A business plan is a roadmap of your business. It details how your business wants to achieve its goals and should include its operational, financial and marketing strategies.

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  • A good business plan should answer the following questions

    • What type of business do I want to run - will I be selling products, services, or both?
    • What products or services will I be selling?
    • Will the business be manufacturing products or buying them from a manufacturer?
    • Will I be in business by myself or in a partnership?
    • How will the business be funded?
    • What market will the business be serving - in other words, who are my customers?
    • Who are my competitors and how will I overcome competition to succeed?

  • You can use a standard format to draft a business plan

    • Business details - include the name of the business and/or trading name as well as the physical address.
    • Business overview - describe what your business is all about.
    • Business operations - state what you sell as well as how and who you will sell to.
    • Business environment - describe factors that will impact your business, like; sales, customers and debtors.
    • Sales and customers - describe in detail your sales projections, the number of customers you want to attract and their locations.
    • Debtors - state how you will deal with customers when it comes to credit.
    • Creditors/Suppliers - describe how you will relate with suppliers when it comes to payment and deliveries.
    • Competitors - identify your key competitors and describe your competitive advantage over them.
    • Financial review - for a start-up this may not apply but for established businesses include your financial reports, your business’s current financial position and your financial plans going forward.

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