-November to early February, thus highest activity levels
on our site will be in the first and second fiscal quarters, with web design, advertising and
promotion and travel expenses weighted toward the first half of the fiscal year.
Revenues are budgeted to be spread evenly over the fiscal quarters, with the first quarter of 2012
getting a boost from the $25,000 prize related to the HBS Business Plan Competition.
Annual Statement of Cash Flows
Our cash flow statement resembles our projected income statement. This is both due to our
nonprofit status (we do not pay any taxes and therefore expense all our software development
costs as incurred) and due to the web-based nature of our business, meaning that there are few
fixed assets that need to be depreciated. On an annual basis, all our revenues and expenses are
received and paid for in cash.
Our balance sheet is conservatively positioned. Due to our web-based platform, we have few
fixed assets and almost all of our assets are liquid. Debt will peak at $190,000 by the end of year
one, but will be repaid once we begin to earn a surplus. By year six, we are projected to have net
cash of over $400,000 on the balance sheet
Sustainability is a serious concern for any enterprise, and especially for those in the not-for-profit
realm. Through conservative planning, leveraging our partner relationships and exploiting
revenue streams collateral to our core business, we hope to ensure this sustainability for
NijiSuccess. Our financial projections show that we will be cash flow positive by year three of
operation. Yet we recognize that without charging for our services, we are dependent on the
funding from individual donors and foundations to be sustainable. We plan to address this
challenge in several ways
- Write a good business plan on a new business you intend starting up and state why it is unique from its competitors
- Mr. Cole wants to establish a unique snacks eatery, he needs a standard business plan for a startup, kindly write a business plan for his business.
EARNING THROUGH BUSINESS PLAN WRITING
Business Plan Opportunities
This entails making money through the act of writing business plans. There are many opportunities of business plan experts ranging from freelancing (internet platform) to consultancy.
As for freelancing, business plan experts write business plans for individuals to desire to startup their own business on internet platforms. The individual states the necessary detailed that will be required by the business plan writers to compose
business plan for the individual. Examples of well-known freelancing sites are Fiverr.com and freelancer.com.
Furthermore, a business plan expert can also be a consultant on an e-commerce platform. He or she can create a website where they can consult for individuals that are indeed of vital information as regards to business startup.
This can also be achieved by creating by creating a website using a free website hosting which can be created by Nydoz limited by navigating the link……
Tips to be a Unique Business Plan Writer
In this sub-section, we will be talking about tip to be a unique business plan writer on freelancing sites. The following tips are to be noted
- Always try to communicate clearly with your buyer especially to make a good first impression.
- Make sure to offer quality service within a shorter duration than the prescribed duration of the buyer.
- Always bid for a buyer request by stating the core aspect of business plan so that the buyer can be convinced that you know well about the subject matter.
- Always stand out among other freelancers by offering more services for lesser charges especially as a beginner.
- Make sure you always satisfy your buyers or customers’ requirements so that good and high rating reviews can be made about you.
With all the tips stated above, any freelance or a business plan writer will be able to stand out and get more jobs done perfectly than others.
In your own words, mention and explain the key elements of a good business plan. Also, state the types of a business plan you know.
Dear learner, I wish to inform you that if all the above given information and tips are effectively implemented, then, an amazing results awaits you