how to write a business plan
If you're starting a business you'll need a business plan - here we show how to write a business plan for your small business.
You can either start your business plan from scratch or use sample business plans that many business planning companies provide these days.
Business plans should not take long to produce as the planning process is a step by step approach that any business person can undertake.
Overall you are looking to see if your financial projections are correct. Where will your customers come from and why will they buy from your company rather than someone else. How will you tell people you exist? All these questions and your thoughts in your head need to be written down - especially if you need finance - your business plan is your guide.
Business plan sections
The most important sections in a business plan that people will read and find out more about your company are the executive summary and your financial plans. Although the rest of your plan is important it's these sections that people look at first.
Potential investors want to know what your business is about, who your potential customers are, what products and services they are going to buy from you and your profit projections in the coming years.
Investors also want to know when they are going to see a return from their investment and what the payback is going to be.
When you are writing your plan don't be too ambitious in that you hope to be taking over the world in a few month's time - all new businesses take time to establish and get a client base that comes back for more.
Where to start with your plan
Starting your business plan need not be difficult. If you have a lot of ideas in your head then you should start to write these down on paper in a structured manner. The most important parts as described above are your customers, products and finances. Start to prepare a simple financial summary of just how many of your products you need to sell at what profit per product to see what is required to reach your profit objectives.
You may be suprised to see that you need to sell more than you thought to get to your financial objectives - which is good - because you will need to work hard to get folks interested and buying from you.
What next ?
There are lots of free tools and plans online that will help you. One method is to contact your bank. Normally banks have free business planning software they will give you which is a blank template to help you along. Unfortunately they don't supply any help and guidance and that's why we recommend investing a small amount of money in a business plan from expert companies.
Below are business planning websites we recommend. Have a look through and start your plan today.