Preparing your Business Plan
When starting into business, it is necessary to have a clear vision for your future success. You must visualize and define your personal goals and company mission. The best way to formally organize these ideas is through a written business plan. Most business plans includes a 1-2 page executive summary, which is a brief and clear summary of the most important aspects of your plan. Next, you must complete key pieces of your plan such as a company profile, a description of your products or services, a market analysis, your strategy and plans for implementation, financial details, and so on. We suggest using our Business Plan outline to make this process a little easier, especially if this is your first time creating a business plan.You may also send your completed business plan through the Business Plan directly through others via email or through contacts on Perfect Business.Let's get started:
- Executive Summary
- Product or Services
- Market Analysis
- Strategy and Implementation
- Financial Plan
- Tables and Charts
- Fine-Tuning Tips
- Entrepreneur Profile
A business plan is the most important tool an entrepreneur can use to present a business concept to investors, lenders and potential business partners. To create a properly formatted business plan, use the BUSINESS PLAN outline.
To write an effective business plan, you must:
- Describe your product or service and how it fills a need.
- Know your market and competition.
- Have a great team in place.
- Show how your business will be profitable.
- Be honest.
- Get to the point quickly.
Investors and lenders do not have time to read long business plans, but that doesn't mean you shouldn't be prepared. Do your homework. Talk to potential customers and clients. Figure out your business model and financials. Do these things both before and while you create your plan.
NOTE: You do not have to adhere to the strict outlines within each section. As long as you convey the important aspects of each section, you are free to add or remove paragraphs, as you see fit.
According to many influential investors, you should be able to convey your full plan in seven pages or less (plus financials), so try to limit each section to one page.
The purpose of a plan is to share your business concept, team, market, budget and objectives. Your plan may be used as an internal document or as a tool to attract potential investors, lenders or partners. In most cases, it does not need to be exhaustively thorough. It only needs to communicate the most important elements of your business.
Investors will use your plan to assess your communication skills and the viability of your business. If you are able to demonstrate that your business can succeed, and that you are the right person to execute your plan, then you will have an excellent chance of achieving your goals.