Writing a business plan is something that can seem intimidating if you’ve never done it before. However, it’s something you can’t afford to put off or ignore. The investment of time and energy into creating a sound business plan will help ensure the success and longevity of your business.
The Best Tips for Writing a Start-up Business Plan
1 – Know who your potential investors are
You should know to who you’re going to pitch your business plan before you start writing it. What is the size of the investor you’re trying to attract? For example, if you’re trying to attract venture capital, your plan will look very different than if you’re seeking a business loan. If the investor is a bank, you’ll probably want to provide your business plan in a formal business plan template, while if you’re trying to involve a private investor, you’ll want to use a more casual style business plan template.
2 – Research your market
You’ll want to be very thorough and detailed when researching your market. You should do a thorough analysis of both the opportunities and the threats your business will face. This should be reflected in the business plan.
3 – Identify your competition
If you haven’t done a comprehensive analysis of competitors, your business plan will be incomplete. Their numbers, their strengths and weaknesses, and their history as a business should all be part of your business plan.
4 – Focus on the opportunity
Your plan should not be all about your competition; it should emphasize the opportunity for success. It’s much more compelling to read about a business idea that’s been done before but about your unique idea of how it can be done better.
5 – Include accurate financial information
This is a very important part of your business plan. If you’re seeking a business loan, you should include information such as your start-up costs, your monthly break-even point, how long it will take you to reach your break-even point, and how much profit you’re expecting to make.
6 – Craft a convincing executive summary
Many investors (especially those who read hundreds of business plans every year) will only read the executive summary. Therefore, you’ll want to make your executive summary very compelling. This is where you’ll want to include a discussion of your analysis of the market, your competitors, and your innovative idea of how to address those competitors.
No matter how you choose to approach writing your business plan, you’ll want to make sure you’ve done thorough and accurate research. If you’re a new business owner and you’ve never written a business plan before, it’s best to invest in the services of a business plan consultant to help you write your plan. A business plan consultant can provide you with the basic steps to follow in writing a sound business plan and can help you identify any weaknesses in your plan.
If you are looking for reliable business plan consultants, come to Business Plan Writers UK. We offer business plan writing services with an unparalleled success rate. Contact us today!