As an entrepreneur with the dream of starting your own maize milling business, writing a business plan will be one of the processes you have to complete. Not only is a clear business plan a requirement of any investors or financial institutions you might approach for financial backing, but it will also help keep you focused along the way.
A few important pointers to keep in mind when you start writing your business plan
One key step in preparing for the challenges your new milling or any startup may face, is writing a solid business plan. Not only will the business plan keep your attentions focused in the right direction, but it’s also your best shot at attracting investors. Here are six things to consider:
- Have several versions tailored for specific audiences.
- Your plan is a living document.
- Be realistic about financial estimates and projections.
- Writing your business plan is about the process and having a blueprint.
- Your presentation matters.
- There is a difference between writing a business plan for a new vs established business.
Read more in-depth coverage of the subject here.
DOWNLOAD ROFF'S FREE ULTIMATE GUIDE TO WRITING A BUSINESS PLAN
Writing a business plan and don’t quite know where to start? It’s less complicated than you think! Roff has compiled a handy guide on how to structure and write an effective business plan, especially for the entrepreneur starting out in maize milling.
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Why do some businesses fail and how to avoid these pitfalls
Research by the University of the Western Cape shows that approximately 70% to 80% of small businesses fail within five years. Although successfully establishing small to medium businesses in Africa, such as maize milling businesses, can be difficult due to challenges like governmental and environmental factors, as well as the entrepreneur’s individual issues, they can be overcome.
Read more about the subject and set yourself up for success.
Your executive summary will be the most read, and therefore the most important part of your business plan.
An executive summary should be a concise extract of the most pertinent information in your business plan. Its purpose is to summarise the business in layman’s terms, so that your readers can quickly become familiar with the business of your business, understand what you DO, and be clear on what you NEED.
Give your business the best possible shot at funding by keeping the following in mind:
