Business Plan Writing Tips For New Entrepreneurs
Whether it is a small scale or a big company, business plan is the most crucial aspect for all the upcoming opportunities and profits. Business advisors, investors and experienced entrepreneurs generally recommend you to write your business plan before starting a company.
By using well designed plan, you and your management team can handle your business in a successful and organized way throughout the startup process. Also, it becomes easier for you to make decisions, move forward and make your venture a huge success.
If you are looking for help to write your business plan, then read on. In this article, some of the most practiced tips have been mentioned.
Make a Detailed Outline
Before you go ahead with writing your business plan, it’s better to take some time out to make a detailed outline of everything you’ve in your mind. Divide a big topic in a smaller and detailed list of specific tasks. Arrange your thoughts in simple sentences or phrases and number each of them. Although, preparing a detailed outline may seem to be tedious, but it will give a clear-cut start, middle and end to your business plan.
Consider Your Financing Options
Do you want to be one of the best startups in India? Are you planning to raise money from someone to start your business? Well, then the first thing that you need to do is think about your potential financing options to support your company. For example, if you are asking funds from venture capitalists or investors, your business plan must emphasize the potential growth of the business and its subsequent returns on investment.
If you’re planning to get a loan from a bank then your plan should give attention to the ability of your business to pay back that loan. A good business plan can clearly address all the possible business risks.
A Business Plan Should Be Credible
A credible business plan surely achieves all your business goals. Credibility of plan is recognized by the people involved in the business enterprise. Also, a number of statistics and verifiable facts that are used to achieve the proposed business idea greatly affect the credibility. The market or industry of competing business as well as its targeted customers are extensively discussed and analyzed.
Describe your Products and Services Offering in the Basic and Unique Way
You need to enclose the common descriptive elements including a list of apparent risks, an explanation of operational procedures, the planned and thorough analysis of the marketing strategies, a clear business statement and many more. But, this should be basic; telling how your business plan is unique from others and how it’ll be successful. Make use of tables, charts and graphs to express more information and keep your readers engaged.
Always Include an Executive Summary
The executive summary is the first part of your business plan and should be on the first page. It is a synopsis of your business idea and should limit in a page.
Include Detailed Resumes
Your business plan must include detailed resumes of the members involved in or/and running your business. The resumes should be relevant to your business idea.
Professional investors always look your plan as a strong proof, not a promise. They will want to see management track records, competitive advantage, market data and comprehensive financial projections. So, before looking for venture investment take a look at your business plan.