Written by: Mary Walton
When starting a business or a project, your business plan will be the foundation of everything you do. Another term for your business plan is calling it ‘a map to your success’. It sounds a lot more essential when you put it like that, right?
However, many business owners will ask, what is a business plan and how I would go about making one? Well, to answer all your questions, today I’ll explore all the ins and outs of a business plan and how you can write one for yourself.
Step #1 – Intro
First, let’s see what a business plan actually is. In essence, it is a series of questions that you need to ask yourself, the main one being ‘what direction is my business heading in?’
You could write a business plan for the next six months, the next year or even the next decade. You’ll be looking at all the ins and outs, such as how many employees you want to have and what kind of turnover you expect. This being the foundation of your plan.
Step #2 – Summary
With the questions in mind, you can start writing the business plan. In this article, I’ll explore the most traditional format. So, to start with, you’re going to want to write the introduction. This will tell anybody who reads your plan what your business is all about and why it’s a successful venture.
You’ll want to talk all about your products or services, your leadership status, your location and any existing financial standpoints that you already have.
Step #3 – Describe Your Company
Similar to Step #2, this is your chance to go into depth about your company. What problem is your product or service solving? In this section, you need to be specific. List out your existing customers or your target audience. You’ll also want to describe why you think your business will be a success against your competitors.
Step #4 – Talk About the Market
Going into further depth about your target audience, talk about the market you’re going to be selling in. Look for industry research that has been carried out, including reoccurring themes and market trends.
Also, talk about your competition. Ask yourself what they do in their company, why they are successful and how can you do what they’re doing but better.
Step #5 – Chain of Command
Now you can go into detail about your company. Talk about the structure of your company and what positions people will be in. Will you have a CEO? Who will be second in command? What departments will you have? All this information needs to be listed in this section. You could even include your employee’s CVs and resumes.
Harry Dotson, a professional writer for Big Assignments, continues;
“This is an extremely important section in your business plan. Within it, you’ll need to describe the actual legal structure of your company or business and how you’re going to classify yourself. For example, are you going to be trading as a limited company or a partnership? How will each employee contribute to the success of your business?”
Step #6 – Marketing Strategy
There’s no right or wrong way to approach the marketing strategy section of your business plan. In reality, your strategy will change and adapt depending on the analysis of your data once you launch your business.
However, you will need to describe how you think you’ll attract customers, what platforms and techniques you’re going to use and how you will keep your customers using your business. Be as detailed as you can as you’ll be able to refer back to this section at a later date so you can make financial projections.
After this section, you’ll be able to add a conclusion just to tie things off nicely, summarising your business and your plans for the future.
Step #7 – Accuracy
Before you send off your business plan, it’s important to check it over to ensure it’s a high-quality document. Fortunately, there’s a wealth of online tools out there that can help you do this easily and efficiently.
There are both free and paid tools available, such as Assignment Help to help you update your knowledge of grammar, Ox Essays as a guideline for writing your business plan, Cite It In for adding references and citations to your plan.
There’s also Grade on Fire for assistance in editing your plan, as recommended by Huffington Post, Studydemic, a writing blog for brushing up on your writing techniques and EssayRoo, an active writing community that can help you with any writing concerns you may have.
Step #8 – Request Investment
Now that you’ve completed your business plan, you can use it when approaching investors who could potentially fund your business venture. In this section, you’ll want to explain very clearly how the money will be used, what it will be spent on and the return of investment for you and your investors.
You may be buying new equipment, paying wages or paying bills. Whatever it is, be honest and accurate with your potential investors, and with any luck, you’ll obtain your investment, and your business will be ready to go!
A business plan is such an essential part of your business but there’s no need for it to be a stressful task. By following the structure above and adapting it to your industry, you can be one step ahead, stay organised or secure those all-important investors.
Mary Walton is a content proofreader at Best Essay Writing Services, website for UK students and educational portal.