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A great business plan can help you clarify your strategy, identify potential roadblocks, determine what you need in terms of capital, and assess the feasibility of your idea or growth plans before starting your business.
Not all successful companies start with a formal business plan, but many founders find it worth taking the time to step back, research their idea and the market they want to enter, and understand the scope and direction behind their strategy. This is where writing a business plan comes in.
A business plan is a document that describes the company, its products or services, how it makes money (or will make money), its management and staff, its funding, operating model, and many other details necessary for its success.
We had a background in marketing, but we didn’t have much experience in other functions needed to run a fashion business, such as operations, finance, production and technology. Creating a business plan helped us identify the “unknowns” and made it easier to discover gaps where we needed help or at least improvement. Jordan Barnett, Kapow Meggings Why write a business plan?
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Investors rely on business plans to assess the viability of a company before funding it, so business plans are usually linked to getting a loan. However, there are several compelling reasons to consider writing a business plan, even if you don’t need capital.
If you’re looking for a structured way to communicate your thoughts and ideas and share them with people who can make a big difference to your success, a business plan is a great place to start.
A business plan is often used to secure financing, but many business owners find it valuable to write a plan even if they never work with an investor. That’s why we’ve put together a free business plan template to help you get started.
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Business plans can range from one page to multiple pages with detailed charts and reports. There is no single way to create a business plan. The goal is to provide readers with the most important information about your company.
See examples of different real-life business plans in Road to Success: Inspirational Business Plan Examples.
Few things are scarier than a blank page. Starting your business plan with a structured outline and the key elements of what you will include in each section is the best first step you can take.
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Since the outline is such an important step in writing a business plan, we’ve put together an outline that you can copy into a blank document to get started (and avoid the horror of seeing a blank page). You can also start with a free business plan template and use it to plan your plan.
Now that you’ve written your business plan, it’s time to refine it. We’ve broken it down into sections to help you build your plan step by step.
A good outline is one of the most important parts of your plan – it’s also the last part you should write.
The purpose of the summary is to break down everything that follows and give reviewers who are short on time (such as potential investors and lenders) an overall overview of your business that will encourage them to keep reading.
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Again, this is a summary, so highlight the key points you discovered while writing the plan. If you’re writing for your own organizational purposes, you might want to skip the summary entirely—although you can try it anyway, just for practice.
The abstract should not exceed one page. Admittedly, this space limitation can make cramming all the important information a bit stressful, but it’s not impossible. Here’s what your business plan summary should contain:
This part of your business plan should answer two basic questions: who are you and what do you plan to do? By answering these questions in your business profile, you’ll provide an introduction to why you’re in business, why you’re different, what you’re good at, and why you’re a good investment. For example, pure makeup brand Saia shares a letter from its founder about the company’s mission and why it exists.
An example company description for the Saie clean makeup brand, which in a few short sentences tells who the company is and what its mission is.
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It’s still useful to organize this information, even if you’re the only one who will see it. It is an opportunity to put on paper the most intangible aspects of your company, such as principles, ideals and culture.
Some of these elements are statements of fact, while others require a bit more thought to define them, especially when it comes to your company’s vision, mission and values. This is where you start to get to the heart of why your business exists, what you want to achieve, and what you stand for.
This is where you start to get to the heart of why your business exists, what you want to achieve, and what you stand for.
To define your values, think of all the people your company is responsible for, including owners, employees, suppliers, customers, and investors. Now think about how you want to do business with each of them. Once you’ve created your list, your core values should start showing up.
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Once you know your values, you can write a mission statement. Your statement should convincingly explain why your business exists and should not be longer than one sentence.
For example, the mission statement is “Improving business for all.” There’s a “why” behind everything we do, and it’s clear enough that it needs no further explanation.
Then create your vision: What impact will your company have on the world when you realize your vision? Make that impact a statement – Start your statement with “We will” and you’re off to a good start. Your vision, unlike your mission, can be longer than one sentence, but try to keep it to no more than three. The best visions are concise.
Finally, your business description should include both short-term and long-term goals. Short-term goals should be achieved within the next year, but one to five years is a good window for long-term goals. Make sure all your goals are SMART: specific, measurable, achievable, realistic and timed.
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No matter what type of business you’re starting, it’s no exaggeration to say that your marketing can make it or break it. Choose the right market for your products – one that has many customers who understand and need your product – and you’ll have an edge on the road to success. Choosing the wrong market or the right market at the wrong time can put you in trouble with every sale.
Market analysis is a crucial part of your business plan, whether or not you want anyone else to ever read it.
That’s why market research and analysis is a key part of your business plan, whether or not you want someone else to read it. It should include an overview of how big you think the market is for your products, an analysis of your company’s position in the market, and an overview of the competitive landscape. Comprehensive research to support your findings is important for both convincing investors and validating your own assumptions as you work on your plan.
The potential market is the estimated number of people who need your product. It’s exciting to imagine sales numbers skyrocketing, but you want to use as much relevant independent data as possible to validate your estimated potential market.
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Since this can be a daunting process, here are some general tips to get you started on your research:
Some sources you can turn to for market data include national statistical offices, industry associations, academic research, and reputable newsstands dedicated to your industry.
The SWOT analysis analyzes your strengths, weaknesses, opportunities and threats. What’s the best thing about your company? What are you not so good at? What market or industry changes can you capitalize on and turn into opportunities? Are there external factors that threaten your ability to succeed?
These divisions are often laid out in a grid, with bullet points in each section breaking down the most important information, so you can probably get away with writing entire paragraphs here. Strengths and weaknesses – both internal aspects of the company – are listed first, with opportunities and threats appearing on the next line. With this visual representation, the reader can quickly see the factors that may affect your business and
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