Writing a Business Plan is as important as drinking water to live. Have an exquisite idea in mind that will change millions of life? Let’s write a business plan then.
1. Have an Appealing Executive Summary: This section will explain what your business does, where you want to take your business in next 3-5 years and why you’ll be successful. Keep this section short and not more than 1 page because you still have plenty of time to get into the details later. At this point it’s important to show readers what they’re getting into and why need to consider this Business plan over other business plans.
2. Add Company Overview: Although this step sounds similar to executive summary, the company overview gives a bird view of your business and what you do. It is also necessary to answer questions like:
- What does your business do?
- Where do you fit in? (Industry and marketplace of your business)
- What is the legal structure of your business? (S-Corp or C-Corp, or LLC)
3. Perform Your Market Analysis: The purpose of the market analysis is to make investors confident about you and the business owner have an in-depth understanding of your industry, market, and competitors.
4. Industry Description: The reader must get look into your industry. Show how big it is, how it is growing rapidly compared to past and how are industry leaders predicting it will grow in the future also important trends and characteristics and skill sets. List out the top league players in your industry.
5. Target Market Overview: Here provide insights and solution about your target market. Some important questions to consider are:
- How big your target market is?
- Who are the customers in your target market, and what are their needs
- Who is currently trying to serve those needs?
6. Define Your Business Organization: This section shows your organization’s expertise in your business domain. It explains who does what in your business and background of staff. Organization structure, Ownership structure also needs to be added in this section to show who is owner of company, and different stakeholders who are involved in the company.
7. Core Service of Business: This section will have complete description of your product/service. Therefore make sure you highlight your product/service in such a way that it is different from the competitors. Also if you rely on different vendors/manufacturers who will be providing you product/service it’s important to add in business plan.
8. Sales and Marketing Plan: Till now you have given crucial information of your product/service and what you will be offering to market. But now let’s see how you will offer.
9. Promotion: Explain how you are going to reach your customer. By which medium and process, so explain if currently you have any plans for packaging the product and how will you advertise the product.
10. Sales: Explain sales plan and if possible explain sales procedure you will be using. Showing the expertise of Sales will make investor know your experience because Sales makes you profit and sales get you going. Sales is the fuel of business journey.
11. Financial Plan and Projections: Consider this is most important part of the entire document. With this step you’ll detail your financial plan & projections, depending upon current state of your finances and mapping where you will be need of finances. You need to include these essential documents:
- Statements of projected income
- Cash flow forecasts
- Balance statements
- Capital expenditure budgets
- The last part of financial plan should include whether you need any funding right now or in future.
12. Appendix: Although the appendix will be at the very end of your business plan, it will have all the supporting information you didn’t include in your document. Like if have any additional data points, charts, footnotes, or further explanations that are essential to creating a complete plan. You can also add any contracts, legal documents, permits, and product pictures which is not included elsewhere.
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