THE BUSINESS PLAN

LESSON #16

BUSINESS PLAN

A business plan portrays your ideas and plan to start up a venture.

 This is a document with a detailed plan for setting up or developing a business.A business plan can be used to borrow money or get investors to invest in your business if one lacks enough funds. A business plan includes:

•    What your business is all about (Aims and objectives of the venture)
•    Sources of capital (savings, loan, shareholders, inheritance e.t.c)
• Market research (allocation of market, flexibility of market, type of market e.g seasonal or annual, competitors)
• Cost of production (in terms of producing the product, labour, packaging, advertisement, distribution)
•   Management (Administration, finance, sales & marketing, procurement, human resource)
• Critical risk (risks you should look out for in your venture e.g loss of property, competition with bigger ventures, losses in operation costs)
•    Mile stones (projection of where the business should be in the short term and in the long term of operation)

Most youth (although due to corruption) have failed to acquire youth fund money because they do not know how to make business plans let alone put ideas on paper. This should be your guide line to make big profitable businesses. Do not seat on your ideas, think big, create and do not be afraid to take risks.

·        Remember nothing can materialize until you have a goal driven dream.

·        A Vision is created by your dreams.

·        Think big in your visions.

·        Build a legacy from your vision.

·         You owe this world a lot so stop complaining and start owning up. By Gloria Pnky

·        Watch this video; The business plan

 http://www.youtube.com/watch?v=g7fbe-oV-X0