According to recent research, most people don’t bother to write a business plan as they deem it a waste of time.
But Benjamin franklin put it best. “Failing to plan is planning to fail.”
This magic document that may seem like a daunting task to write is so crucial to a business. Additionally, stress and a lack of time are a constant burden in today’s modern world.
At Peachy Essay, we offer a massive variety of writing services over our firm’s website. Therefore, you do not have to reinvent the wheel in case you need a comprehensive business plan. Book for writing services with us at the comfort of your home, and we shall get in touch with you.
However, we’ve compiled a guide for you and what you need to include as you structure your business plan.
Step By Step Guide To Write a Business Plan
There are two ways in which you can write your business plan.
Depending on your business, you can either choose the traditional route or the Lean startup plan. In most cases, you will be using the conventional path as it covers more details. We recommend using the Lean startup plan if you intend to use your business plan internally.
Whichever style you choose, you will want to keep your target audience in mind. You don’t want to use business jargons that are hard to understand.
Strive to keep the length of your plan short as possible. However, some readers will want to see more details. Still, it will become insensible to write a one hundred-page document indicating every intricacy of your business as no one will read it.
Also, be realistic, and don’t be intimidated by the ambitions and goals that you need to accomplish. Back up all the correct details in your business plan with research and data.
Perhaps most importantly, review your business plan as often because the research and the information you layout will be relevant for an extended period. Therefore, make sure that your business plan is up-to-date. Make minor adjustments that are reflective of your business to avoid having a re-write every few years.
That said, it doesn’t matter whether you will opt for a one-page document or a more detailed version of your plan. You will still need to cover some of the basics to make your business plan unique.
We’ve outlined the key components of a strong business plan below. You will have to work through each section and mold it into your company’s needs.
To begin with, start with an executive summary that is clear and brief. List all the crucial points on not more than one page. Your introduction should give detailed information about what your company does, your value proposition, how you make a profit, and most importantly, why customers will be attracted to your products and services. In addition, you should include the amount of money you need and how you plan to spend it if you’re presenting the business plan to investors.
This section provides a brief description of your business. The report should entail the name, address, physical location of the business, history of the industry, and details of the products and services that the company offers or intends to offer
Set Business Goals or Objective Statements
An objective statement should contain a business strategy and define the company’s goals and give details on how to achieve them: In other words, the information should spell out short and long-term goals.
The management structure should indicate the company s legal system. Here you list all stakeholders- such as employees, managers, and other owners of the business. You should also include the extent of each owner’s involvement as well as their percentage ownership.
Products and Services
You should list all the products and services that the company offers or intends to offer. Usually, this section will be a bit longer because of its significance.
Be straightforward and give a detailed report of your products without being overly technical. Hopefully, you already know the profits that accrue for choosing your niche. Focus on your unique selling point as well as how you intend to address potential difficulties
Emphasize your progress in developing your products and services and on how to improve them going forward. Don’t forget to mention new or unique developments in the industry and how you’re prepared to deal with them.
Marketing and Sales Plan
This section highlights the factors that set the business apart from its competitors.
Address how you plan to persuade customers and, more specifically, how you will develop customer loyalty. Please indicate your main competitors, how they price their goods and services. And whether customers will opt to buy from you instead. Avoid being overly sensitive. Give an honest valuation of your competitor’s strengths and weaknesses without being critical.
You will need to include a funding request section if you want a lender to read it. Be clear and concise on how much you are asking for and why. You don’t want to ask for a $ 1million loan without a clear road map on how you intend to spend the money. On top of that, clearly state the projected Return on investment (ROI)
A business plan isn’t comprehensive without a financial prediction. You may not have much information on your business financials if you are starting up. However, if your business exists, you ought to include a cash flow statement, a comprehensive income statement, and a balance sheet.
Even as you consider writing a business plan……….
Not only should you strive to grab the reader’s attention, but understand that persuasion is the facts and not the tone you use. The content of your business plan is what keeps the reader interested. Take advantage of hundreds of free available business plans online to assist you in crafting your own. Bottom line, Make sure you implement the above steps to keep your business on track.