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What do you know about business plans? In short, the notion of a business plan or business plan is an archive of strategic business planning, both for new ventures and established businesses. Creating a solid business plan will help you get funding from investors.

Not surprisingly, a business plan plays a crucial role in a company’s sustainability. To be sure about the benefits and the business plan, you can read more here.

The business plan itself has several components that must be included. Well, you can’t just enter these components without preparation and strong data. Therefore, consider the steps that need to be prepared before making a business plan proposal.

How to create a simple business plan

conduct market research

Before starting a business, it’s a good idea to have a strong reason why you want to start the business. The reason may come when you go about your daily activities. However, you can do market research if you don’t get inspiration.

Market research differs here from one of the elements that must be included in a business plan. In this preparatory phase, you need to understand the real issues that consumers are currently facing.

For example, it is well known that people need a convenient way of shopping during a pandemic to avoid the risk of contracting Covid-19. With this data, you have a reason why your business matters.

 

Set business goals

After you know the consumer’s problem, you need to determine what solution can solve the fear. Indirectly, the solution you offer is the goal of your company.

Let’s use the case study above. If the existing problems are like this, then the solution can be offered to offer a practical way of shopping during a pandemic. You can use these answers as your business goals.

In addition to identifying key business goals as a benchmark for exploring product/service ideas, identifying key business goals as a reference for future business directions. Even as your company continues to grow, the existing business ideas will not be far from the business goals you formulated at the beginning.

 

Formulate product/service concept

Products/services are an important part of the business. If you have nothing to sell, your core business doesn’t exist. Once you know your business goals, the next step is to unleash your creativity.

This stage allows you to explore product or service ideas for your business. By using the example above, you can create an alternative shopping experience for consumers. Or you also hand out products to protect consumers from Covid-19 when shopping.

Ideas are always free, unrestricted, and infinite. This means you can think creatively about the products/services you offer through your business. Origin, the output of existing ideas does not deviate far from the business goals you formulated in the previous stage.

Suppose you decide to accommodate the consumer’s way of shopping with a fast delivery service. After that, you also have to repeat the specifications of the service, how it will be delivered, who will deliver it, how to order it, etc.

Detail each section so you can see a visualization of your business. Don’t forget to map the benefits of your service over the competition. In this way, you can recognize even the smallest opportunities that you can ultimately use to further develop your services.

 

Define operational, marketing strategy, and cost plan

Now that you’re done with the three main concepts of starting a business, it’s time to determine the supporting concepts to keep your business running.

From how you produce or operate it (operations), how you introduce and sell products to consumers (marketing), to how much money you need to run such a business model (cost plan).

At this stage, you also need to detail each part to make your business model look mature and ready. By making clear processes, you will understand how to run your business.

A detailed marketing strategy also shows that you know how to introduce and sell products to consumers. Finally, a clear cost plan can certainly show the burden of business costs with the achievable benefits.

 

Estimation of business profits and risks

Building a business is not easy. You must be prepared for the problems and challenges that come your way. To minimize existing problems, you need to write down what risks you will face in the future.

Once you know the risks involved, you need to formulate what strategy you will use if the risk materializes one day. For example, investors are not interested in your business plan. This is a financial risk because, for example, high operating costs are not offset by high profits.

Therefore, estimating the profit of your business is also very important. It’s this estimated value that worries investors. If your business profit projections are promising, they will surely be interested in funding your business.

 

Writing a business plan proposal

After completing the above steps, all you have to do is write them down according to the business plan proposal framework format. Write a business plan with effective sentences so that it does not become long-winded. Also, don’t forget to include accurate dates in the business plan proposal.

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