Free simple business plan sample Template Format for 2021
Free simple business plan sample Template Format for 2021
Free simple business plan sample Template Format for 2021
To be honest with you, writing a business plan that makes sense isn’t a piece of bread. I know there are people who will tell you that you could write your business plan by yourself, you don’t have to pay anyone to it for you, and all that. Well, the truth is, those who have been able to write their business plan all by themselves without needing any external support are just about 2 out of every 100 entrepreneurs. Majority of the people will always require one form of help and assistance or the other before they can be able to put something meaningful together. This is why this article is written to provide with the needed support and assistance that you need to be able to put together a meaningful business plan for your business, especially if you are in a dire need of one, or you are already thinking of putting one together for your business.
What is a business plan and why is it important?
A business plan is a document which contains the goals which the business owner is trying to achieve with his business and the step-by-step plan on how to achieve those goals. The business plan is a blueprint for how the business will be run, the breakdown of activities and tasks that must be done in order to achieve the overall business objectives.
It not only documents tasks and activities but also the strategies that must be adopted in all the aspects of business operations throughout the entire life span of the business. The guide and the strategies that a business plan provides for an entrepreneur are usually along operations, marketing, management lines, among others.
Also, a business plan is a document that is necessary for raising capital from investors, bankers and other types lenders. Without it, applying for funding from financial institutions is pointless. Not only does a business plan provide information to lenders and prospective investors and reveals an evaluation of your business’s feasibility, it also reflects your management abilities. A business plan which is analytical and objective has a way of convincing prospective investors and lenders that you are capable, organized and you know what you are doing.
When you are thinking about a business plan for your business, knowing “why?” is of utmost importance. If you do not know the purpose of a thing, abuse is inevitable they say. Many people actually believe that a business plan is only needed for the purpose of seeking fund – and I can bet, over 70% of the people seeking to write a business plan are doing so because of this reason. But there are other reasons a business should have a plan. Below are some of the benefits of a business plan. I will only list them because I’m sure the implications of each of the points below are obvious:
- Evaluation and validation of your business ideas
- To conduct market research
- To attract quality employees and management team members
- It helps you attracts investors easily
- It makes seeking collaborations and partnerships with bigger brands easy
- For pitching and competitions
- For tracking the progress of your business
- It helps you understand your competition
- Helps you to distinguish yourself from the competitors
- Helps you to map out your operations
- Makes sourcing for funding easy
- Helps you understand your customers and their needs
- Helps you to project required staff strength
- Helps you foresee or forecast new opportunities
Having said all we have said about what a business plan is and why it is important, let me try to give you a free simple business plan template and format for 2021, that can help and guide you in creating the much-needed business plan for your business.
Pros and Cons of using Simple business plan format, template and sample
The Pros
- It is ready made: A template or sample business plan make it easy for you to write a business plan and get it ready without spending a lot of time getting it done. It can be quite easy and some templates can help you get a business plan ready in a matter of hours. This is one of the most significant benefits of using business plan templates, and editing it out to produce yours.
- They are free: In most cases, you do not need to make any form of payment or financial commitment in order to use business plan templates. Although there are paid templates, there are however hundreds of free templates online that you can use if what you are looking for is a “no-cost approach” to developing your business plan.
The Cons
- They must be customized to be useful, never to be used directly as gotten. A business plan template is useful to the degree to which you are able to customize it to suit your particular business situation. Unless you get the customization right, using a template can do more harm than good to your business.
- Possibility of complications. More often than not, different businesses have their peculiarities that must be considered and factored into the parameters when creating a business plan. Hardly can you find a single business plan template that cater to the entire parameters that are important for all businesses. If a template is a best fit for a particular type of business, the parameters in it a possible not suitable for many other businesses. So, if you decide to adopt the structure and parameters presented in a template without a recourse to it’s suitability to your kind of business, you may actually end up with more complications than you planned or bargained for.
Free simple business plan sample Template Format for 2021
Read Also: How to Write a SWOT Analysis for a Business Plan
Free simple business plan sample Template Format for 2021
Simple Business Plan template
Having said all of the above, I present to you, a simple business plan format which you can take advantage of whenever and anytime there is a need for you to quickly put up a business plan. The following is the generic and simple outline of a business plan:
1.0 Executive summary
2.0 Background:
- Introduction
- Vision and mission statements
- Ownership
- Legal status
- Location and facilities,
- Production/services
- Production plan
- Business strategy
- Key success factors
3.0 Market
- Nature and size
- Target market
- Key competitors and players
- Service delivery
- Quality assurance
- Demand/supply analysis
4.0 Marketing Plan
- Promotion and distribution strategy
- Alliances
- Market positioning
- Competition
- Pricing strategy
5.0 Organizational structure
- Shareholders and directors
- Management team
- External support
- Personnel plan
- Value and norms of the company.
6.0 Legal, regulatory, social, and environmental issues
- Legal issues
- Regulatory issues
- Social issues
- Environmental issues
7.0 Financial Plan
- Initial
- Forecast of sales
- Estimate of costs
- Working capital projection
- Startup capital required
- Proposed financial structure
- Depreciation
- Loan repayment and interest payment schedule
- Projected profit and loss account
- Cash ow projection
- Projected balance sheet
- Financial analysis
8.0 Risk Analysis, Contingency Plan and Exit Strategy
- Risk analysis and mitigants
- Contingency plan
Appendix
- Photocopy of certificate of incorporation
- Approvals
- Licenses
- Organogram
- Assumptions behind the figures
Conclusion
Each of the outlines given above can be customized, depending on your type of business, some of the elements may need to be changed or stated in a slightly different way to suit your purpose and your business type. Some of them may not apply to your business and so may have to be removed. Using this template, you can complete a robust plan for your business or startup.
If you need a service of a Professional Business plan writer, then Dayo Adetiloye Business Hub is the place to go Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send an email to dayohub@gmail.com and we will solve any of your business plan problems.
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Contact us today for your business consultancy and business advisory services. We can help you fine-tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write a business plan and help with fundraising strategies and Grant applications. We can help you start, grow, and expand your business.
Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send an email to dayohub@gmail.com and we will solve any of your business problems.
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