Are you in search of how to write a business plan? Then, this post is for you.
Everything well planned will be well executed. This is the same with any business. You need to have a business plan for your business
A business plan is a document that explained everything about your business. The plan explains how your business is now and what it will become in the nearest future.
Your business plan must comprise of the following
- Create Your Executive Summary
This explains what your business is, what it does, where it is located, and where you want it to be in the next few years. This shouldn’t be more than two pages
A comprehensive executive summary will contain the following
- Mission Statement: This will explain what your business is and the goals you want to achieve.
- General Company Information: This is where you state when your business was founded, the name of your founders and their roles, location, number of employees, etc
- Highlight: This is where you show why you will be successful in the business. You can support this with charts and graphs
- Product and Services: This is where you state what you are selling and who your ideal customer is. If you don’t have any product yet, you can describe your plans for a product offering
- Financial Information: This is where you include your funding goals. If you have worked with any banks or lenders over the past years, include it.
- Future Plans: Here, you will summarize where you are planning on taking your business in the future
- Add Your Company Overview
This is where you talk about the structure of your business and what your business does. To write your company overview, use the following layout
- What Is Your Business About: Start by stating what your business does? This is to give a sense of your business to investors and readers
- Industry and Market Place of Your Business: This is where you explain where your business fits in, what needs your business is serving, and how you meet them.
- Legal Structure of Your Business: This is where you do the legal backing of your business. What type of business do you run? S-Corp, C-Corp, or LLC?
- Perform Your Market Analysis
This is where you explain how well you understand the market your audience is. This is where investors get to know how confident you are in understanding your market. This section should contain the following
- Industry Description: This is where you discuss your industry. How big is it? How investors have made predictions on its growth etc.
- Target Market Overview: You can’t serve everyone in your industry. You need to define your target audience and that is where you will do it.
- Target Market Characteristics: This is where you state the characteristics of your dream buyer. You also need to identify who is currently serving them and how unique you want to serve them
- Target Market Size and Growth: This is where you talk about how big your target market is. Also, you need to give a projected growth in your market.
- Your Market Share: This is where you talk about how your product can greatly impact your target audience. In order words, how much market share do you expect to gain?
- Market Pricing: Here, you need to talk about the best estimate on how to price your product, how you distribute your product and how to advertise
- Barriers: This is where you state all the obstacle that might prevent you from getting access to the market
- Competitor Research: This is where you look into your competitors and their strengths and weaknesses. You also include all other related information
- Define Your Business’s Organization
This is the part where you talk about what each individual does in your company. Do you also talk about what their experiences are all about? To write this, you need to put the following into consideration:
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- Organizational structure: This is where you talk about who is managing which part of your business. Explain how everybody fits into the picture.
- Ownership structure: This is where you talk about how your Company is legally structured.
- Background of owners and boards of directors: This is where you will talk about the people surrounding you and how they will make you successful
- Hiring need: This is where you state how you will expand in the future.
- Describe Your Product/Services
To write this part, you need to fulfill the following
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- A description of your product/service
- Current status of your product
- Product development research and goals
- Intellectual property
- Sourcing and fulfillment
- Explain Your Marketing and Sales Plan
This is the part of the plan where you talk about the following
- Positioning: This is basically how your brand is being perceived by people.
- Selling Strategy
- Detail Your Financial Plan and Projections
This is where you talk about money. You should include the following if you have previous data:
- Income statements
- Cash flow statements
- Balance sheets
- Accounts Receivable Statement
- Account Payable Statements
- Documentation of debt obligations
You will also include the forecast about your business financials and you will include the following
- Statements of projected income
- Cash flow forecasts
- Balance statements
- Capital expenditure budgets
If you are requesting a funding request, you must put the following
- The amount you need right now
- The amount you will need in the future
- The purpose and impact of the funds
- Add an Appendix
This might look so insignificant. However, it is very important. This is the point in which you input all other charts, data, etc that you didn’t include in the plan.
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And above is the step by step guide on how to write a business plan.
Do you know any other information that is to be included?
Comment below for others to benefit.
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