A Guide to Develop an Engaging Business Plan

Are you a university student who is struggling to develop an engaging business plan? Has your tutor asked you to submit a business plan which can showcase your creativity and innovation skills? To develop an efficient business plan, you need to ensure that you know exactly what a business plan is and how you can develop it. A business plan is an official document developed by the business owners for the stakeholders. The stakeholders include the intended audience of the business, investors, shareholders, and future staff. This business plan acts as a very crucial document for proposing the business idea to potential investors so that they can go through it and decide whether to provide funds to the idea. So, as a management student, it is expected that you should be competent in developing the best business plans for a bright future.

The practice of making business plans at this stage prepares you for your future. You can get real-time training to pursue your dreams so that if you aspiring to start your own business in the future, you can do it effectively. So, here are a few tips that can come in handy when you are about to develop a business plan.

• Conduct extensive research: attracting potential investors and convincing them to invest in your business is difficult. You need to conduct aggressive research so that you can get plenty of updated information about your industry, competitors, and products that you intend to develop. You can attract investors when you have put in a lot of data, figures, and graphs in your business plan. This ensures that you have successfully implemented your plan, and this is enough to engage your investors.
• Clear your purpose: your business plan should be written with a rational purpose. You should be clear about what type of business you want to establish and what is its feasibility. The purpose should be definitive and transparent. Your investor should be able to know about it as soon as he reads your business plan. In case you are unclear about why you are writing this; you are wasting your time. You must be defined so about the information.
• Develop an engaging company profile: your company is the main key attraction here. You need to develop an engaging company profile for the investors to know about your idea. The company profile should include products/services, intended audience, estimated budget, digital presence, physical presence etc. all these details will help to broaden the vision of the investors.
• Include marketing plan as well: marketing plan is a part of a business plan and not a separate document. You should not leave this as it is a critical part. Here, list out all the probable marketing channels you intend to use for your business. For example, include social media, TV, radio and print as marketing channels so that your investors should know about the promotional tactics.
• Create a budget: You need to be very clear about the budget for setting up your business. The budget should include the cash inflow and cash outflow (estimates) for the first year so that you can know about the capital you need.
• Review your plan: you cannot underestimate the importance of reviewing your plan. You must proofread every part of the plan so that you can make it best for your investors. This can be a logical error or a language error. In either case, ensure that you proofread it before submitting it.

These are some tips to develop an engaging business plan.