How to Write a Business Plan |

How to Write a Business Plan |

How to write a business plan by Maybe you’re writing a business plan because you’re seeking investment,
funding or trying to get a bank loan. Or maybe you just need a better roadmap or strategic plan for your company or nonprofit. Whatever your reasons, writing
a business plan has actually proven to help you grow your business faster. Let’s
get started. The first section of your business plan is the executive summary.
This is your business in a nutshell so try to fit it in one or two pages. This is
always going to be the first thing you see in your business plan, but we actually
recommend writing your executive summary last since you’re going to pull tiny pieces
of all the other parts of your plan into it. Next is the problem and solution
section of your business plan. Your company needs to solve a real
problem that actual customers in your target market have and they have to be
willing to pay for it. Don’t skip describing the problem when you’re writing your business plan then say how your business solves the problem. Tell a
story here. People are actually a lot more likely to understand and remember
your business later if you tell them a story about a specific customer who uses
your product or service. Next you need to write the target market and competition
section of your business plan. Your target market is the segment of the
population who’s a perfect fit for your product or service, your ideal customers.
Be specific here. If you’re selling shoes it’s not realistic to think your target
market is everyone in the world who has feet. Include some relevant demographic
information about your target customers. Your competition. Every business has
competition. Use this section of your plan to talk about what makes you
different and how you’re going to gain advantage. Now that you have outlined
what your business is, who it serves, and who you’re competing against, it’s time
to talk about how you’re going to make your business go. The next section of
your business plan is your marketing and sales plan. This section includes pricing,
promotion, advertising—really all the ways you’re planning to reach your
target audience. Now write the operations section of your business plan. Operations
is all about how you’re going to deliver your product or service to your
customers. What technology do you need to develop. If you’re manufacturing a
product how and where are you going to make it. Milestones and metrics. In this section you should talk about your major upcoming goals as well as the metrics you’re going to use to
gauge success. You might also want to include any initial traction that proves
your business is on the right track. Assumptions and risks. Banks and lenders want to know that you’ve thought through your plans for growth. They want to know
that you have a plan to reduce the risks that could threaten your business’s
ability to survive and their ability to get their money back. Team and company
overview. This section is really about letting lenders and investors know that
you have the right people in place to get the job done or your plan
to staff up. Last but not least, your financial plan. Your business plan should
include a realistic sales forecast, a profit and loss statement, a cash flow
statement and a balance sheet. If you’re asking for investment make sure that you talk a little bit about how you’re going to use the funds you’re asking for in
this section as well as your exit strategy. So that’s everything you need
to include in your business plan. For more details on how to write each
section, check out our article on Bplans on how to write a business plan and
download our FREE business plan template to get started.

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About the Author: Oren Garnes


  1. Wonderful video!! I have a video on my channel on how to start a business in 2019, check it out!! đź’Ż

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