A business plan is a pretty important part of getting your business off to the right start. Even if it’s only a page long, it helps you to critically think about your idea. But what are the most important parts of your business plan?
1. Identify a Problem: Your product/service should be focused on solving a specific problem
2. Identify a Solution: Once you’ve identified the problem, it’s important to describe how you plan to solve it. Generally, the simpler (and more practical) the solution is the more likely it is to succeed.
3. Proof That Your Concept Is Robust: Small businesses tend to encounter quite a bit of volatility, particularly in emerging market economies like those in Africa (where access to credit resources and stability of the economic and political climate are not always guaranteed). Does your business take these risks into account?
4. Scalability: Starting small is what most businesses need to do as financial resources are often limited. But how are you going to make it grow? Does it have the potential to grow exponentially?
5. Your Numbers: There should be some quantitative support for the feasibility of your idea. What are your costs and what trends do they follow? What are your sources of revenue and what trends do they follow? Does your plan present a promising return in the long run?
6. Your Team: Last but definitely not least is your team. The value of bringing on board the right human capital is invaluable and often investors judge the value of your business plan, by the strength of the team that has been assembled to implement it.
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