For a business to start, there is a need for one to have a written business plan. Whether it is for the purpose of attracting investors or providing direction, a business plan is something which is important in order to make your organization succeed. But when it comes to writing it, how do you go about the whole process?
It is recommended that, a business plan should have the following:
- Executive summary which needs to have the snapshots that your business will engage in.
- A company description which will talk about what you do.
- A market analysis, which has the research of your industry, your competitors, and market.
- Management and organization which is all about your management structure and your business.
- Product or service which will entail the services or products that you are offering.
- Sales and marketing, talking about your sales strategy and how you are going to market your business.
- Request for funding that will have the amount of money that you will need for the next 3 to 5 years.
- Financial projections that will supply information such as the company balance sheets.
- Appendix, which is optional and it is a section that will have the permits and resumes.
Although what is listed above looks simple on paper, getting started with writing a business plan can be a tough task. The below are some of the things you need to consider while preparing the plan.
- Do The Research
At this point, there will be a need for you to analyze your product or service and your expertise objective. Spend more time on research, evaluation and thinking about how you will write the business plan.
- You Will Need To Determine The Purpose Of Your Business Plan
The purpose of the business plan is to describe what service or business you are involved in the marketing and sales strategy, financial background talking about loss and profits. You can make it to be a road map for the business to plan for its future and help it go through the bumpy road. Whenever you are defining your business plan, ensure that the above goals are defined well.
- Ensure That Your Create A Company Profile
This will include your company history, what services or products that you offer, your target audience and market, the amount of resource you have, problem solving strategies, and how unique is your business is from the rest. This is a very important component in your plan and it is the first written part that you will work on.
- All Aspects Of Your Business Need To Be Documented
If you are looking for investors, they would want to know how your business is going to make money for them and thus, everything about the business will be of interest to them. You will need to document everything starting from your expenses, how cash flows in and out of the business, and the projection of your industry. Minor details such as the location of your business, and the agreements concerning licenses should not be left out.