A business plan is simply statements of set goals by an entrepreneur to plan and implement activities or it is an overview sketching a jump start of a commercial enterprise by factoring in other aspects that are necessary to start offering services and selling goods to people. This paper evaluates the kind of business plan and the various factors that can enable an individual to develop a successful Business plan. Executive SummaryBusiness plans are not only confined to small scale starters but can be developed by big processing and manufacturing industries before they start. In this case the business plan is intended for the starting of a bookshop. The bookshop will store all kinds of books and other stationeries like all kinds of pens and all kinds of papers. The plan will embody the products that will be sold by the bookshop, the market analysis i.e. what makes the selling of books favorable, the strategies and implementation and SWOT analysis. Business Enterprise Description
Not all business plans are successful and the ones that beat the odds to emerge successfully integrate various factors carefully with full awareness of could-be impeding risks. However, it is very important to think of the best way to approach technology to boost the intended business. Hunter (2007) says that, “The integration of information technology and telecommunications has changed the world into a global village of which people work and buy from anywhere”. Moreover, the place of E-commerce must be permitted or allowed in any given business plan for the reason that this is where the world is heading. The products in the business are solely books and all stationeries. Factors that are very important in any business plan include; capital and its source, the merchandise or products, the location, staff members and their roles in the business, proximity to the raw materials and the kind of business ownership. The market for the products is ready because there are schools, colleges and other tertiary institutions around the area. The infrastructure is good, that is superb all weather road network. However, to start with, the implementation and strategy will be giving some free samples to the schools around and also to bright students.
The most important factor in this kind of business plan is capital and the source. Sources can be either from the owner, family members and probably a loan from the bank. In consideration of the underlying risks with finance, then it is better to raise personal capital up to three quarters of the required capital. The capital is personal contribution and a bank loan that will be a quarter of the total capital. This is to avoid stress associated with loan repayment and the profit margins that are expected. The book-selling business should also be able to project profits after sometimes so as to monitor the progress and the eventual growth of the business. The Strength of the business depends on the schools around its location whereby the best of advertisements and promotions should be done to beat competitors. The only weakness in the business may be stock which requires large amounts of money. The best opportunity is that many more private and public schools are sprouting up in this area hence soaring of sales.The business must adhere with the time frame which is very important and necessary in projecting the progress and profits. Great risks taken and documented in a business plan always gives higher returns.