Every new business will be as strong as its business plan. But how do you make one? Creating a business plan doesn’t have to be a difficult task it just takes a lot of research and planning. Experts say that in order to create the perfect business plan you must know your product as well as your competition with all the ins and outs.
A business plan will describe the nature of your business, the marketing strategy, financial details as well as the profit and loss statement. Having a strong business plan can show the future of the business, avoid financial losses and attract potential investors.
What should a business plan have?
A basic business plan will include:
An executive summary, a business overview which shows the need of your business and how it will serve the market. This summary must include the customer base you want to target and the products or services you want to provide. You will describe the financial analysis, owners and staff members, your competition as well as the schedule outline;
The opportunity and execution section will show your product and the need for it in the market. Who is the audience you want to target and who is your competition and how your business will stand out. The execution part will show your marketing and sales plan, day to day operations and how you should succeed;
The financial plan will not require a business degree, although it will need to include a sales and revenue forecast for the first 12 months. The forecast will show how much you are going to sell over the next year and how much it will cost you to cover the expenses;
The company and management summary describes your team that will carry out the responsibilities and workload. This summary must include the skills and experience required to smoothly run your business.
Keep it short and don’t be afraid to use all the resources and help you can get.
Things to make your business planning easier
Creating a business plan will require a lot of planning and research, if you do not have an economy degree here are some useful tips on how to create your business plan.
The most important advice before planning anything is to research, there are thousands of books, videos as well as websites which will help you with the general information on how to create a business plan and best of all – it is for free! The Internet is a wonderful place which provides you with unlimited information on almost anything, use this tool to learn from professionals who offer their advice for free. You can also check out some successful already written business plans and compare yours to it.
Use business templates and sample business plans that will give you a base on creating your own plan.
Take an online course which will allow you to learn at your own pace, online courses are great for those who have limited time and cannot attend business school, many of these courses are thought by professionals and experts with many years of experience.
Hire a professional if your budget allows you to, this way not only they can teach you how to create a business plan they can also give you an inside on how the business world works.
What to include in your business plan
You have invested your time into creating your business plan, you know all the ins and outs of your business, the product and you are now ready to propose your plan to the investors. All that is left now is to grab the attention of potential investors.
Create a strong and clear presentation, first impression matters! You need to send your message well and keep it short and to the point. Think about the message you want to bring across and be confident while doing so.
Don’t be afraid to go in personal details, you might want to show the numbers and scales, but the story behind of what lead you to this and how your business will go along with client needs and staff members is important as well.
If possible bring your product or present your service, you can present prototypes and provide photos or videos as well. Sell your product, not the facts and the numbers, make sure to practice and do some breathing exercises, the more prepared you are the more confident you will sound.