A business plan st ands as the soul of business and your company’s success indirectly depends on it. Writing a profitable business plan also requires immense hard work and perfection.
No need to feel anxious about how to write a business plan, just make sure to include the following seven points, and your business plan will be ready in no time.
Also read: 6 significant reasons behind business plan
Executive summarize
Although this is the first section of the business plan, we advise you to write it at last. The executive summary should be informational and direct. It should outline your vision and idea behind the business in clear terms. It should provide all necessary information related to business overview, target customer, competition, market research and sales forecast, expenses, profit expectation and the team.
Describe your business
- This part of the plan should include the following;
- Basic information like name, contact information, location, brief history of your company, legal identity, ownership and team
- The problem your business intends to solve, i.e. the mission behind the business
- The product or service your business has to offer
- Explain your revenue model
- Next, define the industry your business belongs to
- Briefly, explain the opportunities and threats existing in your industry
- At the end add the current scenario of your business and relate it to the futuristic deals.
Product or service
In this section, explain what is your product or service. Give details regarding its functionalities, usage, USP, and cost. Also, provide an idea about your vision for future innovations in the product or service.
Information on existing and anticipated competition
Identify your competitors. Deeply analyze their strengths and weaknesses and also study their strategies. Knowing your competitors have many benefits and it will definitely make you develop your business in the global market. This section should elaborate as to how you have the edge over your competitors.
Target customer and marketing strategies
This starts with the identification of your target market and analyzing the ways to reach the correct audience. There are various techniques and ways to publicize or promote your br and to have profit and enlarged client base. Thus, it is essential for you to start with the thorough research work to get familiar with the market condition. This will help you underst and the accurate position of your company as well.
Plan for Management and development team
This section is very important to explain the actual process of production and management of the company. Investors and customers both find this section fascinating, and they tend to judge you accordingly. You must highlight who the team members are along with their brief details, educational background, and experience each one has in the industry.
Financial plan
Apart from the above points, the financial factor is considered as the foremost pillar behind the existence of the business. However, the financial data is always mentioned at the back page. This should include details as to expenditures, sales forecast, revenue and current and future financial requirements.
Take care of all the above points, and you can sit down to start writing your business plan without any hassle.
Also read: Tips to write the business plan in less than an hour
