Writing a Kick-Ass Business Plan

BusinessJanuary 14, 2021

When starting a business, the first and foremost thing you’d require is a business plan. A business plan acts as a guide every step of the way, ensuring that you don’t skip out on any essential tasks, and is the perfect tool to explain your vision and mission to prospective employers. It helps you maintain a clear outline of your goals and to determine how you plan to achieve them.

Pexels | Making a plan might often be a team effort

If you’re a fresh entrepreneur and have no idea how to go about writing a plan, we’ve got you covered. Follow the steps given below to bring your plan to life!

1. The Executive Summary

First and foremost, you are expected to explain the motive behind your plan. Often, new business starters are seeking partners or loans. Here, you must ensure that your purpose behind writing the plan remains clear to the reader.

2. Company Description

This section requires a detailed explanation of your business, including the industry you plan to operate in, the sector it is intended for, and where you plan to take the business one day. Try to be as precise and specific as possible.

3. Product/Service

Next, you are to explain details regarding the product or service your business will be built upon. What is its purpose? What value will it give the customer? What makes it stand out from other products/services of a similar nature?

4. Market and Competition Analysis

The most important thing to mention in this section is the market size. Paint a picture of your ideal customer. Then, lay down the demographics of the area in which you plan to operate. How much growth do you plan on seeing in your business? What is your planned timespan for said growth? What is your sales potential? Do you have any competitors? If so, how do you plan on combatting the issue?

Pexels | You need to project your business’s success

5. Business Structure

Moving on, your organization and management comes into play. All details regarding your logistics will be mentioned here. How is your business structure to be managed? How many employees do you seek to take under your wing? What are the key responsibilities for each position?

6. Financial Components

Your company’s balance sheets are an integral part of the business plan. This includes cash flow statements, as well as income. Business is a game of numbers, and where the numbers look promising, people tend to think less before jumping in.

7. Additional Documentation

To verify the legitimacy of your business, a few documents are attached as an Appendix. This may include your legal statements, references, contracts with other parties, and tax returns. Additionally, the CEO might as well add their resume to the mix.

Pexels | A word directly from the CEO is always effective

To Conclude

Whether you’re seeking a business partner or an investor, the most important task you have on hand is to attract investors. As such, there is no replacement for a well-drafted business plan. Along with doing a great job at putting your vision and mission to the forefront, it helps cast a positive light on your business and is the best way of ensuring its success.