There are many people who envision themselves as future industry leaders and entrepreneurs. Therefore, it is essential for them to be aware of the correct method of writing a business plan. Also, management and marketing courses across Australia have, more than often asked students to submit a business plan as a part of their assessment. So, My Assignment Services presents this quick guide on how to establish a business plan.
If you are looking for someone who creates business plans, then do not exit the website yet. This blog is for you too.
Purpose of Business Plan
There are purposes of preparing a business plan in your assignment other than securing that grade. You get a chance to analyse the forces at play and how much chance does your business stand of surviving it through. In any assignment, instead of searching “help me with my business plan”, try to analyse the question statement from the following perspectives –
Because the market is what that’s going to keep your bed warm and plates full. Unless you can identify the possibility of the market and judge if you can sell your product, you won’t be able to make it past the first anniversary of the office.
Understand the business in the assignment, see the present market scenarios and judge what product the assignment talks about is sellable to the clients or not. The person who can make a business plan will be able to judge the business’s feasibility to a great extent with this analysis alone.
If your business is an actual one, then you have to search the internet and conduct the research on the management team of the organisation. This perspective asks you to analyse if the management team of the business have got it in them or not. When you get a business plan written by an expert, you will see that this section plays a governing role in the outcome of the business plan.
This is the reason you are doing everything –earn money. Thus, the financial perspective is probably the most important one for the guide on how to write business plan.
Whenever you have an assignment problem, search the internet for the business type (if it exists). If the business is something realistic or something similar already exists and operates, then you can easily draw up the market analysis to judge the financial prospects. If the business is a hypothetical one that you are yet to propose, then you need to check if it has the capabilities to sell enough and generate profits for the organisation.
If this analysis fails, your entire business plan comes crashing down. Therefore, be careful when you search for an online business plan.
Business plans are an essential founding step for any business. This is where you take up your idea and attract investors to help you grow and establish a firm of your own.
Write My Business Plan – An Outline to Business Plans
First things first. Hence, you will mention the name of your business (do not stylise using WordArt or Paint). Keep it simple and write the full name of the business unless the abbreviations are obvious.
Mention the business address. If you operate from your mother’s house’s basement, try to avoid including that.
You want the people to call and talk to you about your business. Therefore, you will provide them with your contact details and phone number so that they can call you.
Then, you write the principle upon which you have found your business if you have any. Do not write “I wanted to make money and beat Amazon in retail business”, that’s not a good principle you share with your in-charge capitalists.
If all these details are provided to you, then very well. If not, kindly consult your professor about the same before submitting the final solution.
Honestly, nobody has the time to read each and every word of your plan except your professor and Turnitin. Therefore, you have to provide a small executive summary which gives the summary of the entire 2000-word long plan within 200-250 words.
Here, you have to mention the key points of your business, like the target audience, how you plan to capture them and how much revenue the business will generate.
Table of Contents
You know what has to be written here, don’t you?
If you want to learn how to write a business plan, then pay attention to the next section. A good business plan is always divided into three primary sections – Business, Finance, Supporting Documents.
Section I – The Business
Here you have to tell the people (professor) in detail about the business. A common mistake student commits and searches for services like ‘write my business plan’ over the internet is that he does not emphasise enough upon the background of the business.
See, because your professor gave you that assignment problems does not mean that you will not give him the background of the business. Do not assume that the professor is already aware of the problem statement and hence you do not need to explain this section properly. Nope, do not go that way.
The best way to answer this is to analyse the following questions –
- The type of the business (an industry that it operates in).
- Is the business a start-up, merger, or expansion?
- What does the business sell?
- Who are your target group of customers?
You describe in detail about your products and how will it benefit the consumers. Conduct a market survey and present the results and tell the investors who will buy your product and why will they buy your product. Present an effective marketing plan for the consideration of the investors and tell them how you will sell the product and generate revenue. You will also tell about and compare the competition of your business.
Section II – Financial Projections
This is the part where you convince the investors (professor) to invest in your business because you can achieve the financial goals that you are promising. It is easier to write this section once you have prepared at least a rough draft of section one.
Wake up the hidden financer within you and predict the possible financial statements here with the help of appropriate assumptions. Ask for capital here. If you are asking for money, be sure to present ways on how you plan to return it.
Section III – Supporting Documents
This is the part where you provide proof of why you think that that this business will generate revenue and why are you a trustworthy applicant. Provide them with your historical financial statements, resume, letter of recommendation, past contracts, etc.
If you are wondering who does business plans address, it is generally the investors. As a student, you will address it to the professor and the onlookers.