Drafting a Business Plan

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Every successful businessman knows that there are things to consider when creating a business plan to make sure that this framework can start a certain profit-making venture.

According to consultants, a business plan should include the basic provisions, description of a company, development plan, exit strategies, and ways to compete with other rival companies.

In any profit-making venture, drafting a business plan is the first thing entrepreneurs should do before they can execute their plans. In this essence, people should consider these following entries to create a comprehensive and clear business plan:

Basic provisions

These are the skeletal framework of a business plan. These include the time period a business plan should be executed; the coverage of the plan including its operation and management system; a list of objectives; and the financial goals.

Business description

By clearly describing a business, it would be easier to know the target-market, location of business, and marketable products and services.

Competing with rival companies

With a free-trade economy, it is almost impossible to monopolize a certain market, unless in some special situations. With this consideration, it is important for entrepreneurs to have a game plan that aims to outwit their rival companies.

This game plan should include improving a product or service, offering better deals (or price), tapping the right market, and using the right advertisement that will get the attention of consumers.

Development plan

Since the business climate is constantly changing and the needs and wants of people are continuously evolving, entrepreneurs should anticipate and be ready for changes that may affect their businesses.

To have an effective development plan, it should include sources of additional funding for expansion; alternative route in case that a product or service failed to attract consumers; and hiring of key employees for a smoother and more effective operation.

The potential of a business

Any business has its own potential in terms of profitability. For example, many people nowadays are web-centric consumers. With this trend, many establishments especially restaurants and cafes have a Wi-Fi signal that allows their customers to do web browsing.

Exit strategies

Most business consultants would advise that if a person cannot take losses, then a business is not good for him/her. This means that bona fide businessmen are well-prepared with their exit strategies—a list of plans that will be handy in case that the business is not doing good or an entrepreneur decides to retire.

These entries are just the basic of business planning. The list does not include some specific needs that are required in a certain business.

With this consideration, entrepreneurs can seek a professional advice from a business consultant who knows the nitty-gritty of business planning.

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14 Comments

umesh mahato said on November 7, 2011
we want to set up a 50 bed hospital in purulia district of west bengal as early as possible. pls. send all the details of your company such as total cost of guidelines .consultancy item wise.Thanks an regards. Umesh kumar 9932730682(MOBILE NO).
GEORGE GWAGEM said on May 6, 2012
I want to start up a copra buying business in my home village in Kokopo East New Britain, Papua New Guinea.Could kindly assist me with a business plan and the cost of your service.
shakti said on May 28, 2012
I want to set up a 100 bed hospital in Kalyan, Mumbai within 5 years. Plz help whatever is possible from your side. Thanks and Regards. Shakti 9920040944
kereilemang rantshadi said on September 21, 2012
how to start horse breeding business in botswana?
GEORGE O. KORANTENG said on December 19, 2012
I want to start a real estates business in ghana how do I go about it.
krishna rohit nair said on March 13, 2013
We want to buy a closed down 100 bed hospital in Kerala with all equipment . Pls give ideas to make it successful. thank you. Krishna rohit nair
peter kinyera said on March 24, 2013
i am from uganda, i want to start up maize farming in a commercial scale such that i can use the waste from the grain as animal and poultry feeds, kindly help me on how i should go about this idea, thanks
CHIMARAOKE NWANMA said on April 14, 2013
I AM FROM NIGERIA. I NEED YOUR GUIDELINE ON HOW TO WRITE A SUCCESSFUL BUSINESS PLA.
Arvind Nigam said on February 22, 2014
I am Arvind Nigam from Firozabad(India), i want to start my own Cloth store in my City. Please give me ideas to stand my business and make it successful. Thanx, Arvind Nigam 7503197370, arvindkumar.ravi@yahoo.com
Matthew said on August 3, 2014
How do i get a business plan for starting an amusement park or Playground in Nigeria.
alhassan said on November 19, 2014
am alhassan mohammed from nigeria i want to start up a frozen yogurt store and i want the business to stand out from so many competitors ! therefor i would need a business plan with wide range strategies thank you
michaelle lebonbellyle said on March 13, 2015
i want to open an amusement park in haiti and a summer camp how do I go about it.
bame baleseng said on February 22, 2016
I am bame baleseng in botswana and currently an accounting student, i want to start a sweets business shop
Morgan Mamaite said on November 17, 2017
Hi my name is Morgan and i am from south africa i want to start a logistic or transport company by means of trucks. i need help on how start or someone who have got a vision, passion and willing to do partnership with me so that we can start together . thank you 0711928489