Learn How to make a business plan in Kenya in this simple guide. we have highlighted the basic and important steps on how to make a business plan in Kenya whether you are an aspiring entrepreneur or just someone willing to learn how to make a business plan in Kenya. we shall start this guide by defining a business plan, what really is a business plan and is it important? A business plan is a written document that describes in detail how a business you intend to start defines its objectives and how it is to go about achieving its goals and objectives. A business plan lays out a roadmap written for the business or startup from marketing, financial, and operational standpoints. there is a popular saying in the business field ”by failing to plan you plan to fail”
How to make a business plan in Kenya simple guide
We have highlighted the 8 basic and must have points to make a perfect business plan for your business idea or you have just learned about how to start a business in Kenya
- Have an executive summary
- Describe the business
- Describe your product or service
- Research of your business market
- Outline how to market and sales plan
- Outline management and organization
- Financial planning
- Financial projection and business goals
Have an executive summary
The executive summary of a business plan is aimed at briefly explaining the business you have and how it should solve customers problems, the target market and key financial information of the business.
An example of an executive summary of a business plan is ”Due to the increasing number of students at University of Eldoret, the demand of food has been on the rise by students learning in the institution market research indicates that there are quite a few number of food eateries and hotels which are quite costly for students. My hotel business aims at filling these gaps by offering cheap, affordable and hygienic place”
Describe the business
Business description in a business plan is meant to provide a history of the business, objectives and overview of the business, including what the business does and how the company is unique from others in the same industry. An example of Business description in a business plan is ” The University of Eldoret hotel got its name from the surrounding institution with its mission to offer sufficient, quality and affordable meals to students with its founders from the heart of Moiben Uasin-Gishu count the farming capital aims to utilize the fresh produce to make healthy affordable meals to students around University of Eldoret” Our objective in the next 2 years is to be the main go to food eatery for all students, Provide meals to over 100 students daily and to triple the daily revenue from the first year.
Describe your product or service
The product and services section of a business plan should include: A description of the products or services you are offering or plan to offer in your business. How your products and services will be priced. A comparison of the products or services your competitors offer in relation to your business. An example of Describing your product or service in a business plan is ”The founders of University of Eldoret Eatery is based on Moiben constituency which is known for producing healthy crops and foods this will be strategic place to source for materials. Compared to our competitors who mainly offer fast foods like bread we aim to offer healthy meals like beans, Ugali, fresh vegetables and eggs on our menu our prices will be low and fixed to attract huge numbers compared to overpriced foods from our competitors”
Research of your business market
Market research of a business plan is the process of determining the viability of a new service/product through research conducted directly with potential customers. Market research allows a business to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. example of research for business market; ”University of Eldoret students are hardworking students and spend most of their time in a day at school studying with very minimal time for preparing nutritious meals for themselves University of Eldoret eatery will offer ready meals for students at any given time of the day making it efficient for students. It is estimated that an average student spends at least ksh 250 on food daily we intended to lower their cost by tapping in with cheap meals”.
Outline how to market and sales plan
Sales and marketing section of your business plan is especially crucial because it determines how you’ll plan on making profit and describes how you intend to create exposure to best sell your product or service. It’s in this area of your business plan that you’ll hone the key elements of your marketing strategy. examples of our sales and marketing plan for our business is laying out posters and banners and stating discounted prices on meals
Outline management and organization
The process of organizing, planning, leading and controlling resources within a business with the overall aim of achieving its objectives. The organizational management of a business needs to be able to make decisions and resolve issues in order to be both effective and beneficial to generate revenue you should know and outline qualification and expertise of staff for example I might employ an experienced chef from a well known eatery.
Financial planning
A financial plan of a business plan helps determine if an idea is sustainable, and then keeps you on track to financial health as your business matures. It’s an integral part to an overall business plan and is made up of three financial statements which include; cash flow statement, income statement and balance sheet the business should be able to generate sustaining income in the long run. You can add a funding request to your business plan for example;” University of Eldoret eatery has purchased equipment’s, food stock, rent and set aside employee payment for up to 6 months. The projected revenue for the next six months is deemed to sustain the business for the next coming years, while already profitable we are requesting a funding of 300,000 to keep up smooth running in form of business loan”
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