In the proceeding paragraphs you will find the basic requirements for making a business plan, including:. A business plan, for all intents and purposes, is a clearly defined document that not only describes the nature of your business, but also outlines strategies, objectives, goals, sales and marketing targets and financial forecasts.
Your business plan should be able to assist you in:. Your business plan needs to be as detailed and through as possible. However, resist the urge to include every possible stitch of information in your plan. You will want to leave some content for your operational or marketing plans.
When drafting your business plan: It is imperative that you never embellish things like sales or cashflow. When describing what your business does, or the types of products you sell, try not to be too technical.
This is when you explore and explain the strengths, weaknesses, opportunities and threats to the overall success of your business. Writing a business plan is not an easy feat. In fact, many business plans — especially for larger or more complex businesses — are several pages long and require ample research hours and solid planning skills.
Truthfully, there are a number of resources available to those who need a little extra guidance in preparing or writing their business plan. You might choose to:. There are so many options available, and this is where our business writers step in to help. Your business will operate within a particular marketplace, and it is important to understand customer demographics, preferences, needs, buying behavior, as well as the competition. The financial analysis is the third component of the business plan.
If your business is new, this will include projected cash flows, capital expenditures, and the balance sheet. It will also include forecasts as to when the business will break-even. If you lack business or financial education, it is never a bad idea to enlist the help of an accountant to assist with the financial analysis portion of the plan.
The above sections are the broad components of the business plan. These sections in turn break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding.
Format your document correctly. Format section titles in Roman Numeral order. Write your company description as the first section. To do this, describe your business and identify the marketplace needs for your product or service. Briefly describe your key customers and how you intend to succeed. Write your market analysis. The purpose of this section is explore and demonstrate knowledge of the market your business is operating within.
You should be able to answer questions like, who is your target market? What are their needs and preferences? How old are they, and where are they located? Make sure to include a competitive analysis that provides research and information on immediate competitors.
List your main competitors strengths and weaknesses and the potential impact on your business. This section of the business plan focuses on key personnel. Include details about the business owners and its management team.
If the owners and managers and have extensive backgrounds in the industry or a track record of success, highlight it. If you have an organizational chart, include it. Describe your product or service. What are you selling? How will customers benefit? How is it better than your competitors products or services? Do you currently have or anticipate developing a prototype, or filing for a patent or copyright?
Note all planned activities. For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products. Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering". Write your marketing and sales strategy.
In this section, explain how you intend to penetrate the market, manage growth, communicate with customers, and distribute your products or services.
Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above? Make a funding request. If you will use your business plan to secure funding, include a funding request.
Explain how much money you need to start and maintain your small business. Provide an itemized summary of how start-up capital will be used.
Give a timeline for your funding request. To accurately complete this step, in some cases it might be necessary to hire an accountant, lawyer, or other professional. For one full year, provide monthly and quarterly statements. Each year after that, yearly statements. These documents will be placed in the Appendix Section of your business plan.
Include projected cash flows for at least 6 years or until stable growth rates are achieved and if possible, a valuation calculation based on discounted cash flows. Write the executive summary.
Your executive summary will serve as an introduction to your business plan. Remember to place this section at the beginning of your document. When was the business first conceptualized? What are some notable growth benchmarks? Start-ups will focus more on industry analysis and their funding goal.
Existing businesses and start-ups should highlight any major achievements, contracts, current or potential clients and summarize future plans. Potential investors might want to see this information before making a decision. The documents you include here should support claims made in other sections of the business plan. There should a section clearly outlining the risk factors affecting your venture and your mitigation plans. This also indicates to the reader how well prepared you are for contingencies.
Review your business plan for spelling and grammatical errors. Do this several times before deciding on the final version. Rework or completely rewrite content to ensure it works from the perspective of the reader. This is especially true if you are creating a "presentation plan".
Read your document aloud. This allows you to detect if any sentences do not flow together well, and it also makes any grammatical mistakes more obvious. Make a copy and give it to a trusted friend or colleague to proofread and provide feedback. Create a cover page. The cover page identifies your document and gives it aesthetic appeal and professionalism.
It also helps your document to stand out. Your cover page should include: The words "Business Plan" centered in large bold font, along with your company name, company logo, and contact information. Not Helpful 11 Helpful What is a marketing business plan sample for a boutique and fashion store?
Not Helpful 14 Helpful You can start with something small. Business cards, website, or anything that will alert people about your company. You can even post flyers at your local church or grocery store. A business must be registered to make sure that it is legal and a viable choice for investors and customers.
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The more you pay, the more advanced business plan options you get. The easy-to-use app guides users through a series of simple questions and prompts. Your answers are used to develop a summary business plan, complete with revenue projections and full-color graphs and charts.
This guide will explain why a business plan is a must-have, provide a shortcut to the business planning process, help you collect important background information, and get . Jan 30, · Whether you’re starting or growing your business, you need a business plan. Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go.
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan. Oct 23, · If you’ve reviewed what a business plan is, and why you need one to start and grow your business, then it’s time to dig into the process of actually writing a business plan. In this step-by-step guide, I’ll take you through every stage of writing a business plan /5().