Kids, this is how you write a business plan

You have a good idea or you have come up with a smart solution. Excellent! Go for it, and you might become your own boss. Writing a business plan will help you make sure you have thought of every detail. Business plans do not have to be pages long: just keep it short and sweet.

10 things you need to know about the business plan: 

1. In your business plan, you outline who you are, what you want to do, and how you will go about achieving it.
2. You describe your target audience. For example, people over 65 living in the area who need help using their computer.
3. The plan helps you investigate if customers will be interested in your product or service. And what they are willing to pay. This is also known as market research.
4. In the plan, you list your competitors and explain how you will get customers to pick you over them. You also describe how you will advertise your company.
5. The plan will help you set the right price for your product or service. Write down all your expenses first and calculate how much you need to ask in order to turn a profit.
6. Have family and friends read your plan and ask them what they think of your idea. People close to you can be a very valuable source of information.
7. You should also draw up a list of things you still need to figure out. For example, asking KVK if you are allowed to DJ at parties.
8. Having a business plan will come in handy if you need money. Anyone giving or lending money to you will want to know everything about your company.
9. Make a list of people you will be working with. There is power in numbers!
10. A business plan is never finished and should be updated every time you make a change.

Tip: looking to start a business but running into some tricky words? Check out this glossary for a simple explanation of difficult words.