Best Guide To Write A Business Plan: 10 Effective Tips. Handy Tips On How To Write An Amazing Business Plan For Your Company.
Do you need a business plan? Do you know you can write your business plan yourself? Yes! This is very much possible. In fact, writing your business plan yourself gives you the opportunity to know your business better. In this article, I am going to guide you on how you can write an amazing business plan. Let’s get right into it.
What Is A Business Plan?
A business plan is simply a document that is created by an organization or a company. This document describes the organizational goods, operations, marketing objectives and financial projections. In summary, a business plan is one that shows everything and anything that one intends to do in a business.
How Do I write A Good Business Plan?
Here are some of the things you need in your business plan:
- Draft The Executive Summary
- Write Your Company’s Description
- Think About Your Business Goals
- What Are Your Products Or Services?
- Do A Market Research
- Outline Your Financial Plans
- Conduct A Feasibility Study
- Include Everything You Want To Do In Your Business
- Ask For Help
- Follow Your Business Plan Religiously
Best Guide To Write A Business Plan: 10 Effective Tips
1. Draft The Executive Summary
The first thing you need to do when writing a business plan is drafting the executive summary. This is a very important step in writing a business plan. In fact, your executive summary cannot be skipped. This part of your business plan should cover your business name, the products or services you will deliver and what marketplace.
2. Write Your Company’s Description
Creating your company’s description is another thing you need to include in a business plan. Once you have done your executive summary, you can then work on your company’s description where you have more specific information. Here, you need to include your company’s registered name, your company’s address, as well as key employers in your business.
Also, do not forget to add how your business is structured. That means, if it is sole proprietorship, limited liability, partnership or corporation. You should also include key stake holders in your company id it is a partnership business. The history of your business should not also be left behind.
3. Think About Your Business Goals
Next, think about your business goals. Every business has goals it intends to achieve either in a short term or on a long-term basis. Meeting your business goals would help you ascertain if you are growing or not.
There are different types of business goals. You can have number-based goals or intangible goals. The former refers to financial and profit-making goals while the latter refers to goals that are not related to traceable numbers. It is important to note that both of them are very crucial to any organization.
4. What Are Your Products Or Services?
Another thing you need to outline on a section of your business plan is the products or services you are going to offer. You can include if you have patent or trademark. Everything that concerns what you are offering the market should be included in this section.
5. Do A Market Research
Do not underestimate the power of doing market research. Of course, who goes into a business without doing market research? Market research helps you find out if what you are offering the market is important or not. Here, you can also compare your products and services with other ones and then review how you can have a competitive advantage at the market place.
6. Outline Your Financial Plans
Next, you need to outline your financial plans. This would help you get disciplined in business. This section includes your budget as well as other costs you would consider. If you are taking a loan in your business as your capital or for an investment, you also need to plan how you can recover from it.
7. Conduct A Feasibility Study
A feasibility study is one that is conducted to see if your business would succeed or not. It is important you carry one out before you start up any business. This saves you the stress of closing down a business because it is not thriving.
8. Include Everything You Want To Do In Your Business
I mentioned earlier that a business plan includes everything you want to do in your business. Therefore, you really have to include all you want to do to make it work.
9. Ask For Help
If you are confused on any section of your business plan, you can ask a professional or someone that has written a business plan before to help you look at it to make sure you are doing the right things. This would boost the confidence you have in your business plan as well.
10. Follow Your Business Plan Religiously
I always tell people that there is no point making a business plan if you are not going to follow it. Your business plan is a guide on what you are going to do in your business to ensure that it succeeds. Therefore, going against the plans you have made form the beginning can affect your business and you may not even know this.
A business plan needs to be protected and documented so that you can go back to it anytime you wish to as it gives you overall confidence in business.
Frequently Asked Questions
1. Can I Write A Business Plan Myself?
Of course, most people out source business plans but it is best you write it yourself using the tips I have given you above.
2. What Are The Four Types Of Plans?
There are four major types of plans which are: Operational planning, strategic planning, tactical planning, and contingency planning.
3. What Are The 3 C’s Of A Business Plan?
The three C’s of a business plan include: Your concept, Your client or customer, Your cash flow.
4. Who Prepares A Business Plan?
A business plan is prepared by an entrepreneur except he or she wants to outsource it.
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