Identify a practical business idea. For example, if you have a product that you want to sell, begin to think about the product's usefulness and whether there would be great demand for it. Additionally, think about how you will fund the business. Will you seek funding from friends and family or investors? How much will it cost to launch the product, engage in marketing and mass produce the product? Although you may not be expect to have perfect answers for a college-level paper, the more realistic your plans, the higher the grade you are likely to receive for the proposal.
Review the key elements of a business plan, which include the executive summary, product or service description, management team, market and competition, business organization, implementation schedule, risks and financial plans. Understand each element before attempting to write the plan. For example, you will need to do research on your target market and research your competitors. Depending on where you launch the business and sell your product or service, you may or may not have intense competition. This is not as big of a concern for those students with unique products or services.
Draft each element of the plan, starting with the executive summary, which answers several questions in a brief overview. For example, you will need to address the idea, how the idea is unique, target customers, market volume, competitive environment and amount of investment required.
Review the draft with someone who can critique your ideas. If you know someone who has started their own business, they are in a good position to recommending changes to your initial draft. Your professor may have agreed to give you comments on initial drafts. If so, visit the professor's office hours to show her the plan.
Rewrite the plan, taking into account the suggestions you receive from your professor or other reviewer. Edit the draft for style, clarity and spelling.