How to write a business plan?
The business plan is a business summary that includes operational and financial details. One of your first steps in your new business journey is to create a business plan, in which you could plan the whole business process. A successful plan will give you the opportunity to find more investors and to apply for a loan in the future.
A business plan contains:
- Executive summary
The executive summary is the first part of the business plan. This offers an overall summary for the reader; therefore, you should make it clear what is your goal. Usually, a business plan gets drafted for a specific goal. After all the details are done, it will be easier to write the executive summary and to explain the specific reason or goal that the business plan was drafted.
- Business description
The business description part of the business plan shows the goal of this business and the way how it will meet the market needs. This description should contain the competitive advantages that will make your business successful. You will have to include the actual perspectives and future opportunities regarding your business.
- Market analysis
The purpose of market analysis has to do with determining the weak and strong point of the competition in the labor market. The strategies in this description will give you a distinctive advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weakness that can be exploited within the product development cycle.
- Operations and management plan
In this part of the business plan is described as the organization of the company including the organizational structure, the team and the levels of hierarchy. Through the level of organization, it can be noticed the type of business such as a corporation, a sole owner company, etc. It is beneficial to have a management table that will explain the management of the business.
- Products and Services offered
Here are described the products and services that the business is offering. The characteristics and differences comparing to the competition’s products or services. It is beneficial to thoroughly describe the products and services so it can be clearer to understand.
- Marketing and sales
This part of the business plan offers information regarding the methodologies that will be used in order to infiltrate the labor market and the strategies that will be implemented in order for the business to succeed.
- Financial analysis
This analysis shows the expected financial results for the following period of 3-5 years. Potential investors, loan giver or potential business partners can ask for these kinds of financial information. This analysis is asked for the sole reason of reassuring the investors. It contains the business capital, the money flow, etc.
Hiring professionals to draft the business plan
If you don’t have enough time to draft the business plan, you should hire different professionals that will help you draft it. Keep in mind that is important to find the right people that will help you draft a good business plan that will meet the necessary criteria.
Business plans that are not based in the labor market research and came up with a speculative financial number, can influence negatively in reaching your goal because these kinds of business plans will not be considered serious for the potential investors.