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A business plan can seem like a daunting task, and to some people, it may seem unnecessary, but a business plan has several benefits that make it a crucial step for any business.
Thankfully, you don't need an MBA or professional business plan writing sites business education to come up with a well-rounded, comprehensive business plan that will help either get investments or help form your overall strategy. In this article, you will learn how to create a business plan, about all the sections in a business plan outline, professional business plan writing sites, how to write a business plan step by step guide, along with why a business plan is important, and several bonus tips.
Simply put, a business plan is a document that outlines what your company is, what services it provides, the goals of your company, the people involved, and the potential financial rewards as well as requirements. Why write a business plan? A business plan is useful for any kind of business but especially for startups and companies beginning their journey. For a new entrepreneurial effort, business planning guides the overall strategy and clarifies strengths and weaknesses.
For a pre-existing company, it can help make certain that different teams understand what the company is trying to achieve and reevaluate the direction of the company.
If you are looking to raise capital through external sources A business plan is absolutely vital. Any potential investors will look for a comprehensive business plan before deciding to give you their money. Here are a few reasons why spending time on a business plan is important. There are many parts of a business plan and the components of a business plan may vary based on who you are writing it for and what industry you are in but there are some sections that are usually included in every business plan template.
Overall you can think of a business plan as having four main sections. The first section professional business plan writing sites the opportunity you have identified. This translates into the company description, market analysis, and competitor analysis. The next section is the execution, which includes the products and services offered and the marketing plan. Followed by the management and organization of your company, and finally the financials, professional business plan writing sites.
This is a general how to write a business plan template. It may seem like a lot of work but researching all these elements is crucial to building a successful business. Think of an executive summary as a brief description of the most important parts of the business plan.
Clearly state the goals of the company, describe the professional business plan writing sites or services offered, identify the problem you are trying to solve, indicate the target audience, highlight the solution you are offering, state the potential financial benefits, and end with the funding request.
An executive summary is critically important when looking for investments. Most investors will look at the executive summary before deciding whether to read the business plan in full or not. That means that an executive summary for external sources is usually longer than for internal use, still keep it to a maximum of a page in length.
Even though the executive summary is the first thing a person reads, it's better to write it after you've written the entire business plan, since the key metrics that you must include will only become clear afterward. Your company description is more than just what your company does. This is where you get the opportunity to impress with the overall vision of your business. The first thing you should do is elaborate on the specific problem you are trying to solve and how you are going to solve it.
This can be expressed through a mission statement, value proposition, your core motivation, or a mix of these things. When making a business plan, even if it's a new business, make sure to include some background information like when the company was founded, professional business plan writing sites, who are the founders, and how many people you have on the team.
If you have been operational for some time you can add things like the professional business plan writing sites of employees, locations, a brief description of past financials, etc.
One of the most important things in your company description is the specific business goals you have for the professional business plan writing sites, midterm, and long-term. These objectives should be clear and concise, with realistic dates for when they will be achieved. The first few sections of your plan are where you identify opportunities. What do you know about the market that makes your proposition worthwhile?
It is likely that the person reading your business plan probably has some knowledge about the particular industry you are in, but by providing some background information you get the professional business plan writing sites of explaining why your product or service is different and addresses a gap in the market. Market research is crucial because it helps you understand the industry.
If the industry is expanding, then what are the reasons behind its boom? What are the trends or patterns that you want to take advantage of? if sales of similar products are declining then why are they declining and how have you differentiated yourself? One of the first steps of doing market research is identifying your target audience. To get a realistic idea of what the demand is for what you are offering, you have to know how many people are going to be interested in whatever you are selling.
The target market should be specific, it's not enough to say that the product is great and anybody can benefit from it. Researching your target market helps guide the marketing and sales plan, as well as making realistic projections for financial returns.
One of the most commonly used methods identifies specific numbers for the total available market TAM ; every person who potentially needs your product or services. Served available market SAMthe specific subsection of the total number of people that you will target. And your share of the market SOM is the number of people that you will realistically expect to sell to.
Which of these consumer behavior elements is going to be important for you to determine your target audience? These are just examples, based on professional business plan writing sites specific product or service there might be unique pieces of information that you would like to know professional business plan writing sites your target.
In a SWOT analysis, you briefly go over competitors as threats, but in this section, you should do extensive research into your potential competitors, professional business plan writing sites. It is unlikely that you have a product or service that is completely unique and addresses a need in the market that is not answered by anybody else.
By doing a thorough competitor analysis you can both understand the market as well as show how you plan to differentiate yourself from everyone else. Don't just think professional business plan writing sites direct competition.
Direct competition is when somebody else provides a product or service that is similar to yours. For example, if you want to start a travel agency, other travel agencies and online platforms will be direct competition.
On the other hand, indirect competition is about the underlying problem you are trying to solve, professional business plan writing sites. Taking the travel agency example, if the underlying issue is helping someone relax, indirect competition could be professional business plan writing sites like sports, movies, video games, professional business plan writing sites, Etc.
This is where you talk about the specifics of your product or service. Now that you have shown that you understand the market, your target audience, and the competitors, you can show exactly why your product or service is better than others or fulfills a unique space in the market. Apart from the technical details, you should highlight the unique benefits you offer, and why these benefits appeal to customers.
Depending on your product or service this section will either be very technical professional business plan writing sites long or relatively short and simple. Google how to write a business plan sample to find some examples of different types of product sections. If what you are selling is a product then you must include a list of ingredients as well as the general procedure professional business plan writing sites how to make the product.
Some things to keep in mind are. You might understand the market perfectly and have a great product but if you don't know how you are going to sell the said product then your company will still fail. This is why a marketing and sales strategy is so important in a business proposal. You should have a clear understanding of how you want to position your company. This is going to determine what kind of marketing strategy you use as well as how you're going to price your product or service.
Your competitor analysis should have shown you how other companies position themselves, ask yourself:. Your marketing strategy should include a launch plan; professional business plan writing sites different platforms you will initially be engaging potential customers on and the initial marketing strategy.
That doesn't mean you should ignore future plans though, it should also speak about how the marketing campaign will evolve over time. Pricing is an important element of sales strategy. Pricing something lower than what competitors offer can be an advantage but can also give the impression of low quality. On the other hand, pricing something higher than the market rate means that it is a premium product and has to position itself in its marketing campaigns appropriately.
Generally speaking, you should price your products so that they cover the cost of each individual unit, but in some cases, professional business plan writing sites, especially if the majority of profits come from post-sales services then this may not be true.
If you have already been in operation for some time then compiling your business financials should not be too complicated. You have real data regarding your costs and profit margins as well as trends that you can easily display on tables or graphs.
On the other hand, if you are a startup looking for funding you will have to make estimates and projections. In general, these are the things you should include when coming up with your costs. Once you have all the data you can come up with either the cost per unit or the cost per hour of services rendered. One of the best ways of compiling your business financials is by using Excel it's not nearly as complicated as it looks.
With your costs clearly mapped out you should be able to set a price that can be used to make projections based on how much of the target market you can acquire. These projections show the financial viability of your business, so it is important to try to be as accurate as possible. Make forecasts that are pessimistic, realistic, and optimistic, professional business plan writing sites, so that potential investors have an idea of multiple different scenarios.
There are some financial statements that are quite standard and should be included if possible:. Keep in mind that in this section you should only present the most relevant numbers. The full statements, Excel sheets, graphs, Etc, will go in the appendices. You have to show that you have the right people in place to make your vision come true and grow the company. List all the current employees while highlighting the qualifications that make them the best person for the job.
This section should also include what positions will need to be filled in the future as the company grows. A formal organization chart is useful because it outlines each person's individual responsibilities as well as helps possible investors and future employees understand their role. Finally, we get to the actual amount of money that you are looking for. You should clearly state not just how much money you need but also exactly how that money is going to be used.
An important thing to think about is whether you will be giving equity to potential investors or if you are selling debt. Selling equity essentially means that the person investing will own a portion of your company, whereas selling debt means that you will be paying them back through interest rates or payment plans. You will have to give projections for the profitability of the company, and when potential investors can expect to get returns, professional business plan writing sites.
The appendix is where you put all supporting documents. This can include financial tables, projections, marketing materials, contracts, agreements, essentially anything that you have referred to in the business plan that investors may want to take a look at. Once you've done the first draft of creating a business plan it is important to go over it a few times to make sure that it is as good as possible.
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