Creating a business plan is one of the first steps to any venture. Every business needs to have a written document detailing direction, competition, and the necessary steps for success. The pressure could be overwhelming especially to those without a business major to back them. Let us help you out by giving you some tips on how to write the perfect Business Plan.
We recommend that a business plan should have the following:
Executive summary -- a snapshot of your business
Company description -- describes what you do
Market analysis - research on your industry, market, and competitors
Organization and management -- your business and management structure
Service or product -- the products or services you’re offering
Marketing and sales -- how you’ll market your business and your sales strategy
Funding request -- how much money you’ll need for next 3 to 5 years
Financial projections -- supply information like balance sheets
Appendix -- an optional section that includes résumés and permits
With that in mind, here are some helpful tips to get you started.
Do your research!
The key to beginning any business starts with 90% research, 10% ideas. Nothing can happen if you don’t do your homework first. Analyze your product/service, your market, your competition. Spend twice as much time researching, evaluating, and improving your own product/service before even considering to launch it.
Know your purpose
Make sure you know the WHY of your entire business. What’s the point of making it? Who are you trying to help? That way you can figure out who your target market is and from there, determine how to reach them and what you can say/do to sell them your product/service.
Make your company profile
It includes everything about your organization from your history to what you do and the products/services you offer. Think of your company profile as a really long resume or business card. It’s the first thing you give to potential clients, suppliers, and investors to get them to support you or your company.
Be organized, record all financial statements and expenses. Investors would want to know everything going on especially when it comes to their hard-earned money. Be transparent by having it all on paper. It will also help you see how your business is or might potentially be doing at a moment’s glance.
Create a solid marketing plan
A new business will always need a solid marketing strategy. From the initial stages of production where you can tease potential customers and create hype, to the actual product launch and eventual day-to-day strategies to keep your business afloat. No business has survived without marketing. Make sure to also establish your marketing budget as well so as not to go overboard with your spending.
Know your audience
Make sure your business plan can accommodate the people you are targetting to read it, meaning its catered to what they want to see. For example, a bank would want to see your financial numbers. Investors would want to see your overall plans, how it would benefit them, and your potential growth.
Lastly, explain why you care
Always make sure to include why you have a personal stake in the company. This would give potential partners an additional incentive to trust you and know why the business is important to you.
That’s it! If you’re still hesitant, check out our other blog posts to see more information on business-related how-to’s. The most important tip is to move forward and get started. Good luck!