How To Write A Business Plan
Posted by Benjaminbressington in BusinessA business plan is an essential component of any business, whether your business is brand new or you have been in business for years. Keep that old saying in mind, “If you fail to plan, you plan to fail” because nothing rings truer in the world of business.
The good news is writing a business plan isn’t difficult. However, don’t expect to write your business plan and forget about it. You must tweak and add to your business plan throughout the life of your business as your business grows and evolves.
Decide who is going to write the business plan
If you don’t have the time or the skills to write a business plan, hire a professional writer to write one for you. You can find skilled professional writers who specialize in business plan writing both online and offline.
The Executive Summary: First in your plan, written last
The first section of your business plan will be the executive summary. However, it’s the last section you should actually write. The executive summary contains all of your business’s essential information, such as business name, address, phone number, fax and mission statement. Your executive summary will also include the name of each owner of the business, a description of your product or service, and how it meets the needs of your target market.
Craft your business description
While your executive summary will be the first section of your business plan that potential investors and lenders will see, the first section you will actually write is the business description. The business description must be concise while containing key elements, including your business entity, required business licenses and permits, a description of your service or product, your business experience, your business’s physical location, your preferred accounting system, and the date your business is set to open its doors.
Write the marketing plan
The next section of your business plan is the marketing plan, which entails how you’re going to market your business. In addition, you’ll discuss such key elements as how you will price your product or service, who your target market and competitors are, how you are going to get your product or service to your customers, and your pricing plan.
Focus on the management plan
The management plan comes after the marketing plan and focuses on how you will manage your business. Your management plan must focus on such topics as your strengths and your weaknesses, your management team (if applicable), and the methods you will use in hiring, training, and paying your employees, if you have them.
Write the financial management plan
Finally, you have the financial management plan. Your financial management plan should contain such documents as a cash flow statement, breakeven analysis, and three year projection. If you apply for any business loans, you should also include copies of those loan applications in the financial management plan section of your business plan.
You also need to discuss raising funds to start your business in your financial management plan: How will you get the startup funds you need? How much growth capital do you estimate your business will need? Answer these questions thoroughly in your financial management plan.
Bejamin Bressington is the Internet Sales Doctor the catalyst in your online business success. Available to Seminars, Speaking Coaching and mentoring. Check out Internet Sales Doctor for further FREE Business Tips to Boost Your Profits Now
