Writing business plans is surely one of the dreaded processes many entrepreneurs have to tackle. Whether you’re just opening your venture or you want to clarify your medium-term strategy, a similar document will help you do it more successfully, and why not, convince other businesspersons to join your adventure.
No matter what reasons are behind you wanting to write a business plan, you have to make sure you write it well, and you write it in an attractive fashion. Below we have some reasons why you need it and some advice that will help you write a spotless document.
Best reasons why you want a business plan
For starters, there are plenty of reasons why you might need to write a business plan. Contrary to popular belief, you don’t have to write one only when you start your business. You need it when you want to evaluate how profitable your business idea is, before applying to a business loan. In other cases, you might need one to get funding from other sources or attractively present your business to a potential business partner. You still need this sort of paperwork for a series of reasons, apart from these. Below are presented the best.
- Idea evaluation – when business owners have a lot of investment ideas, writing it can help them determine how feasible these are. It will help them save time, energy and other resources and can ensure better success rates.
- Planning – even if you have a sturdy business idea in mind, you need to write a similar document since this will allow you to thoroughly plan each step of its implementation. You will also get a better idea of how much time and resources you need to complete your idea.
- Research opportunities – because writing this sort of paper involves a lot of research on marker, consumers and competition, you will have a better understanding of your business once you complete it.
- Recruitment processes – when you have expansion plans, a similar paper will help you explain potential employees your vision and employee needs. It will also help you create a more reliable image for your business, which will boost potential employees’ confidence in your venture.
- Bond lasting partnerships – partnerships are usually created when real profitability potential of a similar collaboration is shown. Show potential partners you have a clear plan, vision and strategy, that you have determined your audience accurately, and that the two businesses have real growth potential in a similar context.
Now that you know exactly why you need a similar plan, follow the guidelines below to write a convincing one for potential business partners.
Things to remember when writing a business plan
Before starting to actually write your plan, try to remember a series of things. Each detail will help you put together a comprehensive plan and boost your chances of getting a new business partner.
- Establish your key audience – before starting to write your business plan, you have to establish your key audience it. For instance, if you write one for partnership purposes, think of what companies you target in the process. Use a writing style and terminology your audience won’t have difficulties to understand. You have to offer relevant details for your target audience, so keep this in mind, too.
- Set clear goals – to write a successful business plan, you must make sure you have a list of clear goals in mind. A clear set of goals will come as a big plus if you want to access funding or want to find a reliable and profitable partnership. If you want to use it internally, then you can be more relaxed when it comes to setting goals.
- Take care of the research matter – research plays a huge role, so make sure you invest some time in this part. It will help you come up with an accurate and workable plan. Especially if you want to secure some funding or you want to bond a business partnership, this is an essential step, so take your time with it.
- The shorter, the better – you will be tempted to write a research paper instead of a business plan, but avoid this as much as you can. It should never exceed 20 pages and you can always bring some extra paperwork to prove the points and strategies exposed in the plan.
- Pay attention to your style – the professional writers at Trust My Paper recommend using a consistent style and voice when writing your outline. This will make it look more professional, polished, and coherent. Because of this reason, you want to avoid having multiple writers.
Because you want to write a comprehensive and complete plan, it’s best to follow a standardized outline. An outline will also offer you a good starting point and will make the entire writing process easier to tackle. So, follow the outline below, for the best results.
- Executive summary
- Business overview
- Market research
- Company services and products
- Marketing strategy
- Logistics and operations scheme
- Financial plan
Alternatively, you can try to find online a model to make things easier for you.
Relevant information for your plan
Since you have a better grasp of the structure you should follow when writing this type pf text, let’s see what information you must include in each of them.
- Executive summary – this is the most important part of your business plan, but it’s the last one to put together. Here, make sure to include the following: a business concept, your business goals, your company’s vision, your target market, your financial situation, your target market, your expected financial status, the team, but also the purpose of your document: secure financing, a business partnership, etc.
- Business overview – here, make sure to include how your company is structured, the products and services part of your company’s offer, your company’s history as well as the vision behind, short and long-term objectives, and don’t forget to mention the industry you activate in.
- Market research – this section can make or break your future plans. So, make sure you outline the market need for your product, the target audience, information on your competition and how are you going to use industry and market information to secure more profits in the future.
- Products and services information – make sure to include essential details on your company’s products and services in this section. This can make your business more appealing to potential collaborators but it can also help when you try to secure some funding. For businesses with extended offers of products and services, general information will suffice. If you only feature several, you want to offer plenty of details on these.
- Marketing plan – show how your marketing plan will look like, from the ideal buyer’s point of view. Include your current strategy and how you plan to adapt and change it in the future.
- Logistics and workflow strategy – offer enough details in this section on how you plan to reach the goals exposed in the rest of your business plan. Potential collaborators and partners will most likely be very interested in this type of information.
The future of your business can depend on how well you write the business plan. So, follow the guidelines and structure suggested above. If you don’t feel comfortable with writing everything on your own, hire a professional writer to do it for you, but make sure you offer them all the necessary information on your business!