Your business plan is the foundation of your business. Learn how to easily and efficiently write a business plan with a business plan template.
Business plans help you run your business
A good business plan guides you through each stage of starting and running your business. Your business plans will serve as your roadmap for structuring, operating, and growing your new business. It is a way of considering in detail the key elements of your business.
Business plans can help you obtain financing or attract new partners. Investors want confidence that their investment will pay off. Your business plan is the tool you’ll use to convince people that working with you (or investing in your company) is a smart choice.
Choose a business plan format that works for you
There is no right or wrong way to write a business plan. The important thing is that your plan meets your needs.
In general, business plans fall into one of two common categories: traditional or agile. The traditional ones are more common, they use a standard structure and encourage you to go into detail in each section; they tend to require more work at first and can take dozens of pages.
Agile business plans are less common; they also use a standard structure; they concentrate on summarizing the most important points; they can be written in just an hour and require only one page.
Traditional Business Plan Format
You may prefer a traditional business plans format if you are very detailed, want a lengthy plan, or plan to seek funding from traditional sources.
When writing your business growth plan you don’t have to stick to the exact draft of the plan. Rather use the sections that make the most sense for your business and needs. Traditional business plans combine these nine sections.
In a nutshell, tell your reader what your business is and why it will be successful. State the goals, your product or service, and basic information about the company’s management team, employees, and location. Also include financial information and high-level growth plans if you plan to apply for financing.
Provide detailed information about your company. Go into detail about the problems you solve. Be specific and mention which consumers, organizations or companies you would serve.
Explain the competitive advantages that will make your company a success. Are there experts on your team? Did you find the ideal location for your store? This section is the place to show off your strengths.
You’ll need a good understanding of your industry landscape and target market. Competitive research will reveal to you what other companies are doing and their strengths. In your market research look for trends and themes. What do successful competitors do? Why does it work for them? Could you do better? It is time to answer these questions.