An international student serious about going into business needs to have a well-detailed business plan. This is important because it serves as the blueprint for the business and increases the chances of securing capital funding. So, how can international students write business plans?
Let’s explore the components for building a great business plan.
- Executive summary
- Mission statement
- Market strategies
- Operations and management
- Financial analysis
1. Executive Summary
This is the outline of the business plan that should clearly state the summarized plan. It should include the products/services, objectives, competition, competitive advantage, growth potential as well as the market. Reading your executive summary gives the reader a feel of what you intend to do and how you intend to do it.
2. Mission Statement
The mission statement clearly states the mission and purpose of the business that you intend to establish. It explains why you should run the business, this is very important for investors who read it. It also motivates goal achievement for you, your team and employees.
3. Marketing Strategy
This involves a deep understanding of the buying culture of prospective clients, your business, the industry, market opportunities and your unique selling point. It also explains the competitive advantage your business has over others and how you intend to leverage on that. Your marketing strategy should also reveal future marketing campaigns to keep your business on top of the food chain.
4. Operations and Management
In this section, you’ll need to describe the key activities and operations of the business. This includes your team, the various departments and their roles. It also contains details of the typical day to day activities of the business and is a key ingredient in international students’ business plans.
5. Financial Analysis
This clearly explains details about financial data, cash flow projections, sales projections, balance sheet and other details about the business’ financials. Projections and forecasts are usually made from a deep research in market trends and how technological advancement is expected to influence the industry, market and your business. The goal ultimately is to make some profit while solving problems.
There’s no gainsaying that with an increase in business opportunities comes an increase in employment. Thus, international students need to write great business plans to qualify them for investments and growth. Fortunately, the growth of businesses translates to growth for employment and the gross domestic product (GDP) by extension.