How to Write a Successful Business Plan
How do you turn your dream of the next magical product or service into a reality? There’s so much that goes into making a successful business from that first great idea. Well, the answer is simple, create a business plan. We’re here to help you write it.
How to Write a Successful Business Plan
When is the right time for a business plan?
A business plan should be written within 6 months of deciding to start your business. Many business owners over think writing their business plan and drag it out for over a year, sometimes costing them the optimum time to enter the market. Others, rush the process, and try to cram an entire business plan into a pitch deck. This doesn’t allow room for the details and analysis of different factors that go into a successful plan. Once you have your business idea and are ready to start, take your time doing the work to put together a solid plan, but don’t overthink it.
Formatting & Sections of Your Business Plan
At minimum your business plan should include the following sections:
Executive Summary
Overview & Objectives
Products & Services
Sales & Marketing
Marketing Research
Creative
Industry Analysis
Competitive Analysis
SWOT Analysis
Operations & Organizational Structure
Financial Analysis
Appendix
Objectives of The Business Plan
Before writing your business plan you need to understand the purpose behind it and the mindset you should have when writing it. Here’s some initial thoughts to keep in mind:
Be as objective and logical as possible.
The plan should be a blueprint for your business for future company leaders to use and follow.
The plan should communicate the company's purpose and vision, describe management responsibilities, detail personnel requirements, provide an overview of marketing plans, and evaluate current and future competition in the marketplace.
The plan should lay out the beginnings of a financial proposal for potential investors and other sources of financing.
Schedule a free strategy session with The Foster Consulting Firm to help you have a game plan to write your business plan. Click here for more information.
Targets of The Business Plan
Your business plan needs to convince a multitude of different audiences as to why they should care about your business. Here a couple of those key audiences you should keep in mind when writing your plan:
Potential sources of financing - the business plan rationalizes the risk they would be taking by providing finances.
Potential partners and investors - most investors require a business plan to evaluate whether or not they’d like to invest.
Skilled employees - a business plan is especially important in the hiring process if your business is still new. This provides a concrete plan and clear view of your goals and how they can help you achieve them.
Potential joint ventures - joint ventures are similar to partnerships but instead of between individuals, it’s between companies. A joint venture with a more established company could help a new business jump start.
What happens next?
No matter what template or format you use to write it or who you plan to show it to when it’s done, be sure to have a few trusted professionals review it before finalizing it to send out. Once you’ve finalized it, consider creating a slideshow version for presentations and pitches. Once finalized, you now have a roadmap to your business starting off successful. Be prepared to make adjustments as you begin building your business, plans change, the unexpected happens.
Our free business startup kit has templates and more useful resources to help you write your business plan. Click here to get access now.