A Student’s Guide on How to Write Business Plans

By Neema Kendi ([email protected])

Plan for a new business

Photocredit: goldenarch.ca


 

 

 

Many students have great business ideas but the greatest headache comes in writing out the idea as a business plan.

Many students give up the quest to be among the Be Your Own Boss Class (BYOB) simply because they cannot come up with a reasonable and impressive business plan for their business ideas.

Here are some guidelines:

1. BE KNOWLEGEABLE

When planning to write a business plan you need to know what a business plan is and why you need it. According to BusinessDictionary.com, a business plan is a document prepared by a firm’s management to summarize its operational and financial objectives for the near future and to show how they will be achieved. Simply it is a formal statement of business goals, why they are attainable, and plans for reaching them. It helps you to:

  • Elevate the feasibility of a new idea.
  • Consider your market and management
  • Provide an operating and marketing plan
  • Think about your financial status and the cost of starting
  • Show banks the seriousness of your business ideas.

2. KNOW WHAT YOU WANT

Decide on what you plan to offer, whether it is products or services. Make it unique for people to buy and prefer your business to others. This will help you do your work to the best.

Ensure that you look at the marketing of the business that you want to come up with. Keep in mind:

  • Who your customers will be
  • The location of your business, if it will benefit the people
  • Your way of marketing advertising or PR which will make your business known

3. FEEL THE WEIGHT OF YOUR POCKETS

You should check your finances, your startup cost and what needs to be bought before starting. Know where you will get your cash and support from to start. Plan on the cost per unit on each product or service; expenses per product or per number of hours of service in a day.

Cost per product = Expenses/Products

Cost per hour of service = Expenses/Number of hours

business image

Photocredit: startupnation

4. HAVE A PRICE TAG

Place a price on your products or services comparing them to the current price tags of the ones in the market. This should help you know the amount of profit you are likely to get and how to spend it.

5. KEEP YOUR IDEAS ON TOES

To write a business plan that will outcome to a successful business you need motivation therefore you may come up with:

  1. A vision, mission statement for your business that well describes what you want to do, what your products or services are and who your target customers are.
  2. Objectives showing your business goals either per week, month or year.
  3. Strategies- some insights on how you plan to achieve your objectives.
  4. Action plan- it should have steps that take to action your strategies. Schedule dates for deadlines to keep your on toes.

Being your own boss is a very good start to your success especially if you are creative and prefer not to work under the shackles of an employer. There will be pressure, ups and downs and a feeling of need to quit but remember, WINNERS NEVER QUIT! Have a successful time as you make your ideas come to life.

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