A Complete guide on how to write a business plan.Business planning is one of the most important steps while Starting a business. So to help Entrepreneur like you in writing a business plan, we came up with a article based on the same.
Here are the 8 steps to write a Business Plan:
- Company Description
- Market Analysis
- Financial Plan
This section will give an overview of the business and plan for its execution. This should be very catchy as it gives the first impression of your business plans. Try to cover it in one to two pages.
You should include a mission statement following the name of your business, product/services that your business will serve, location where you will targeting initially and other basic information.
2. Company Description
Give a description of your company. You should start with a short description of the industry in which you are going to start your business along with the problem that your business will solve or the opportunities that make you start this company. You can also specify which segment of the population you are going to focus on at the initial & later stages.
3. Market Analysis
The main purpose of the market analysis is to get a good knowledge of your industry & the target market. Market analysis also includes analyzing your competitor that will help you in finding your USP that makes you differ from them. Analyzing competitors will not only help you in executing your plan effectively but also will help you in determining the strategies, strengths, and weaknesses of their business.
This section covers, what is the actual product that you are going to launch in the market or the services you are going to serve.
This section will cover how you are going to execute your business plan. How will you be able to get consumers for your product/service? It will include your every execution plan which covers marketing, sales, brand recognition plan along with other plans that are necessary for business to run profitably.
6. Financial Plan
It is quite obvious that a business is incomplete without the finance plan. The financial plan consists of investment(funding) sources, cash flow statements, working capital, income (either profit or loss), balance sheet, and sales forecast (approximate data, better to show in the infographic).
7. Management Team
Showcase your team along with their experience(education too if possible) that will help in contributing to the success of the business. Also, specify member is in charge of which work specifying their position name.
This is especially for the additional information that you want to put with the plan.