NTEEP 4.0: Developing a Business Plan

Jul 16, 2024

NTEEP 4.0: Developing a Business Plan

Introduction

  • Speaker: Mr. Mustafa [Co-Founder & CEO of EYouth]
  • Host: Jessica Kings
  • Overview: Week full of sessions on business opportunities, digital marketing, accounting, and taxation.

Importance of a Business Plan

  • A comprehensive document outlining goals, strategies, and operational activities for a business.
  • Serves as a roadmap, helping to attract investors and partners.
  • Converts an idea from the conceptual stage to implementation and funding.

Key Components of a Business Plan

  1. Executive Summary

    • It's the first section and serves as an overview.
    • Should be simple and engaging to motivate further reading.
    • A good analogy: it's the door of your business plan.

  2. Company Overview

    • Offers a statement about the company including history, key milestones, and structure.
    • Details include company’s name, establishment, shareholders, and legal structure.

  3. Market Analysis

    • Evaluates target markets, business potential, and growth factors.
    • Includes market size, segments, and trends analysis.

  4. Product or Service Description

    • Describes in detail what the business is offering (either product or service).
    • Should include specifics that set your product/service apart.

Additional Essential Components

  1. Operations Plan

    • Explains the operational workflow including marketing, sales, and production.
    • Details how the product/service will be delivered to the target segment.

  2. Management Team

    • Lists the qualifications and experience of the management team.
    • Important for gaining trust from investors and partners.

  3. Financial Projections

    • Usually covers a five-year period.
    • Should outline costs, revenue models, and cash flow.
    • Must include monthly projections to manage seasonality.

  4. Funding and Financing

    • States the amount of funding sought and its intended use.
    • Describes how long the funding will last and expected ROI.

  5. Competitive Analysis

    • Compares your strengths and weaknesses against competitors.
    • Honest assessment of competitive advantages and disadvantages.

  6. Marketing and Sales Strategy

    • Outlines how the business will attract and retain customers.
    • Should include digital and traditional marketing plans.

  7. Milestones and KPIs

    • Clear, measurable goals for the future.
    • Key metrics that signify success (e.g., number of customers, revenue targets).

  8. Conclusion and Next Steps

    • Summarizes the plan and lays out the immediate next steps.

Writing a Business Plan

  • Should be 15 to 20 pages long.
  • Use clear and simple language.
  • Should be revisited and updated every six months.

Key Takeaways

  • Sales Skills: The most important skill for an entrepreneur to sell ideas to investors, partners, co-founders, team, and oneself.
  • Flexible Business Plan: Essential given the rapid changes in today's business landscape.

Q&A Highlights

  • Operational Processes: Tailored to the type of service or product offered.
  • Business Plan Format: No fixed format but should include key components discussed.
  • SWOT Analysis: Useful but not mandatory.
  • Competitors: Not enemies; can be leveraged to create informed customers.
  • Review Frequency: Business plans should be reviewed every six months.

Conclusion

  • Thank you to all participants and hosts.
  • Upcoming sessions from next week.
  • Follow on social media for updates and community engagement.

NTEEP Connect: https://www.nteep.org