Are you overwhelmed by the task of writing your business plan? There is so much data to collect and decisions to make, it can be hard to pull everything together to articulate your business vision.
Here are some tips to make the process easier and help produce a well-written and informed business plan.
1. Create an outline
It’s easier to plan and execute your business plan when you know the key parts that need to be included. We made a list here if you need it.
2. Know your audience
Note who your audience will be for your business plan. You can use your business plan as a document to connect with investors, different funding options or grants. Plus you’ll need it to apply for loans or other financings from your bank.
Since you are talking to investors and banks, be aware of your writing style. Try to make it professional and clear.
3. Track your market research
Keep track of where you found your research sources so you can reference them later. You’ll want to have proof for all your claims in your business plan. This includes websites, books or even conversations with potential clients.
4. Shape your business plan to your company
Your business plan doesn’t have to look like your neighbouring business owners. Your plan will be more powerful if it suits your business. My biggest tip here is to highlight certain areas of your business plan depending on your business type.
For example, a downtown retail store may want to talk about the importance of their location to their clients, whereas a manufacturing business may want to highlight their production and distribution process over their warehouse location. Include all pertinent details, of course, just take more space for certain areas in your business plan depending on your model.
5. Make it work for you
Creating a business plan is hard work. You can try different ways to tackle this process to best suit your working style.
Don’t like writing? Try talk-to-text tools.
Want someone to bounce ideas off of? Hire a business coach. They are trained listeners and can help you see any blind spots or work through a new idea.
Wishing there was a step-by-step guide to creating a business plan? Reach out! We have a business plan creation course that may be what you need.
Share these business plan tips with like-minded entreprenuers!
6. Keep it simple!
A business plan is a written document and management tool that outlines the details of your business. In your plan, show your vision and back it up with facts and research. At the end of the day, it’s as straightforward as that.
You have what it takes to start your business and maintain it for years to come. You can be organized, profitable, and free.
Until next time, enjoy your entrepreneurial journey!