How to create a business plan for your idea

quist

March 21, 2018 5:23 PM

Do you have a brillant idea? Want to turn it into a profitable business? Don't know where to start from? How about you create a business plan for yourself? A business plan is similar to a roadmap for entrepreneurs. Read on to find out all you need to know to set your business on the right foot.

Why do you need to know

There’s a trend nowadays, which I call, “the entrepreneur”. I find joy whenever I see people, especially young adults trying to get themselves out of the salaried lifestyle. But to my dismay, despite the great innovate ideas they had, they fail to build it into something substantial. I believe, failure to structure a plan for their business could be a contributing factor.

Actually there’s no right or wrong business plan; the important aspect is that it meets your goals. You can start simple, and add up as your company grows. Don’t bother yourself too much with things that you don’t need at the moment; e.g. don’t bother writing an exit strategy if you aren’t writing for outside investors.

READ ALSO: How to write a memo like a pro

There are two common types of business plan;

COST OF WRITING A BUSINESS PLAN FOR YOUR IDEA

Writing a business plan on your own should cost you less to nothing. But some people may find difficulty writing one and they would opt for a professional business writer. The fees of a professional business plan writer will depend on the type of business plan you need.

DURATION FOR WRITING A BUSINESS PLAN FOR YOUR IDEA

A traditional business plan could take several hours, day, weeks or even months. Whilst a lean startup plan could take just an hour.

TOOLS NEEDED WHEN WRITING A BUSINESS PLAN FOR YOUR IDEA

SUPPLIES NEEDED WHEN WRITING A BUSINESS PLAN FOR YOUR IDEA

STEPS FOR WRITING A BUSINESS PLAN

The key to writing the best business plan is to choose the format that suits you.

Traditional business plan format

financial documentations

Lean startup plan format

quist

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