How to write a business plan step by step
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A business plan is a strategic document that gives full description of a business, the business objectives, the planned strategies, the description of the market it is in and the business financial forecasts. The business plan is a complete feasibilty studies to test if a business idea is feasible and worth the risk. Business plan has many functions, it is used in securing loans and measuring the success within your business.
Starting a business? Then you’ll need a plan – a road map, taking you on the straightest,
fastest route to where you want to go.
Your business plan will include sections that will help you think through your business
idea, making sure you’ve covered all the angles and eventualities, before you set off.
The first section on how to write a business plan step by step is the executive summary.
The executive summary, is presenting an overview of your business, this section is vital as many investors make judgements
about your business based on it alone!
A great tip is to leave this section and write it lasty.
Once you have written the others, you’ll find it easier to do, as it will be a summary of
the key points you make in the other sections of the business plan.
Start with your business details – provide a short description of who you are, what you
plan to sell, why and to whom.
Include the location of your business, identify key employees and any other qualities that
make your business stand out.
Now, enter your marketing and sales strategy –
show that you’ve done your homework, that you understand your target market.
Outline why you think people will buy what you want to sell and detail how you plan to
sell to them.
Then add in your management team and personnel – people reading your plan need to believe
and have trust in the management of your business, so outline your credentials and the people
you plan to recruit.
Then detail your setup – explaining what facilities the business will have, from your premises
to your management information systems and IT.
And explain how it will deliver the product or service to the customer.
Lastly on how to write a business plan step by step, list your financial plan and projections – this part translates everything you’ve said
in the previous sections into numbers.
It will tell you whether the business will be worthwhile or whether you’re wasting your
time and/or money.
Your business plan will change as your business grows.
It’ll help keep you focused, so you’ll know where you are and where you’re supposed to
be, so that you can correct your course as needed.
Tips to write business plan
Here are our top tips
Keep it brief If it takes too long to write, it’ll take too long to read!
Get rid of the fluff Cut the waffle and just get to the point!
Be realistic Be honest and note all the challenges facing your business.
Use visuals Graphs, charts, and images can help bring your idea to life, and;
Be creative So that your business stands out and grabs attention.
And for a bit of extra help, download a business plan template from the Business Wales website.
So there you have it, plan your route to make sure you reach your destination!