Steps for writing a business plan assignment
Business plan writing assignments and homework are common for students pursuing different courses. In this guide, we’ll discuss about the important sections that you have to include when developing your business plan.
What is a Business Plan Assignment?
Business plan assignments and projects are common, particularly among students pursuing their degree in Business Administration, MBA or other related fields. These assignments help students understand how to write an effective business plan for their venture or company.
The business plan project helps the student develop skills such as writing, reading, analyzing and presenting information effectively. It also helps them learn about various aspects of entrepreneurship, including marketing, finance, human resources etc.
It is a chance for students to get practical skills and experience to develop business plans for their ventures or other people as business plan consultants. However, we offer a writing services for students who need assistance.
Our business plan assignment help can be for any business, including:
• Car rental
• Coffee bar
• Food truck
• Poultry farming
When is a Business Plan Needed?
Most banks require a business plan when they give loans to start new businesses. One can use a business plan to apply for grants from government agencies (such as Small Business Development Centers) or private foundations.
The purpose of a business plan is to show potential investors that you have thought through all the details of starting a business before investing money in it. The business plan should include:
• An overview of what the business will do
• The amount of capital needed to start and operate the business
• People who will manage the business
• Where to find customers
• Marketing of the business or product
• Whether you will use employees or contract workers
A business plan acts as a tool that outlines your plans and communicates them professionally.
If you need to see samples, click on the below links to some of the business plans we’re written in the past. Please note that these are very basic considering they are for students.
Now that you understand what a business plan is, the steps for writing your assignment are below.
This section of your business plan assignment provides a high-level summary of your business idea. This section should not exceed one page in length but may contain more detail than the rest of the document.
In this section, you should describe your business concept regarding who your target audience is, why people should buy your product or service, and what makes your product or service unique. You also need to explain how the business’ offerings will reach the customers.
You can include charts, graphs, tables, and diagrams to illustrate your points.
In this section, you need to describe your business concept briefly. Please include relevant background information, including where your business idea came from and why you think it’s successful. If possible, include a description of your competitors’ products or services.
Your business description should be no longer than two pages.
Describe the Vision and Mission Statements of Your Business
In this section of your business plan, you should discuss the vision and mission of your business. Your vision statement describes the goals and direction of your business. Your mission statement explains why you want to build your business.
These statements should be written in the present tense and should focus on the benefits your business provides to its customers rather than on your business’s past or future success.
Define the Products You'll be Offering.
Here, you should describe your product’s specific features, benefits, and functions or services. For example, if you sell software, explain what kind of software you plan to offer, how it works, and its advantages over existing software.
Strategic Marketing Plan
In this section, you should describe your marketing strategy. What strategies will you use to attract customers? Will you advertise in print media, online, or both? Will you hire salespeople, develop relationships with distributors, or work directly with customers?
The section can be divided into various subsections. These include:
• Market Analysis
Here, you should identify the current demand for your product or service and compare it with the supply of your product or service. It would be best to discuss whether there is room for growth in the market.
• Sales Plan
Here, you should outline the number of units you expect to sell each month, quarter, year, etc. The goal is to determine how many units you need to make to achieve profitability. Besides, you outline the tactics you will employ to get new customers.
• Marketing Budget
Here, you should estimate the amount of money you plan to spend on advertising, promotion, research, production, and other costs associated with running your business. Justify every dollar spent.
• Marketing strategies
You might need to outline the marketing methods that you have already implemented and those that you plan to implement in the near future.
For instance, you may explain how you intend to use approaches such as social media marketing, search engine optimization (SEO), affiliate programs, direct mailers, telemarketing, email campaigns, and so forth to attract customers to the business.
This section includes an analysis of your financial situation. Here, you should calculate your expected revenues and expenses for the next 12 months.
Nonetheless, it should not be limited to 12 months. It largely depends on your instructor’s requirements.
The financial plan can be for as few as six months or as many as five years. In the financial plan, you might have to research to get estimates of your revenue and expense projections based on the performance of similar businesses.
You also must ensure that your estimates are practical and clearly show the amount of time it will take to break even.
Need to see detailed business plan samples? Here are some that you can check out.
Here, you must define the processes involved in producing your product or providing your services. This includes everything from designing the physical layout of your office space to hiring employees, ordering supplies and managing inventory.
The operations plan should cover all aspects of your company’s day-to-day activities. For example, it could include details about your company’s human resources policies, employee training programs, purchasing procedures, accounting practices, and much more.
Management and Organization
In this part, you should outline the management structure of your company. Who will manage what aspect of your business? How will you organize your team? Do you plan to outsource any tasks?
You also need to highlight the qualifications of your managers and employees. Will they have the necessary skills to run your business effectively? What kind of educational background do they have? Are they certified by professional organizations?
Finally, you should specify who will be responsible for making decisions regarding your company’s finances.
Projections and Forecasts
This section presents your forecasts for the next 12 months and beyond. Here, you should indicate your sales and profit projections for the coming year. In addition, you should forecast your cash flow capital expenditures.
Here, you should estimate the amount of money you plan to spend on advertising, promotion, research, production, and other costs associated with running your business.
Use templates. You can find free business plan templates for different types of businesses online. These can help develop a business plan that looks professional.
In conclusion, writing a business plan assignment or project for college does not have to be a complex process. If you follow these simple steps, you will develop a winning business plan. You only need to ensure that you include the various sections and conduct extensive research to make your business plan practical and implementable.
1. SUBMIT YOUR
2. INCLUDE YOUR
3. START WORKING