Following the walkthrough on the business start-up process, my next posts on shall be on how to prepare a Side Hustle Business Plan.
A plan consists of decisions made in advance on a matter before it is undertaken. For example, if one intends to travel to Mombasa for holiday, he or she would make decisions on date of travel, means to use, place to stay, etc. These decisions are made long before the actual day of leaving for Mombasa. This travel plan should be implemented for the visit to take place.
Likewise, a Side Hustle Business Plan will be a write up on key decisions about how one will start a side hustle. The decisions will cover areas such as the nature of the business; production and marketing of products or services; total start-up capital and source(s) of capital, among others.
The purpose of the business plan is to act as a road map for the activities to be undertaken when starting and running the side hustle business. It is also a reference document for ensuring that its proposals are fully implemented. In case one wants assistance from others, the business plan will provide them with information on business goals and how they shall be achieved.
Components of a Business Plan
Below are the components of a business plan whose details will be covered with reference to the business plan start-up posts.
- Business Description
- Marketing Plan
- Management and Organisation Plan
- Production and Operational Plan
- Financial Plan
Visit this platform tomorrow for instructions on how to write the Business Description part of the business plan. To benefit from the posts, be writing the covered part so that at the end you have a draft business plan.
Business plans may be presented in a variety of formats. For example, those prepared for the fulfilment of academic requirements are presented in a prescribed format. Financial institutions will specify areas to be covered on business plans written to request for a loan. The format for the side hustle business loan shall highlight the above key areas of business start-up.
Feature Image: Dos and Don’ts of Writing a Business Plan by Alex Liu