Steps Involved on How to Write a Business Plan to Suit your Desire.
How to Write a Business Plan… Do you need a guide on how to write a successful plan for your business? if yes, we compiled laws and principles involved in creating a unique business. Read below;
Creating a business plan will help you achieve your entrepreneurial goals. A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving your personal and financial goals. It can also help persuade others, including banks, to invest in what you are creating.
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Before Writing Your Business Plan Check This;
- How Long Should Your Plan Be?
- When Should You Write It?
- Who Needs A Business Plan?
- Why Should You Write A Business Plan?
- Determine Your Goals and Objectives
- Outline Your Financing Needs
- Plan What You’ll Do With Your Plan
- Don’t Forget About Marketing
If you’ve reviewed what a business plan is, it’s time to dig into the process of actually writing a business plan.
Tips on Writing a Perfect Business Plan.
When writing your business plan and before you start using it, consider the following:
- Do your research – You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete your plan. By having the right information to hand you also can be more accurate in your forecasts and analysis.
- Determine who the plan is for – Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package.
- Do not attempt to complete your business plan from start to finish – First decide which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections later.
- Get some help – If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice.
- Actual vs. expected figures – Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates.
- Write your summary last – Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to quickly read your plan, find it realistic and be motivated by what they read.
- Review. Review. Review – Your business plan is there to make a good impression. Errors will only detract from your professional image so ask a number of impartial people to proofread your final plan.
Things to Include in a Business Plan.
Now that we have the rules of writing a business plan out of the way, let’s dive into the details of building your plan.
The rest of this article will provide the specifics of what you should include in your business plan, what you should skip, the critical components of the all-important financial projections, and links to additional resources that can help jump-start your plan.
Remember, your business plan is a tool to help you build a better business, not just a homework assignment. Good business plans are living documents that you return to on a regular basis and update as you learn more about your customers, sales and marketing tactics that work (and don’t), and what you got right and wrong about your budget and forecast. Your plan sets out the goals you’d like to achieve and you should use it to track your progress and adjust course as you go.
1. Executive summary:- This is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though.
2. Opportunity:- This section answers these questions: What are you actually selling and how are you solving a problem (or “need”) for your market? Who is your target market and competition?
3. Execution:- How are you going to take your opportunity and turn it into a business? This section will cover your marketing and sales plan, operations, and how you’re going to measure success.
4. Team and company:- Investors look for great teams in addition to great ideas. Use this chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you’re already up and running.
5. Financial plan:- Your business plan isn’t complete without a financial forecast. We’ll tell you what to include in your financial plan.
6. Appendix:- If you need more space for product images or additional information, use the appendix for those details.
How to Write a Business Plan.
A business plan provides direction, keeping you on track and is usually a requirement when you seek finance. Depending on your business type, your plan could include the following sections:
- Title page – This describes what the plan is for and includes general information on your business. Find out more on what to include in the title page of your business plan.
- Business Summary – A one-page overview written after your business plan is finalised.
- About your business – This is typically called the management plan or operations plan. It covers details about your business including structure, registrations, location and premises, staff, and products/services.
- About your market – This is the marketing plan. It should outline your marketing analysis of the industry you are entering, your customers and your competitors. This section should also cover your key marketing targets and your strategies for delivering on these targets.
- About your future – This section covers your plans for the future and can include a vision statement, business goals and key business milestones.
- About your finances – The financial plan includes how you’ll finance your business, costing and financial projections. See the Finances section for detailed information on what to include on finances.
- Supporting documentation – List all of your attachments under this heading in your plan for referral. For example: copies of emergency procedures, maps, resumes, or financial tables.
Click here to download a sample of business plan form.
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