As a new business, it’s important to know which direction you want to take your fledgling firm and how to get there. Creating a business plan is key to achieving these aims, but it’s also handy if you’re looking to attract investors to your enterprise. If you’ve never written a business plan before, you might wonder where to start. Here are some tips to help.
Structuring Your Plan
A business plan consists of three main parts, so bear this in mind before putting pen to paper.
The first part of your plan should relate to what your business is all about, such as what you sell and how your enterprise is structured. Include information about key staff and how you make decisions.
Next, your plan needs to include an analysis of the market it’s operating in. Here you’ll need to detail who your target customers are as well as your competitors. Research is vital to accurately complete this section and, in particular, to demonstrate how you intend to gain market share. Your business plan should include a robust sales and marketing strategy.
Finally, your plan needs to include financial information such as projected cash flows, forecasts and capital expenditures. If you’re looking to gain financial investment, your plan should include a funding request which details how much money you need. Many new business owners struggle with the financial aspect of writing a business plan, so consider using outsourced accounting services such as those from https://www.mushroombiz.co.uk/homepage/services/accounting/ to help assist with this task.
There are different types of business plan, depending on your specific needs or circumstances. You could write a mini plan to gauge interest in your business, or you could write a full plan that outlines your business goals and objectives. If you want to show your business plan to others, such as financial investors, you can also create a more polished presentation plan that makes use of relevant business terminology.
Every business plan should include an executive summary, which is basically an introduction to your plan. This should be placed at the start of your plan. According to Small Business Chron, the executive summary can be tailored to individual readers.
If there is anything else worth adding to support your plan, such as financial documents, include an appendix at the end.