A business plan is a clearly outlined description of your ideas, projections, and objectives. It could be a profile for your business or as a document needed in the application for proposals or funding requests. Writing a business plan is not complicated, we’ll show you how to draft a professional business plan in this step by step guide.
It is important to provide accurate, factual, and engaging information in your business plan. The question is, how? There are some basics you should know before writing your business plan.
Check it out below.
- Do your Research
The first step to do anything correctly, is to understand it. And what better way to understand than thorough research. You may have your idea and a vision for your business, however, a carefully conducted research gives you more insight into your industry, you get to find out how businesses in your industry operate, the opportunities, progress and more. Your business should serve a need or solve a problem, it should compliment existing solutions or provide alternative solutions to a problem.
I have a unique idea that’s never been done before, is this you? Unique ideas are rare, if you have one, your target consumers or customers probably have an alternative or an existing way of filling that need. You should focus your research on how and why your solution would be better, highlight the problems with the alternative solutions during your research, you’ll need this information to sell your business plan to potential investors or to yourself.
Read up about the industry and services you will be providing with your business so that you can tailor the plan to fit the targeted audience perfectly,
- Define the Purpose
Next step is defining the purpose of the business plan. While it is a blueprint for your business, the purpose for coming up with a plan may differ.
If it is for organizational purposes, then you need to be explicitly clear with the details of all the functions. Meanwhile, if it is being written as part of a proposal or grant application, then you need to pay attention to details that highlight your business as a whole and promote sponsorship from the right avenues.
Deciding the details helps you iron out the approach you will take to writing the perfect plan.
- Design your Business Profile
Once you’ve figured out the purpose for writing the business plan, the next step is to create a business profile, otherwise known as company profile. This is where you decide on the executive summary you will be including and what the content of your plan will look like.
If your business profile includes the mission statement for your business, then you may exempt that in the body of the plan. Basically, the business profile is a template for the rest of the plan.
- Limelight on Marketing strategy
One of the most important segments in your business plan is the focus on your marketing strategy. No matter the purpose of the plan, the strategy for attracting your target audience must be continuously emphasized.
How do you want to brand the business? How do you want to market your products/services? These are some of the questions that should be answered by the marketing strategy segment of the business plan.
For a proposal or application, it shows the organization or individual recipient that you are serious about the business and have thought through the important details to ensure growth.
- Make it Engaging!
Most importantly, make sure that the business plan isn’t a drab to read, but be sure that it isn’t lacking the right amount of sophistication. The way you organize and deliver the content of the business plan can make or mar the purpose.
Take your time, get your facts right, and start drafting your business plan today!