What Is A Good Business Plan?

Updated: Apr 8

Your ability to write an effective business plan will allow your readers, including potential investors or partners, to analyze the opportunities of your business.


It is, therefore, important to understand beforehand how you should present your business plan. Below are some key points to remember.


Related Article: What To Include in a Business Plan PowerPoint Presentation


A good business plan is able to present among its readers that...


1


The business is not simply an idea but is an actual opportunity that has great potential for success.


2


The products and services will have significant impact on the lives of its target customers. Ask yourself, "Will my business solve their problem?"


Related Article: What Is A Good Business Idea? Questions New Entrepreneurs Need To Ask Themselves



3


It is timely to launch the business. Also consider the degree of market saturation. Remember the primary rule of economics: the law of supply and demand.



4


You have specific target markets who are more likely to patronage you for a long time. Engaging in a business that caters to the short-lived needs and wants of people can be risky especially if you'll invest a big proportion of your savings/ capital.


5


Your business, although has several competitors, is able to provide more value for your customers' money. Being creative is just one of the many ways you can improve your business performance in terms of quality.


6


Your business marketing plan is already in place. Utilizing the most advance technology available to you to reach your potential customers cannot be overemphasized. In the rise of various social media platforms, it is now easier to advertise your products and services.


7


The management team is equipped with the right set of knowledge, skills, and extensive experience to start the business and keep it going even during the rocky road the business may have to initially face.


Related Article: Reasons Businesses Fail




8


Your business has reasonable financial projections related to its expenses and profit. After reading your business plan, the readers must be fully convinced that the business is on the side of making a profit rather than a loss.


Related Article: Important Resources For Startup Entrepreneurs (Aside From Money)





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