Get Ahead By Writing A Business Plan
The fact that you’re here and interested in wring a business plan is a great thing because you’re on the right path.
Becoming a business owner is a great achievement that could become a great disappointment if you haven’t prepared a proper plan.
One thing you may have already heard in life is that failing to have a plan is the same as planning to fail. Another great thing you will also come to know is that “time is money”.
On that note, we will save you a little time as we jump right into the seven critical sections of a business plan.
This will appear first in your plan, but is written much easier if you write it last. This 1-2 page overview should discuss the following points:
- Business concept
- Key goals of the business and plan
- Structure of ownership
- Management team
- Your product or service being offered
- Target market(s)
- Competitive advantages
- Market strategy
- Financial projections
Overview of the Business
Here you will want to mention things like the history of the business and mission.
Products and Services
Explain more in-depth here what your products and services are and what makes yours different from what’s currently being offered on the market.
Overview of the Industry
In this section you will want to expand on how much your company has already grown and/or how you expect it to grow in comparison to what other companies in the same market.
Your Market Strategy
In this section you will be able to go into much more detail on what other companies offer similar or same services or products as your business and how you plan to stay competitive.
In this section you should further breakdown the details of your team members and how each persons roles will impact the daily operations of the business.
At least 80% of the time spent putting together your plan should be spent working on this section. This is the most important section especially when it comes to obtaining financial support from banks or other investors.
This is just a simpler breakdown of what you’ll want to have in order when assembling a proper business plan. When it comes to putting together each of these parts of the plan you will need to have done your homework and addressed many questions to prepare your mind. Another thing you’ll need are some great resources to help you think much deeper on each topic. For a great free resource to understand this process better, click HERE.