Posted on March 23, 2016
Preparing a business plan can seem an appalling issue at first. However, this skill is a decisive demand for every business to boost its chances to survive.
A good plan focuses the mind and helps to secure finance.
Many potential start-ups are daunted by the prospect of writing the killer business plan.
Surely, there isn’t one-size-fits-all formula to create one, but there are some key things you should consider.
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Here is the most valuable information to go ahead with completing the task.
In order to create an effective plan, you need to answer the following questions:
1. What is the goal of your business?
2. What do you want to achieve with it?
3. What is your strategy?
4. How much will it cost?
When you have answers for these 4 questions, you can proceed to the writing part.
Your plan should enclose the following sections:
Title page. This page should provide the most important information about your business: your business name and logo, the owner’s name, the main address, and the date it was prepared.
Executive summary. It is considered to be the most significant part of any business plan. Summary gives an overview of the most essential elements after your business plan is finished.
Management plan. This is the part when you have to write about your business. Include information about the structure, location, staff, services and products.
Marketing plan. Your strategy should be based on the thorough research of the market you’re entering. Consider the customers and competitors, trends and technologies.
Strategies for future. This part should contain your business goals and the key milestones.
Financial plan. Your potential investors will be interested in future profit. If you want to succeed, present consistent information on budget planning.
Be concise. Your investors should understand what your business is from the very first glance at your business plan. Use simple and clear, well researched and free of jargon language when describing your concept.
Be specific. Being specific is as important as being concise. Include the most relevant information in your business plan; avoid extensive descriptions and repetitive details.
Describe all operations. Make sure your business idea meets the expectations of the audience. A good research will help you to ensure you’re going to provide customers with what they really need. Tell how your business will solve the customers’ problem.
Make sure to present your idea in an innovative, unique, profitable in the long-term manner. Each idea, no matter how brilliant, has no commercial value at first. That’s why you should do everything possible to present the clear focus in order to arise interest.
When trying to make your business plan attractive, sometimes the common sense disappears and you pretty up the reality. To stay safe and secure, make all possible to prevent the following things:
1. Being too ambitious – you have to prove any assumptions you make.
2. Providing inadequate information on the management team, unfinished presentations or unrealistic forecasts.
3. Masking financial troubles – a transparent business plan is essential for gaining the trust of investors.
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