How to Develop a Winning Business Plan in 5 Easy StepsAbbakin
This Course: How to Develop a Winning Business Plan in 5 Easy Steps emphasizes on Business Plan as the key ingredient for a successful business – and yet, this is often ignored by many startup entrepreneurs.
The best way to start a business is to set out your ideas in a proper business plan, with costs and returns on investments well analyzed.
Whether you have a great business idea or you have already completed some business research, this course will help prioritize your business concepts; and give you the understanding you need in your business planning processes.
At the end of this training, you will gain the required skills and knowledge to evaluate your business ideas;
Including free access to our Sample Business Plan, Worksheets, Tools and other Resources to help you design a wining business plan that your potential investors or partners would get excited about.
This course is 100% Free Business Training !
It’s a short online course you can take at your own pace and convenient.
This course is part of a sequence: “Starting and Operating a Business Learning Path”.
The series features over 500 acceptable business management principles and advance practices worldwide.
To get the most out of this session, it is expected that you take the previous lessons before continuing this course!
There are total of 5 lessons that may last up to 35 minutes or less.
Please preview this course below.
What is a Business Plan?
A business plan is a written outline that organizes your business ideas, and evaluates all aspects of the economic viability of the business.
A business plan provides a correct assessment of the changing prospects of a business and serves as a useful roadmap; as well as a financing tool.
A business plan is an essential tool for any business regardless of its size, nature or industry.
Without a business plan it is difficult for startup businesses to achieve consistency and long-term success.
5 Components of a Good Business Plan Every Investors Look at
#1. A Good Financial Projections
Your business plan should spell out all of your sources of income and expenses.
Questions like: How much money you need for the business? How to get the business funding?
And how you want to use the raised funds are usually answered step-by-step by the business plan.
Your business financing may come from the contribution from owner(s) or short-term borrowing from the banks.
Some expense items you might include in this section:
- buying supplies and inventory,
- paying employees,
- renting or lease,
- buying equipment and fixtures,
- getting a computer or office communication systems,
- paying filling fees for the business name registration, etc.
#2. Capable Financial Control
Your business plan should include capable financial control and a team equipped with financial management skills.
Would you bet your savings in a game where you don’t know how to count scores?
People mistakenly do this in business all the time.
Most entrepreneurs do not come from accounting backgrounds and so often go to schools or training institutions to learn these skills.
As a business owner, build a qualified team that will evaluate the best possible options for utilizing your retained earnings.
You will learn later the importance of becoming qualified in accounting, computer software and cash flow management.
This information is contained in our Business Management and Expansion Courses.
#3. A Sound Business Concept
The single most common mistake made by entrepreneurs is not selecting the right kind of business initially.
There can be a huge gap between your concept of good business and the market reality.
A good way to test your understanding of a business is to test market your product or service before your start.
Do you think you have a great ‘kite’ that will capture the attention of ‘kite’ fliers throughout the world?
Then craft some ‘kites’ and try selling them first.
Remember to research, test and refine your business ideas before expanding your operations and investing huge money or other resources.
The “How to Start a Business 101” course will help you understand everything on how you can choose, start and run a successful business.
#4. Able Management Team
When thinking about your business growth, look for people with good ethical values, have complementary skills and who are smarter in your industry to partner as co-founders.
You may also plan to hire qualified people who have the skills that you lack.
It’s important to define the unique abilities you are bringing to the business, and then seek out others who turn your weaknesses into strengths.
Building a grated management team should include bringing in the experts as part of your business planning.
Note: Delay hiring key managers until initial rounds of experimentation has produced a stable business model or product.
#5. Effective Startup Marketing Plan
Having a great business idea or product alone is not enough for a startup to succeed; a great marketing plan must complement this initiative.
Your business plan will include a well-designed startup marketing plan that can increase your business awareness, attract more customers and boost sales.
The majority of startup founders has little marketing experience, and hardly set a marketing budget that will grow their business from the ground.
How do you plan to market your business?
Who are your customers and how will your products benefit them?
An effective marketing plan will integrate into your company’s propositioning and device marketing strategies that let the world know about your products or services.
Lesson One: Have To Come Up With a Winning Business Idea
If you have not decided on a business, it’s often useful to look inside yourself to figure out what you are good at, what you like to do, and where your talents lie.
One of the best ways to do this is to make separate checklists as covered in this section.
The best business ideas will come from you; will be based on who you are and what the market is looking for.
So far, you’ve been looking inward to come up with your business idea, here it’s time to look outward to discover an unfilled need that you can meet with your product or service.
In order to determine the direction of your business, it is necessary to understand your current position and the possible means through which you can pursue the particular line of action.
A key component of your preparation should include an understanding of your company vision, purpose and mandate.
The business plan template is a systematic assessment of all the factors critical to your business purpose and goals.
Don’t depend entirely on the uniqueness of your business. Here you can find some suggested topics you can tailor into your plan.
This section is meant to help you create your own business plan.
Lesson Five: How to Develop your Business Startup Marketing Plan
The marketing and sales section of your sample business plan traditionally begins with a market examination which includes market and industry analysis.
Other major parts of the marketing strategy include the tactics and budgeted activities required to gain market share.
It starts with a Value Proposition Statement that describes, both, what value you deliver to the marketplace and the competitive edge you enjoy by doing what you chose to do – the way that you do it.
Oh – Subscribe to our Newsletters now if you want to receive latest updates about innovation, business trends and statistics. You’ll get a free eBook!