Writing a business plan is far from rocket science. However, that isn’t to say that it isn’t challenging, which is putting it lightly. A business plan is essentially the blueprint for how you see your company becoming a success. It articulates your business tactics, shows proof of understanding of the industry you’re in, and sets a path for how you’ll make money going forward. Here are the various business plan dos and don’ts that you must follow in order to be a success.
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The Dos
Market Research
It’s key that you understand the market in which you plan to operate. This includes being able to articulate which sectors of your industry are expanding and why. This will offer precious perspective and insights to anyone reading your business plan (read: funders), which is highly important in building confidence in the people who want to properly evaluate your business plan.
The Proof of Demand
In the end, your business plan comes down to proof of demand. This relates to your customers. You should be out in the field, both talking and listening to your customers, this is how you can gauge how big the demand for your products and services is. If you can show that your customers really want your products and services, you’ve shown that your business has a good chance at success.
The Don’ts
Excessive Focus on Product
Too many business plans make the mistake of obsessing over product. However, your business plan is about your business as a whole, not just what you’re selling! Further, focusing too much on your product can be a timewaster because chances are high that you’re likely going to change aspects of your products once you gather feedback from your customers.
Lack of Sincerity
When you write a business plan, you’re pitching your business idea to potential backers who may fund your dreams. So don’t come across as being insincere! When you’re pitching a specific product, include many pictures and vivid examples or anecdotes about how said products are going to help people out. When you do this, it shows that you’re passionate and, hence, sincere about your idea.
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These are the most vital business plan dos and don’ts. Take heed of the dos, and you’ll be able to come up with a business plan that articulates your vision clearly and powerfully. Avoid the don’ts, and you’ll be able to steer clear of the pitfalls that can ruin your business plan.
Peter