Business Plan Assignment: Tips and Writing Service for Students & MBAs
A business plan assignment is a common requirement for students pursuing business-related courses. Ideally, it is meant to solidify your knowledge about business operations. You demonstrate your understanding of elements such as naming a business and strategy, including the mission and vision statements, customer segmentation, marketing, and financial planning.
Business plan assignment writing
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Business plan assignment for MBA
Business plans vary depending on a student’s academic level. For MBA students, they must reflect a certain level of competence. It would be best to have a plan that shows that you understand the concepts you have studied well. This is reflected in your writing.
Also, sections such as the marketing plan and financial forecasts need to be more detailed. Besides, it requires proper formatting to ensure that it reflects a high degree of understanding. In some instances, it is vital to use appropriate references.
Business plan assignment for students
For students at lower levels, a business plan does not need to be all that complicated. Besides, it is not as detailed as the one for MBA students. However, it still needs to reflect the concepts that you have learned in class.
Sections such as strategy, forecasting, and marketing plan can be less detailed. Nonetheless, it is imperative for the plan to be correctly formatted and to include references from which you have obtained the content.
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If you already know how to write a business plan and you only need some expert tips, the below guide will help you.
How to Write a Business Plan Assignment
1. Create an Executive Summary
The first part of a business plan is an overview of the business and should provide details such as what the business does, its products or services, the progress that it has made, and the plans that it has. Besides, the section should also contain a pitching sentence, which is a brief description of a company that leaves the readers wanting to know more about it. Furthermore, the executive summary section should contain a business’ summary and the products or services it offers and its locations. Besides, a company’s accomplishments and what it plans to achieve in the future should be outlined in the section.
2. Discuss the Problem and Solution
The section outlines the problems that exist and the solutions the business aims to provide. Often, many entrepreneurs attempt to solve problems that nobody has. Thus, explain the existing situation in the plan. The use of factual evidence shows that you have done some research on the issue. Besides, it shows that you understand the market well; hence, it is an essential part of a business plan.
3. Define the Products and Services
The business plan’s products and services section highlights the products that your business offers, or intends to. This includes how they appear and how the consumers use them to solve their problems. In the area, you may include graphics that show the products, including their unique features or even a picture that shows the problem and how the business’s products address these issues. It is a narrative that shows how the product enhances consumers’ lives.
4. Describe Your Target Market
Here, you describe your target market. Segmenting the target market can be based on aspects such as income levels, personality types, age, or gender. The section shows that you are knowledgeable about the market that you are targeting and assists when formulating the marketing plan for the products that you intend to offer.
Providing the specifics of the market that you are targeting shows that you have studied it well and identified a segment that is not served by the existing products. Thus, you develop products that would fulfill the underserved needs of the market segment you are targeting.
5. Define the Competitors
You need to identify the other businesses that operate in the market section that you intend to serve. Such includes describing the companies that provide products that compete with the ones that you intend to offer. Furthermore, comparing your products with those of the competitors can help in identifying the attributes that make your products unique and competitive. It’s something that your audience may be interested in hearing, considering that it is difficult for you to come up with a business idea in an area that has no competition. If other people have never thought about the idea, then there is a likelihood that the business is not viable or profitable.
6. Describe the Business Model
The other element in a business plan is the business model, whereby you provide more details about the business. Here, you explain how the company operates, including aspects such as sourcing for materials, managing daily operations, and finding customers. The section may also be divided into smaller units, whereby you can provide details on aspects such as the business’s revenue model, development model, distribution model, marketing model, and operations model. The section provides finer details regarding the operations of the company.
7. The Team
In this section, you describe the company and its core management team in a more detailed manner. It should provide details such as who they are, their competencies and qualifications, their backgrounds, their specific roles in the company, and any unique skills set that they may be having. Furthermore, you should provide details on things such as their alma maters and any past ventures that they might have been a part of. By providing such information, you create a connection with the audience and assures them that the team that runs or will be running the business fits well with the organizational objectives.
8. Provide a Detailed Financial Plan
The financial plan section of a business plan breaks things down more in that it provides details on aspects such as expenses and profits. For an established business, it may include elements such as the company’s financial history and projections of the future financials. For new companies, the section may consist of forecasts for the next few years. Thus, with such information, the audience can determine whether the business appears profitable or not, or whether it is a viable one.
9. The Ask
If you are presenting the business plan to a bank or a potential investor, you must end with a request that shows what you want. You should make a formal proposal stating whether you need a loan, partnership, or even seeking equity capital. Therefore, following these steps ensures that one has a solid business plan.
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