What’s a Business Plan.
A document setting out a business’s future objectives and strategies for achieving them:”the company is scheduled to pitch its business plan in June”
Writing a business plan can be a daunting and lengthy process for newbies, however, with the right guidance it isn’t that complicated . Getting your business plan right is setting a good foundation of success for your business.
Step by Step Process for a Business Plan.
Step 1: The PAIN
This is a problem that the prospective customers have and need a solution for. For example, if customers in a particular location have no choice but to eat at a particular restaurant where there are no toilets, that would most probably be their pain. This can be discovered by carrying out a feasibility study in that particular Geographical location or country, whatever the scope of your business may be.
Step 2: The GAP
According to the Oxford dictionary a GAP is a space or internal;a break in continuity. In the case of a business plan, the GAP would be offerings that other businesses in the sector or industry are not doing , but their customers would like to have. For example, in the case of the restauration industry, the gap in the market could be the meals offered, the opening and closing hours, the pricing etc.
