1. The first thing you need for successful business plan writing - is an idea.
Business ideas for students without start-up capital are as common as mushrooms after a good rain in a rapidly developing information space. The main thing is to be able to see them, formulate, have the desire to do business and follow a simple rule: to work efficiently and continuously improve your skills.The best idea is one that works simultaneously and efficiently in three directions: knowledge - rapid qualification growth; economics - costs will fall, income will grow, and rating - the interest of others will continuously increase. A candidate for an idea should formulate it himself/herself and have a particular desire to implement it. Everything said is enough to start.
2. The economy of the best idea, profit calculation.
What ideas can be offered for a small student's business? Profit and its steady growth are significant. Before you start any business, you need to weigh and calculate everything well.It is necessary to determine the source of income. When calculating it, the transaction and its cost (S) and their number per month (N) are considered. Each sale may be accompanied by additional income. Executing obligations may require expenses (Mr): advertising, materials, tools, electrical energy, and Internet access. Do not fantasize and immediately build big plans. Business ideas for students without start-up capital are only a deal (service), and the goal is to increase their number.
If the business is initially legal, and state registration of an individual entrepreneur or a company will be carried out, there will be costs for taxes (Mg). Monthly profit will be P = (S * N) - Mr – Mg.
This is a simple student version of the calculation and not the economy of an honest company. Still, it is pretty enough to determine precisely which idea will do the best and can be considered the best.
3. Knowing and navigating the correct structure of the business plan is essential.
- Targets and goals: Here, you must analyze the idea (SWOT – analysis). Disclose strengths and weaknesses, as well as opportunities and threats.
- Analysis of the idea: Describe the activity's objectives (what you want to achieve), and describe the industry.
- Product (service): This part must be written in a clear, precise language and is understandable to a non-expert. Describe the products or services and their application, and indicate their uniqueness, the technology, and the skills necessary for the business. Obtaining a license/patent rights may be required.
- Market analysis: Market and marketing are decisive factors for all companies. You need first to collect and process a large amount of "rough" information. For example, information about customers, competitors (their strengths and weaknesses), market segments, size, and growth. Describe the possible impact of competition.
- Marketing plan: At this stage, the main task is to gain a potential investor's trust and location. Here, you should read marketing books; it is possible to consult with experts.
- Production plan: Here, you should consider all issues related to the premises you occupy, their location, equipment, and staff.
- Managerial staff: Investments are made in specific people, not in a business plan, because this section is one of the most important. Specify the central management team, the staff requirements, and how youwill reward employees for achievements.
- Sources and resources required: In this section, you should provide your thoughts on the number of necessary funds, the causes of their receipt, the form, and the timing.
- Financial plan and risk analysis: Business people are divided into those who like to work with numbers and those who are afraid of them. This section of the business plan is undoubtedly the most important for the first ones. Here, you can see sales, profits, costs, risks, and how they can be avoided.
- Detailed financial plan: You need to include in your business plan a detailed financial plan, i.e., sales forecast, profit, and loss estimates.
4. Common mistakes when writing a business plan for the first time.
Most beginners overwhelm a business plan with completely unnecessary details. The author of a business plan should focus on something other than minor details. The primary criterion for the content of a business plan is not the amount of information but its quality.Lack of a precise distribution of roles in the project team. The fact that this information regarding the future business project is not available indicates an insufficient study of the implementation phase of the planned ideas. And vice versa - the deep structure of the performers responsible for the implementation of specific stages will dispel the doubts of the potential investor regarding the viability of the author's ideas for the plan.
A business plan writer should not use standard and inaccurate phrases in his/her written work. This rule is necessary, first of all, when discussing the financial side of the business plan. The wrong wording in this section will reduce the proposal's attractiveness in the investor's eyes.
Read a few other business plans. Remember, a business plan should reflect your personality. Preparing a business plan is a job that requires your imagination. Gain experience and skills in the chosen direction. Write only on those days when you are full of energy, not when you are morally and physically exhausted.
