Business Plan Example for University Students

Business management plan studies include extensive types to be studied by students. The business plan is considered the most fundamental step in pitching the business to potential investors in the market. Every business plan has its structure and elements. However, the different business plans has their specific format. 

Types of business plan 

The structure of any business plan depends on the type of business and the industry in which the business works. As a result, it becomes essential for students to master the idea of tweaking the business plans to present them in a way that can help grab the audience's attention. Analyzing the customer base and the market is essential in formulating a business plan to entertain the audience. Some of the different business plans are

• Traditional business plans: This type of business plan is suitable for those businesses that use hand-written reports, studies, research and many more. The traditional reports are generally prepared on paper and use a conventional structure.  The traditional business reports generally begin with a plan overview, which provides information regarding different types of risks, opportunities and financial requirements of the business. The plan should begin with a summary describing the business's target market, products and services. 
• Standard plan: The business plan is similar to the traditional one. The only significant difference between the two plans is the difference in the mode of the planning process. The traditional plan is made on paper, and the standard plans are prepared digitally.  There are different types of standard plan templates in Microsoft Word, Excel and others. The students can download any layout per the requirement and write the content to prepare a detailed business plan. 
• Lean Plans: Lean business plans are very compact and scaled-down versions of the standard business plan.  Some sections of the standard plans should be mentioned in the lean plan. This is done to protect the business plan from theft and protect the secret of the business plan. Lean plans are essential as they help summarize the business's main points in the briefs. The lean plan is sent to many clients, making them approach the company for more detail. The lean business plan generally begins with a short introduction, followed by a brand outline and states the business outline.  The lean plan also describes the present value of the business and the expected growth rate.
• Single-page business plans: This type of business plan is exact, short, and compact. This makes it necessary for the student to fit all the essential elements on one page.  In this type of report, it is crucial to identify the core ideas of the business, essential resources, critical investments, potential growth and risks in the bullet points. The students can also separate the information into sections and subsections depending on their requirements. The preparation of this type of report in tabular form is more suitable for effective presentation in front of an audience. 
• Annual business plans: The plan is prepared for over one year per the name. In this type of plan, the students are required to plan the marketing strategy of the company or the brand over one financial year. The cover page of this type of plan should contain information regarding the company's goal over one year.  The plan provided should contain information regarding one specific year. Different types of sections can be included in the plan, such as the market's background and the company's future. However, any plan related to advertising and marketing should be limited to a period of only one financial year.
• Startup business plans: The start-up business plans require an entirely different approach when compared to any established business organization. Therefore, it becomes essential for the students to identify the difference between the two and construct the business plan as per requirement.  It is essential to create a business plan which is feasible, small-scale, and easy to implement. The startup business plans also allow the students to introduce new technologies more easily and quickly.  Different types of graphs, surveys, customer studies and charts can help introduce these changes. 
• Operational Plans: Operational business plans are very action-related plans when compared to other plans.  The students must focus more on the type of action required in the organization to achieve the aims and objectives of the business. The operational plan contains a large number of statistics, graphs and figures. The operational plan uses different charts and graphs to prove the arguments made by the student in the operational plan. The operational plan generally contains information regarding different sources of funds, advertisement campaigns, profits and business risks. 
• Strategic plans: Strategic plans are generally made for the marketing purpose of the business and organization. The business generally uses this plan to revamp its marketing strategies and improve the country's brand image.  A strategic business plan requires extensive market research, surveys and reports to understand the market trend in which the business is operating. Strategic plans are generally made for advertisement campaigns and branding techniques required to attract more consumers in the market. The students can select any existing brand in the market and make strategic plans for their advertisement plans in the future. Strategic plans can be beneficial in attracting the modern audience of the business.
• Internal plans: The internal business plans are not for investors or outside business stakeholders. These reports are prepared in-house by the managers and are accessible only to in-house employees of the organization. Every member of the team views the internal business plan.  The structure and format of the internal business plan are more descriptive and provide every minute detail regarding the business operations. The internal business plans also contain stats and secrets regarding the brand and the company. However, ensuring that the internal reports should be kept safe from online thefts is essential. 

Conclusion 

Business plans are considered an essential part of the curriculum of business students. It helps the students learn about essential elements regarding different business plans required for working in any industry or market.  Making business plans helps in better understanding entrepreneurial aspects.