A business plan is like a blueprint for your business. Having a plan gives you a tool to know where you’re going and how you plan to get there. If you ever want to get investors, you’ll need to have an updated business plan. A lot of entrepreneurs are scared to tackle a business plan. Here are some tips to get your ideas on paper in a cohesive way.
Use Your Passion
You can hire someone to write your business plan, but there’s no one that has the passion you do. You don’t have to be a writer to create a good outline of your business. Just put your ideas on paper. You can fill the blanks as you learn more.
Think in terms of sections
A basic business plan has nine different sections. Tackle one at time.
- Executive summary – an overview of your company. Write this section last because it’s just a brief outline of the other eight sections.
- Company description – talk about what problem you’re solving. Describe your business and company. What strengths do you have? What will make you a success?
- Market analysis – understand your competitors and trends in the industry. How will you do it better?
- Organization – who is running your business? How will your business be structured? Who is helping you? Include resumes of your team.
- Service or product line – What are you selling? Do you have intellectual property? What is the product lifecycle?
- Marketing analysis – How will you attract customers? How will sales happen?
- Funding requests – explain what you need funding for. How will you pay off your debt?
- Financial projections – Convince the reader that you can be successful. Be conservative in your projections if you have no history.
Once you have a barebones business plan, you can always go back and add more detail. Avery James offers financing to put your business plan into action. Contact us today for more information.