Social entrepreneurship is always the hope and dream of many young office workers, as it represents the ultimate freedom. You can work however you want and whenever you want. You will become your own boss. It also presents opportunities for young entrepreneurs to put their talents to the test.
If you are looking to write a perfect business plan for your social business, this guide is the right choice for you!
What does a successful social entrepreneurship business plan look like?
However, if you want to start a business, you will need to learn how to write the right business plan. Studies have suggested that a well-written business plan and the commitment to follow it are the integral keys to success for many new businesses.
It would be a good idea to look at the factors of a successful business plan. A successful business plan consists of the following factors:
- A clear roadmap for the development of your business
- Realistic expectations and assessments of one’s capabilities
- Convincing wordings
- A solid marketing plan
These factors will work together to create the one marketing plan that will work, ensuring that your business will develop. A detailed business plan is also more likely to convince investors to fund your social business venture.
How can you write a business plan for social entrepreneurship?
Writing a business plan is an integral part of your future success. Still, it may be difficult to write one if you do not possess the experience. If you wish to write your own business plan, here are the step to follow!
1# Start with a summary
The summary is considered the most crucial section of the plan. This is the section that details what your company offers. In short, it is an overview of your business, allowing the investors to understand what your company is all about and what you are striving to achieve. For this reason, it is a good idea to start strong with a great executive summary.
Most executive summaries last about a page or a bit more. This section should not be excessively long. It can bore potential investors and detract them from reading the following sections. The best practice would be first to invoke a problem and then propose your solution. You could also add some differentiating points about your business that distinguishes you from other businesses in the same sector.
2# Create a fascinating company description
The next section should be dedicated to the history, mission statements, and objectives of your company. You will have to be concise here without missing out on any important piece of information, so it would be good to put extra effort into this section.
The mission statement is the very raison d’etre of your business. It should succinctly convey your vision as well as inspire your investors to put their faith behind that vision. The mission statement is also the core of your business, so it should still be applicable even as your business grows.
The objectives are the specific goals that your business will work to achieve over some time. The objectives should, above all, be realistic and attainable, so don’t set unrealistic goals for your business. There should also be metrics that allow you to measure how close you are to your goals, helping you to change your business strategy when needed.
You should not write a dense A-Z chronological narrative of your business regarding your company’s history. Instead, you should focus on the major milestones of your company and the products and the number of employees.
3# Offer a summary of market research and market potential
In this section, you will talk about the market for the products you are selling. You should identify a clear demographic in this section, i.e., potential customers who will be interested in your products. The most important characteristics to consider are the location, age, income, gender, and education of your potential customers. If you are starting a business in another country, it can be difficult to do market research, as you might be unfamiliar with the local culture. You can contact a local market research firm and let them help you with this step instead, allowing you to focus on the other aspects of your business. Try to be as precise as possible, as a too broad market will not be very appealing to your investors.
4# Analyze your competitors
Keep your friends close, your enemies closer. By analyzing your competitors, you will understand what sets your products apart from theirs and their strengths and shortcomings. Such analysis will help your investors see why your products will be the appropriate choice for their problems.
5# Describe your products or services
In this section, you should give a comprehensive look at the features and production steps of your products. The more detailed this section is, the more likely your social entrepreneurship business plan will be successful. You can also include plans for future development to help convince investors.
6# Provide a financial plan
Even though it is likely that you will not have revenues just yet before your official launch, you should still provide an estimate of all the costs you are expected to spend during the first three years after launch. Such an approach will make it easier for you and the investors to understand the project’s scope.
Final thoughts
A business plan is very important for the success of a budding social enterprise, so you should spend a significant part of your time writing a good plan. With the right business plan, you will find it much easier to navigate your business to success and to get new investors for your venture.
Author Bio
Jessica Fender is a professional writer and educational blogger at academicessayassistant.com. Jessica enjoys sharing her ideas to make writing and learning fun.
