A business plan is the foundation on which you build your business, so it’s essential to get it right from the beginning. A good business plan will help you get financial backing and gives you a framework for managing your business once it’s up and running. Writing it yourself can be tough, but with these 10 ways to write a business plan, you should be able to create one that works for your unique needs and goals.
1) Do your research
A business plan is an important document for any company, outlining their goals, the resources needed and more. With so much information and potential pitfalls, it can be difficult to know where to start.
2) Define your business
Businesses can be defined in many ways, but typically they are designed to solve a problem or need. In order to create your business plan you will need to have an idea of the type of business you want, who it is for and what the purpose of that business is. I will use the example of my company, which sells eco-friendly pet supplies. The company provides environmentally friendly pet care products that are made from recycled materials and sustainable practices.
3) Outline your goals
I have been asked by many of my friends, family members and acquaintances how they can start their own business. What I found is that most people have an idea but don't know where to begin. The following guide will help you get started and lay the groundwork for your business plan.
4) Describe your target market
Business plans are often written for a specific target market. This helps the business focus on certain aspects of the business that will appeal more to their target customers. For example, if you're targeting young people, then you might want to include an in-depth section about how the product will be used at college. Writing about your target market can also help you decide what kind of advertising methods would work best with your audience.
5) Identify your competition
The key to any business plan is knowing your competition. Even if you are the only restaurant in town, there's always something else out there that you'll have to compete with. Some of the more common competitors include:
-Fast food chains
6) Create a marketing plan
You can write the best business plan in the world, but if you can't effectively market your business no one will hear about it. This guide is designed to help you understand what marketing strategies work for which businesses and how you can use them.
7) Describe your business model
It is important to have a business model when starting a business. The business model will be the basis for how you operate your company and it will dictate what type of customer you are trying to reach, the products or services you are providing, and how you grow your customer base. With that in mind, here are 10 ways to write your business plan:
- Use the five Ws--Who? What? Where? When? Why?
8) Outline your financial projections
The final step of writing a business plan is to outline the financial projections. This can be done in just five sentences by answering these questions:
-How much money will you need?
-How will you get the money (i.e. from family, from your own savings, from investors)? -How much money does it cost to start the business? -What is your income projection for this first year? -What are your expenses for this first year?
9) Include an Executive Summary
If you are an entrepreneur and have an idea for a business, the first thing you will need to do is write a business plan. In this step-by-step guide, I am going to walk you through the process of creating your own business plan.
10) Get feedback from others
The following are 10 steps on how to write a business plan:
- Have an idea, or have an idea and set out what it is you want to do. What is the purpose of your business? 2. Find mentors and get advice from them. Find people who have done this before, and ask for their help. 3. Research the market with research tools like Google Adwords Keyword Tool or Bing Ads Keyword Tool 4. Get feedback from others about your business plan - that can be friends, family members, strangers online or in person at networking events 5. Create an Executive Summary - this should only take up to two pages 6. Create a Business Model Canvas - this takes up to six pages 7. Fill in any details from previous steps into the business plan 8. Fill in all important financial details 9. Gather more feedback from other professionals to make sure everything is accurate 10. Share your completed business plan.
@amirleex