Business plan checklist is important to every new business ventures you may be planing to set up at it provide you with the right guide post to your goals but knowing what should be included in the business plan checklist is somewhat confusing at times.
Every startup entrepreneur understands that success of business ventures in Nigeria depends on having winning business plan. But creating such business plan will be more easy with smart business plan checklist. Creating and effectively implementing a winning business plan is mainly necessary in order to guaranty that the scarce resources of the business are channeled towards area that matters.
Part of the major reasons why a wining business plan checklist is necessary for a startup business is that, aside from forming a guiding post for every business, it also serve as the beacon for every investor to look at should they be willing to invest in your business.
So, if you are one of those planning to be your own boss in 2019 and start your own small business, then you are on the right page. Join me as I share 5 business plan checklist you ever needed for your business in 2019.
1. Details of Business Opportunity
First entry on your business plan checklist should be the details of your business opportunities. Every investor is interested in one single most important thing and that is the goldmine you have stumbled upon (the viability of your business prospect. It’s the opportunity to tap into that goldmine that actually attracts the investors not the good grammar with which you write your business plan. Imagine yourself as an investor; would you invest in a business without knowing your fair share of the profit from the beginning? I think not.
So, your ability to recognize the existing but previously undiscovered needs in the society and how you plan to tailor your product or service to satisfy these needs should be easily seen at a glance of your business plan. How do you go about this? Brief description of your business should be the starting point. Explain other competitive edges your product or service will have over your competitors.
2. Proposed Product and Services
Having a clear understanding of your product and services is okay but getting it across to the investors involves your presentation through the business plan. That is why we made i made this entry the second on your business plan checklist. You should go about this particular step in a simplistic way. You don’t need to employ big grammar or vocabulary all in a bid to explain your product or services to your investors. The expert relates this to your unique selling point (UPS).
3. Proposed Management Team
A sound business plan checklist should also include the proposed management of the new venture. For startup entrepreneur who is writing business plan for a new venture, it is crucial that you carefully choose your management team as this is certainly crucial to your business success. Remember that the investors attached a great deal of importance on the proposed management of your new business venture.
Take a moment to imagine yourself as an investor; would it be wise to invest your fortune in a business managed by someone who is not capable of handling it? I think not. Hence the reason why it is extremely important to include the managerial capability as well as special skills of your team which will aid your growth and long-term survival in your business plan.
4. Niche Market
A lot has been written about niche market and its importance should you be planning on a new business but most importantly, it has to expressly reflect in your business plan. This entry on the business plan checklist makes it clear that your main focus should be protection of your business and how you plan to go about this should be explained in your business plan.
Describing who your potential buyers/clients are and giving valid research to support your claims are necessary things to be included in your business plan.
5. Financial Projections
Discussing your financial projection is the final entry on our business plan checklist. Every small business survives when funds are available to drive its wheel. So, when preparing business plan for a small business, it’s a must to include the financial projection for the new business opportunity. Included in this aspect of your business plan are your projected balance sheet, income statement, cash flow statement etc.
It is important to know that this aspect of business plan must be projected for minimum of five years since the economic atmosphere is extremely volatile and being dynamic is the only way to survive the fast pace in the industry. Also, details of the premise for the projected finance should be disclosed in the business plan as well as cost of product and service development.
For a startup entrepreneur, one of the beauties of small medium enterprise (SME) is its adaptability, security as well as profitability and these are the reason many sack their bosses and start their new business. All the same, having a business plan checklist helps you succeed in winning investors over for your new ventures as they provide you with clear analysis of your proposed operation.
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