There is no doubt that every business without a plan is likely to fail. Hence, having a good business plan is a vital requirement for business success.
This is because planning is winning and those who plan better win faster and quicker.
Planning helps entrepreneurs control and regulate their businesses for maximum outputs.
Therefore, what are those pertinent questions every business plan must answer?
We all must agree that just immediately you find that type of business you’ll love to do, their is need for you to plan it.
This could either start by writing down your goals and making good researches to find a profitable niche, your target audience and how to win your market share.
Then finally, you take action.
Therefore, let us check out the 9 vital requirements of a good business plan.
1. What level of income are you looking for?
How much do you intend to earn weekly? A good business plan must show your expected income.
It is good to be realistic enough by joting down how much you intend to earn daily.
For instance, if you intend to earn $1,000 weekly and you work 6 days weekly, you could work to earn an average of $200 daily.
This is realistic and achievable enough than merely stating you want to earn $100 weekly.
2. Your business plan must show your working schedule
Will you be working full-time or part-time on your new business?
If you are working full time, how many work hours daily are you putting in?
If you have to work part-time, what days of the week and time would be best convenient for you?
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3. A good business plan must be timely
Time is the most valuable asset available to man.
The interesting thing is that every one has the same 24 hours daily.
This is where you decide how many working hours you intend to put on your new business either fulltime or part-ime.
Lay out a time fame. Don’t worry if you’re not sure, just try your best and put something on paper.
You can always adjust along the way.
4. What skills do you need to learn?
Every business, every job or task demands some level of skills and discipline to succeed.
Hence, you need to develop yourself in building up the required skills to make your business succeed.
Find out the skill you need to succeed in that new business you’re about venturing into.
This will make it easy for you to succeed within a short period of time.
5. How will you learn the skills you need? And how long will it take you?
How do you intend to learn the skills you desire?
Will you enroll for a skill acquisition program or get yourself a private tutor who will equip you with the skills you require?
How long will you need to acquire that skill you need in order to run your business successfully.
All these details must be found in a good business plan.
6. How much financial investment is required and how will you generate your start-up funds?
Every business runs on some level of financial resources, be it a new startup business or an existing business.
A good business plan must point out the amount of financial investment required.
You can check out and apply for business grants as way of business funding, which has helped many startup entrepreneurs.
Also, your business plan must be able to show the financial capacity required to run your business daily.
Hence, you can now plan on the best way to get your startup funds.
Related Article: 12 Fantastic Ways Of Getting Money To Startup A Business.
7. Who are your customers and how will you get them to patronize you?
Just after you have succeeded in getting the required capital needed to kick start your business.
It’s now time for you to identify your target audience.
These are the people your market will be off value to.
For instance, if your business will specialize in selling baby foods and diapers, then who should you focus on getting?
Am sure you know nursing mothers are your main target.
Hence, you can run social media ads or partner with hospitals to market your products to their nursing mothers.
8. A good business plan must futuristic:
Every great thing starts small.
Not even Amazon or Microsoft started as a billion dollar company.
A good business plan must show your future projections of where your business is expected to be in 2 years, 5 or 10 years time.
In your future projection, what are the possible challenges your new business will encounter and how will you curb them?
Most of the world class businesses we see today even have a business projection as far as 50 to 100 years.
A good business plan must be futuristic.
It must set up a business that will outlive her founders.
Also Read: How Will Metaverse Technology Promote Businesses In The Future.
9. What about a good hand-over plan?
For sure as the business grows, you’ll plan to retire from being the CEO.
Hence, you must state your plans for retirement.
What do you intend to lay down as a retirement format for all the positions your business will hold in the future.
This might sound too early.
Oh yes, why should I plan for retirement when I haven’t even started?
Well, this is vital to secure the future of your business and it’s workforce in the future.
Thia is why planning is winning.
Hope you got value reading this article?
What other vital question must a good business plan answer?
Share your thoughts with me at the comment section.
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