Building a Business Plan

The Executive Summary is a brief overview of your business plan. It should capture the essence of your business, your objectives, and how you plan to achieve them. Investors and lenders often review this section first, so it’s crucial to make a strong impression.

Key Elements:

• Business idea: Clearly describe what your business does and what product or service you are offering.

• Target market: Who is your target audience? Why is there a need for your business in the market?

• Unique selling proposition (USP): What makes your business stand out from the competition?

• Financial Highlights: Provide a snapshot of your financial projections, including expected revenue, profit, and funding needs.

• Goals: Outline your short-term and long-term business objectives.

Provide a deeper dive into your business idea, explaining the problem your business solves and the opportunities it creates. Highlight your unique strengths, such as leadership, resilience, or creativity.

• Business Model: Explain how your business will make money. Are you selling products directly to consumers (B2C) or providing services to other businesses (B2B)?

• Legal Structure: Specify your business’s legal structure—sole trader, partnership, or limited company—and why you chose it.

• Vision and Mission: What is your long-term vision for the business, and what mission drives your daily operations?

Understanding your target audience and competitors is critical. This section should demonstrate that you’ve done your homework and have a clear strategy for positioning your business.

• Target Market: Define your ideal customers. What are their demographics, needs, and pain points, and how does your business meet them?

• Market Size: Estimate the size of your target market and its growth potential using industry data.

• Competitive Analysis: Identify your competitors and assess their strengths and weaknesses. What gaps can your business fill?

Your marketing and sales strategy outlines how you plan to attract and retain customers.

• Marketing Channels: Identify the channels you’ll use—social media, email marketing, paid ads, etc.—and describe how you’ll leverage these to reach your target audience.

• Sales Strategy: Will you have an online store, a physical location, or both? What is your pricing strategy?

• Brand Positioning: How do you want your brand to be perceived in the market? Positioning as a female-owned business can attract customers who value supporting women-led enterprises.

The Operations Plan details how you will manage day-to-day activities. This section should highlight your leadership and organisational skills.

• Production/Service Delivery: Explain how you will deliver your product or service.

• Location: Will your business operate online, in a physical space, or both?

• Staffing: Will you hire staff, or manage the business yourself initially?

• Technology: Identify the tools and platforms you’ll use, such as e-commerce sites or project management tools.

The Financial Plan is a critical part of your business plan, especially if you’re seeking funding.

• Start-up Costs: Provide a breakdown of initial costs such as inventory, marketing, and technology.

• Revenue Projections: Estimate your revenue for the first three to five years, providing explanations for your projections.

• Profit and Loss Statement: Include a projected profit and loss (P&L) statement.

• Cash Flow Forecast: Show how much money you expect to flow in and out monthly.

• Break-Even Analysis: Calculate how long it will take to cover your costs and turn a profit.

No business is without risk. Investors will want to know how you plan to manage challenges.

• Identify Risks: List potential risks such as market competition or supply chain disruptions.

• Mitigation Strategies: Explain how you’ll mitigate risks with contingency plans or insurance.

Include supporting documents such as:

• Resumes of key team members.

• Product photos or design mock-ups.

• Market research data or surveys.

• Detailed financial spreadsheets.