A business plan is a document you can use to describe your business goals and strategies, and also as a blueprint of your financing and marketing plans. Having a business plan can help you in operating a successful business. In addition to serving as a useful tool for obtaining financing, a well-crafted plan can serve as a blueprint to success for you and your company. It can help you stay focused on the right track while striving to reach your goals. Furthermore, you can review and revise this type of plan when necessary, allowing you to apply what works, eliminate what doesn’t work, and change objectives as the business evolves.
Start your business plan with the executive summary. Give an overview of the entire business plan. Talk briefly about the company, the products or service offered, important personnel, and amount of money needed and what the money will used for. This segment of the business plan is very important and can make or break a business plan. When writing the executive summary, make it succinct and full of strong action words in order to interest the reader and lure them into reading the entire plan.
Next, provide a description of your company. If the company already exists, this is where you include information about what it has accomplished since it started. Put any impressive achievements of your company in this section. Also provide details of pending projects that will be fulfilled once funding becomes available.
Next, talk about the product or the service you offer or plan on offering. Make this simple enough that any person can understand what you are describing. Even though investors are usually intelligent, but the product you offer may not be something they are familiar with, and so you should use simple words when talking about your products or service.
The marketing portion of the business plan is where you provide an analysis of the market, discussing channels of distribution, market data that are available, and any applicable laws. A strong presentation in this section proves to your investors that you are well acquainted with your target market, and that they can invest in your company.
The financial segment of your business plan will involve a lot of numbers, so if you don’t have a good head for them, you should get a qualified person to help you here. This section is the part you will be mostly quizzed on, if you get a meeting with an investor or lender.
The management section talks about your team of managers. In this section, you can mention that you have a Harvard MBA if that’s true. If you have established a widely successful online business, do not hesitate to say so. If you lack the experience or credentials, find someone that does and put them on your advisory board. This is just to impress potential investors. When you’re done with your business plan, read it over many times and correct any mistakes you find. If you need help creating your business plan, you may want to use a business plan template available online. Business plan templates are a great way to create a business plan quickly and effectively.