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What's Your Business Plan?

“To build a successful business, you must start small and dream big.”, Aliko Dangote




Got a great business idea but don’t know where to start from? From breaking down a broad idea into a well-structured plan, we’ve come up with 5 of the best sources to help you structure your business plan. Converting that fabulous idea/dream of yours into a successful business is risky but then again, a business plan can help you avoid pitfalls.


Business plans are essential for organizing your thoughts and ideas and recognizing possible challenges. They enable you to categorize your ideas into several sections that are required for your business to run smoothly. It is a means to ensure that you are not overlooking any facet of your future business especially if you have no prior experience in running a business or don’t know how to handle financial data.


According to us, there are a few slip ups that you need to AVOID at all cost when it comes to your business plan:


Not Acknowledging your weaknesses or finding how you can address those issues. For instance, if you’re not great at marketing maybe you will hire a freelancer to help you out.

Not carrying an in-depth market research to know who exactly will be your customers. Aim at a specific clientele. Consider demographics while carrying your research. Know your market and product to ensure that there are people looking to buy what you are selling. Make sure that what you have to offer will have a significant impact on your market or potential customers. Data from search engines can help you identify whether your products or service will be in demand or not.


Not recognizing your competitors or denying that you have any just to appear novel is definitely a no-no. Identify their strengths and weaknesses and the aspects that differentiate your business with theirs.


We’ve come up with 5 different sources where you can find templates and even tips about specific markets or business ideas.

Using templates can facilitate the whole process. Remember, it is crucial to consider which parts of the business plan applies to you and which parts can be left out.


You can find free templates here:

Guide for your first business plan.


Here:

https://www.forbes.com/sites/alejandrocremades/2018/12/10/business-plan-template-a-step-by-step-guide-for-entrepreneurs/#20e136d4120e


How to write a good business plan? Here:

https://www.business.com/articles/writing-a-business-plan/


Tips and Templates. Here :

https://www.bplans.com/downloads/business-plan-template/


Free templates and ideas for various business fields. Here:

https://www.thebalancesmb.com/entrepreneur-simple-business-plan-template-4126711


& here:

https://www.score.org/resource/business-plan-template-startup-business


Remember, you first business plan might not be the best one, you have to be flexible and know how to adapt your plan when needed and allow possible alterations if required, while sticking to your initial business idea. If you are not satisfied with it, ask your close ones or a friend to help you out! A little bit of help goes a long way, especially when you are new to the field.


Many of us might underestimate the necessity of a business plan, and think “I will just get started and see how it goes”, though it is true that it might work for some, for others it might be similar to embarking on a suicide mission. A business plan might help newbies maximize the lifespan of their business by simply using guidelines. It is definitely true that entrepreneurs learn mostly through experiences, through their successes and failures, however it is always better to play it safe while you are still in the incubation phase than suffering massive losses later on.


Above all, the most important part of owning a business is to be patient and not give up just because you thought you would be successful in the very first months itself. It is essential for small business owners to train their mindset so as not to translate poor results as failure.



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