If you are starting a business don’t be overwhelmed by the prospect of creating a business plan. It is possible to create one quickly that is also of a good quality if you simply have the right frame of mind and if you stick to these simple steps:
* Compose an Outline
Firstly write down the names of the 10 sections in a business plan and outline them. They are: Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, Management Team, Financial Plan, and Appendix.
The Executive Summary is the first section the potential investors will look at. Show what the market need is and cover the facts pertaining to unique products and/or services that your business provides or offers. Also indicate that the industry in which you function has a future. This is referred to as industry sustainability. Be sure to make strong value propositions, highlight the relevant experience that your management team has, and be very realistic when it comes to the financial projections.
Next you should create subheadings for each section that address the elements that need to be included. You can write the subheadings as questions that require answers if you need to.
Make sure that you complete everything as much as you are able to.
* Have a brainstorming session with those in your management team.
This step is necessary even if your management team consists of only one member – you. It makes no difference if you work alone or have a team. Make use of the outline that you created in the first step so that you are able to brainstorm every possibly relevant piece of info necessary to your business plan.
When you brainstorm write more than you need to. No info is wrong so the more you have the better. Any unnecessary info will be removed later on. Get your thoughts rolling and record everything while following the outline completely.
├╝ Buy the Reports Pertaining to Niche Market Research
This is a very important part of your business plan especially if you want to successfully face the scrutiny of the investor. While you can conduct your own research online it is still advisable to hire a market research firm. They are able to find out much more than you are probably going to be able to do because they know the right people to contact and how to gather all the necessary info regarding your niche market. Remember that you get what you pay for so try to hire a professional research reports firm.
├╝ Decide on a Schedule and Stick to it
From this point it is possible to have your business plan done in 5 days or even less. Set aside 8 hours per day and determine to complete 1 section every 4 hours with half-an-hour to an hour’s break in between. A 4-hour block will be enough time for your to get both the Industry Analysis and Customer Analysis sections done while the Appendix can be done as you go through the process.
Using the abovementioned tips should help you complete your business plan within days rather than weeks.