If you are looking to start a business of your own, get ready. It is not an easy task and requires a lot of home-work. Before venturing into a new business many things require attention. It’s better to write a business plan that possess of all the means and resources of starting up your business, it should have all the strategies of establishing your business, how to grow and further develop your business.
A perfect business plan must contain the following things;
- Business executive summary- it should have a short intro of your business.
- Description- state what’s your company all about.
- Market analysis- this part consist of the market research about your product and services.
- Management and organization- your organizations structure.
- Products and services- what products and services you are offering.
- Sales and marketing- marketing strategies and sales plan.
- Funding- total estimate of how much capital you will require in the next 5 years.
- Finance projection- information regarding supply.
- Appendix- this will contain resumes.
Writing a perfect business plan can be tricky and difficult task. To set you down the right path of a successful business, we have given some key points of writing a business plan that will ensure your business is successful.
1. Research is the essential
Before starting up your business, you should do research. Research about your product, market, demand and supply. The more you know the better for you.
Market research is fundamental; you should invest twice as much time in researching then writing the business plan. Do comprehensive research about your competition and their products. Analyze what they lack and present it in the market.
Experts suggest that knowledge is power, so try to get as much knowledge as you can before getting in the business.
2. Determine the purpose of your plan
A business plan will be like a road map for your future. It will consist of all the important aspects of your business. A perfect business plan has all the strategies, the product information, profit and loss statement etc.
You have to be sure what the purpose of your business plan is. It can be very helpful if you want to attract investors. It will be a sort of sales pitch to them. A marketing plan can also be used as a presentation in order to introduce your product in the market. So before starting writing your business plan, decide what you want its purpose to be.
3. Establish your company profile
One of the very first parts of your business plan should be your company’s profile. It will have your company’s introduction, your aims and ambitions. It will also consist the purpose of introducing your products and the information regarding your product.
Your company’s profile should be visible on the official website of your organization. It will be under the “about” tab on your website. So while writing about your company’s profile, take your time. Be as thorough as you can be and write an impressive profile.
4. Consider all aspects of your business
If you are looking to getting some investors on-board then great. With their capital and finance you will speed up your business and production. But by bringing in the investors, you will have to be extra careful. They will require all the information there is about the infrastructure, about the finances, the cash flow, expenses and financial projections.
Try to enlist all the details no matter how minor they are, in your business plan.
5. Make it adaptable for audience
While writing your business plan, you should be considerate that that there will be a diverse range of audience for it. Your business plan will possibly go through the eyes of bankers, investors, market analysts’ and some common people too.
Your business plan should be flexible and not so complicated. You should not pile on information overload. If your main audience is bankers try to put charts of cash flow, cost and expenses. For a more personalized experience, be sure that your business plan is flexible enough to be modified according to your audience. The statistics should be same, but data interpretation can be change according to the target audience.
6. Show them that you care
Your business plan should also be able to communicate to the audience. Whether they are bankers, potential investors, team members or target customers; you should be able to connect with them though it. Show your passion, dedication and ambition through your business plan.
Go on and discuss why you decided to venture in this business and what your motivation behind it is. Apart from the technicalities and logistics, by adding the human element you will be able to show that you care passionately about your business.
7. Develop a marketing strategy
If you want to develop a great business plan which will attract a lot of potential investors; then have a aggressive marketing strategy. Adding this portion in your business plan will boost up your chances of success. Discuss you main strategies of how will you meet the markets demands.
Investors like to know what they are getting into and what the chances of success are. So present them with a well thought marketing plan. State your goals and targets in the business plan. A good marketing strategy has following aspects mentioned;
- Introduction of your product
- Market analysis
- Estimate of supply and demand
- Strategies of boosting your sales
- Discuss the price range
- Introduce the means of getting more profit
- Means of attracting more buyers
- Look to ways to improve your quality
- Ways to enhance your production and delivery
Be sure to incorporate all the above factors in your marketing strategy section and you are good to go. Take your time and carefully plan your business proposal as it will ensure your success.