Whether you’re looking for capital to launch a new business idea or you’re looking for capital to help your business grow, To explore ways to create a effective business plan simply continue reading to discover how to write a compelling business plan.
How to write a business plan:
- Complete an introduction
The introduction should feature a cover letter, a title page, a table of contents and an executive summary. The most important piece of which is your executive summary, which should be written last and which should include your business concept, your business’ goals, your long-term vision for your business, detailed product descriptions of your business’ key products, your target market, your marketing plan, your financial goals for your business, the members of your team and how much capital you’re asking for.
- Focus on writing a compelling section on what makes your company unique
In this section, your goal should be to describe your business and what makes it unique. In order to convince any potential investors that your business idea is viable and will stand to make your investors a sizeable profit.
Some of the information which you should include is the type of business which you plan on running, such as a sole proprietorship, a general partnership or a partnership, the industry your business will operate in, your business’ objectives and your business’ vision and values. While you may have briefly mentioned some of the above information in your introduction, in this section it’s well worth elaborating on this information in depth.
- When it comes time to talk about your business’ values, it’s well worth creating a bullet list of core values
Values include your obligations and promises to your stakeholders, your customers, your suppliers and your employees. As an example, if you plan on selling eco-friendly sustainable products, one of your business’ values may be to only deal with suppliers who can provide your business with eco-friendly, sustainable materials and products.
- Make sure to analyze the industry which your business will compete in thoroughly
In order to prove that there is a need for your business’ products and services, it will also be necessary to conduct a bit of research and analysis on your business’ industry and potential market. As an example, you’ll need to find out how big your potential market is as well as how well the industry in question in performing. Making sure to take into account economic factors and social factors. In this section, you should also investigate your competitors’ strengths and weaknesses. As that way, you’ll be able to make changes to your business so that it is differentiated and stands out from its competition.
- Also, make sure to include both an operations plan and a financial plan
Your financial plan should include an income statement, a balance sheet, and a cash flow statement, while your operations plan should include information on your intended suppliers, your business’ work facilities, your staff, your equipment and your shipping plans!
So if you’re in the process of writing a business plan, it’s well worth following the advice listed above!