There are many great reasons why it is worth your time creating a Business Plan – even if you’re not quite ready to apply for a Start Up Loan. Here are just seven:
A Business Plan:
1. Provides a structured way of organising your thoughts and clarifying your idea.
2. Helps you set out your goals and spot any potential problems in achieving these goals.
3. Gives you a clear strategy to follow when things get busy.
4. Is often essential for securing external finance for your business (and is required if you’re applying for a StartUp Loan).
5. Allows you to measure your progress as you go along.
6. Ensures all of your team are working towards the same vision.
7. Helps you plan for the future.
Basic set of rules to be followed by everyone to write a business plan: Keep it short:
Business plans should be short and concise. The reasoning for that is twofold: 1) You want your business plan to be read and 2) your business plan should be accessible, something you continue to use and refine over time.
Know your audience:
Your plan should be written in a language that your audience will understand. Example : A tech startup can be explained easily to a technical background investor. Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.
Don’t be intimidated:
The vast majority of business owners and entrepreneurs aren’t business experts. Just like you, they’re learning as they go and don’t have degrees in business. Writing a business plan may seem like a difficult hurdle, but it doesn’t have to be. If you know your business and are passionate about it, writing a business plan and then leveraging your plan for growth will be easy.
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals. 2.Company Description
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves. 3.Market Analysis
Before launching your business, it is essential for you to research your business industry, market and competitors. 4.Organization & Management
Every business is structured differently. Find out the best organization and management structure for your business. 5.Service or Product Line
What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service. 6.Marketing & Sales
How do you plan to market your business? What is your sales strategy? Read more about how to include this information in your plan. 7.Funding Request
If you are seeking funding for your business, find out about the necessary information you should include in your plan. 8.Financial Projections
If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business. 9.Appendix
An appendix is optional, but a useful place to include information such as resumes, permits and leases. Find additional information you should include in your appendix.