How to write a business plan: 10 best tips
You still don’t know how to write a business plan? Keep calm! We’ll give you the guidelines and believe me they are pretty easy to follow!
How to write a business plan?
Many people ask themselves this question. Some of them have just decided to start their own business, others have already done it, but everybody knows that a well-written business plan is an essential precondition for any successful endeavour.
A complete business plan must describe your expectations from your future or current business and inform your supposed creditor about your wonderful ideas.
A business plan is a specific document that pulls more light on all business issues and makes their solving much easier.
A business plan is a working paper that can be revised and edited according to new strategies and plans.
10 useful tips for writing a business plan
1. How to write a business plan: briefly describe your project.
This is the first aspect of your business plan thought it must be completed at the very end.
This description must explain your strategy and vision of the project (your plans of action), envision the market and the capital you need (your plans of investment) as well as your advantage over your competitors.
To put it briefly, this is a shorter version of a business plan enabling you to explain your business to any person.
2. When writing a business plan, state the name of the company.
«All you need is the plan, the road map, and the courage to press on to your destination.»
Earl Nightingale
State the name of the enterprise, related licenses, type of ownership, legal structure, short description of your product or service, and the type of your business (service-oriented, providing retail or wholesale, manufacture etc).
State the company’s address, the required area for your office, your lessors.
Mention whether your business is new or whether you expand or purchase a ready business.
Also define the objective and the goals of the company as well as any planned alterations.
You need to know: How to start a small business
3. To write a business plan, analyze the market.
Outline your market, its segments and the consumers for each segment. State the sphere of the market, converting it into a three-year profit and analyze the dynamics of your profits according to that of the market.
How much would you like to earn with your service and products to obtain a planned profit and become competitive?
Explain why your consumers would be ready to pay your price.
I also recommend: How to attract clients?
4. When writing your business plan, describe your products and service.
Describe these offers as well as the type of the buyers they are meant for and the benefit the buyers are going to have from your products.
Ground why your goods and offers are better than those of your competitors.
5. How to write a business plan. Depict your business strategy and its realization.
Show how you are going to occupy your nicheat the market.
Are you going to advertise your products and attend commercial exhibitions? Are you planning to own a website and promote it?
6. When writing a business plan, don’t forget about your competitors.
Name about 5 major competitors and explain why your goods/services are better than theirs.
Is their market steady? Is it developing or declining? What are the reasons? Point out their weaknesses and strengths and outline your strategy. How are you going to monitor your competitors in the future?
7. When writing a business plan, provide a characteristic of your enterprise.
State the means of producing your services and goods, principles of your financial policy, and the ways of receiving debts from your debtors.
Also state the number of your employees, their required qualifications and skills, your plans concerning their further education.
Precise which equipment and technologies you’ll need and beware of all legal and licensing aspects of your future business.
8. How to write a business plan? Describe the organization of your working process.
Who will be the CEO of the company?
Include your major managers’CVs. Add job descriptions for all key specialists and the list of core consultants. Calculate the supposed financing.
9. When writing a business plan, calculate your finances.
Count the expenses for founding and leasing your company.
If you have a ready business, tell its financial story or estimate the financial rates in three years after starting your business.
State your monthly income, your first year losses and your quarterly calculations for two years ahead.
Also count the circulation of cash and your current accounting reports.
10. When writing a business plan, have accompanying documents.
Your business plan must include CVs, job descriptions, recommendation letters, registration documents, loan histories, written obligations, lease agreements, market statistics and so on.
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