A business plan is a roadmap for your success in a new business. Business plans have a lot of components for a variety of reasons. It can be challenging to know how to write a business plan.
Some business owners only need a business plan to keep their operations on track, and others will need a business plan so they can raise capital. You can also use a business plan to understand how you stand against competitors.
Write Your Business Plan
Consider who your audience will be for your business plan. Your audience determines the research and the information that should go into your business plan. A business plan outline highlights your business model.
Simple Business Plan
A simple business plan is also called a lean business plan. Its purpose is to provide a high-level overview of your business objectives and timelines. The lean business plan should cover these areas.
- State the Market Problem
- Provide the Market Solution
- How Key Metrics Are Measured
- What Makes Your Solution Unique
- What Are the Disadvantages of Your Solution
- How will the solution be distributed?
- What is the Customer Target Market
- What is the Cost of Operation
- Identify the Revenue Potential
The simple business plan is usually a couple of pages that demonstrate the purpose of the business and the market problem that your company plans to solve.
Traditional Business Plan
A traditional business plan has a deeper reach. Not only does it cover items in a simple business plan, but it also presents information that attracts investors. Traditional business plans require a lot more research.
These types of business plans are required by banks when you are seeking financing. A traditional business plan discusses the business from a startup to its plan for the future.
Executive Summary
The executive summary names the executive leaders and their qualifications. The executive summary is the first section of a traditional business plan. It should be engaging, and it should also cover what the company’s solution is for the problem they’ve identified.
This section should be written last but listed first. Traditional business plans attract investors as its objective.
Company Description
This section gives an introduction to the company. It mentions the company’s mission and vision statements. It also identifies the business formation type and the age of the business.
Products and Services
Identify the products and services being offered by the business. What are the prices for them and how will they be distributed?
Market Analysis
Study the market and present your competitive advantage. Your company’s strengths, weaknesses, opportunities, and threats are in the market analysis section. Also include research about your competitors.
Management Team
Highlight the management team and the roles they play. Introduce them by name and list their qualifications.
Financial Plan
Financial projections using financial statements are presented to investors and banks to help them gauge the financial risk of investing capital into your business. The financial plan should highlight the startup capital you’ve already invested and how you plan to scale the company financially.
The financial statements in this section are the cash flow statement, break-even analysis, and income statement.
Operational Plan
The operational plan outlines how the company will work to produce products and services and get them to customers. The operational plan also addresses how employees perform their jobs. It highlights any risks that are involved with carrying out daily operations.
Get a Business Plan Done Professionally
A business plan gives your business a professional presentation for other key people to see. A business plan should use professional language, be thorough, and provide a precise analysis of why the business exists and the strategy the business has to grow.
Writing a business plan requires marketing knowledge and research. You can hire a professional business plan writer for your business plan. Get help with your research and let us put your business plan together.