Article is written by My Assignment Help team
If you are going to open your own business, then you need to know how a business plan looks like. And even if this business plan is just an assignment, it will help you familiarize with business concepts and with the classical outline of a business plan.
When making a business plan, you need to take into consideration a lot of aspects. You need to think about the name of your business, as well as about its mission, vision, and goals. You need to think about who your target customers will be and what products you will offer. You also need to promote your business and manage your finances.
So, where to start? What to include and analyze? How to do it? Even if it may seem difficult, it is easier than you imagine.
1. Create a Business Description
You cannot start a business without having a description of it. Here is the section where you highlight the type of products your business is going to offer. Here is the section where you offer details about its location and schedule. All the general details about the business should be listed here.
2. Define Your Business Mission and Vision
Maybe one of the most important parts in a business assignment is defining the mission and vision of the business. This is what gives your business value, what defines it. So, think about the mission and vision of your business. Try to be concise because there will be other parts to be detailed and a business plan assignment should have around 2500 words.
Take into consideration the differences between mission and vision:
- The mission states what your business will be doing
- The vision represents the goal of your business
3. Define the Products and Services
Every business has something to offer. Whether it is something new and unique or just a better product, every company has its products and services.
Your business plan assignment should have a section where you give details about the services your business is supposed to offer.
This is the section where you should highlight why the services your business is going to offer are better than others. You need to highlight how the products are going to change others’ lives and what is unique about them.
4. Present Your Strategic Marketing Strategy and Sales Plan
Now that you have presented all the details about the business, you must think about how will you let people know about your products? How will they find out about your new business?
If you are not familiar with marketing, you will probably be soon. Here you can give more details about your target market and what communication channels you will use to send information to your customers.
Nowadays, everyone spends a lot of time on social media, so maybe Facebook, Instagram or Twitter will be a good start. Either way, take into consideration all the possibilities and briefly present them in your assignment.
Your sales expectations depend on the marketing strategy, so make some assumptions about how many products you are expecting to sell.
5. Management and Organization
Every business plan has a section where it gives details about the management of the company and the way it is organized.
Here you should give details about the tasks of the management team. You should present the organizational chart that highlights the structure of the business and the relationships between management members.
6. Financial Management
One of the most important and challenging parts about having a business is managing the finances. You need to make project planning, to estimate all the costs and speak about them in your assignment.
Research before you make predictions. You need to think about the cash flow, the cash income and how you plan to use that money. Also, if you have sponsors or additional capital, here you should detail how you are going to secure it.
A business plan assignment might seem difficult to handle. But, with a few guidelines, you can build the best assignment. Make an outline and then discuss it. Take into consideration all the aspects of a business.
You need to think about the mission, vision, and goals of the company. How will you fulfill these goals? What products and services are you going to offer and how are you going to promote them? How will the management team look and what responsibilities will they have?
Even if you might not know the answer to all these questions, this assignment is a great exercise. It helps you get to know how a business plan is organized and what aspects you need to consider when you set up a business.