So you have a wonderful business idea you want to start in school and you don’t know how to go about it right? Let this simple business plan format set your business off on the right foot. Before we get started, make sure you do some research into the industry, competition and also have a clear understanding of your business goals and finances.
- Outline your Vision and Mission
To understand your vision and mission, you need to be able to answer the following basic questions. Vision; What are you creating/selling? Where do you see your business in one year, three years, and five years? Mission: Why are you starting this business and what is the purpose?
- List your Objectives
These should be your most important business goals and how you intend to achieve them. Always ensure your business goals are Specific, Measurable, Attainable, Relevant and Time- based.
- Strategies
Strategies are basically how you intend to achieve your business goals and objectives. Answers to the following questions should help you form your strategies. What will you sell? What sets you apart from the competition? and How do you intend to build your business?
- Budget
This is the base of any plan, it will inform what activities you will do and what steps you will take. Do a rough estimate of what your business income and expenses will be for pre, launch and post launch. Also, have a budget for the next three to six months or even a year, then compare your final budget fee with how much you have as your start-up capital and make changes where necessary by either cutting or sourcing for more funds to accommodate your budget.
- Action Plan
Major key alert! An action plan helps you arrange your thoughts into actions, it can be a table (recommended). Assign specific tasks to stakeholders and dates of completion and what impact they will make in your business. Also, note the milestones each action point will accomplish now and in the future.
You now have a working business plan that you can use for to start your business, you can add more to the plan as your business expands. Go Flexxer!
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