How To Write a Business Plan Lenders Can't Shrug off
Business Plan - What comes in your mind after listening this phrase? Definitely some plans for your business which will lend you to stand out at first in the rapidly changing market.
Your business plan is your tool to standalone. It will help you to map out a new course, and navigate through unchartered territory. Whether you're writing a business plan for the first time or the fiftieth time, it doesn't have to be hard.
If you have never written a business plan before, these guidelines will work for you on how to make the plan as well as how to use your plan to obtain financing, and to manage your business.
Let’s start with basics.
What Is Business Plan?
Business plan is just a plan for how your business is going to work, and how you’re going to make it successful.
Business plan should only become printed documents on selected occasions, when needed to share information with outsiders or your team members.
Why To Need A Business Plan?
Whether you’re starting or growing your business, you need a business plan. Your plan will provide the roadmap to achieve the growth you want. The question is how to write a business plan that will take your company where you want to go.
A business plan helps you to:
Clarify your business idea.
Spot each and every problem.
Achieve your goals.
Measure your business progress.
It can also help you to convince customers, suppliers and potential employees to support you.
What To Include In Your Business Plan?
It is very important to know what to write down and how to write down in a business plan, because you can’t invest your whole time in writing a business plan only. There are some points which need to keep in mind like:
Executive Summary: It’s an overview of your business plan. Points which are to be included in your business plan, summarize all the points on one page for an overview.
Business overview :
Products and services:What product you will sell online and to whom?
Company ownership & legal status: Who owns your company, how many partners are there in the company, and the share of percentage of every partner in the company if any.
Goals & objectives: What will be the long term and short term goal of the company?
Market overview :
Ideal Customer:Who will be your potential customer of your product?
Size of Market: What is the demand of your product in the market and how can you increase your customers in the existing market.
Competitors: List down all the competitors in your area, it’s an important step as you have to manage your strategy according to that only.
Marketing Strategy: How will your reach your target customers? What promotional and marketing channels will you use? How will you price your products?
SWOT Analysis: List down your strength, weakness, opportunity and threats. What is the best about your company? What are the weak points? List down all as these will help you in near future.
General: What will be your opening hours? How will you give feedback to your customers?
Location: Where is your store located, complete address and if possible Google Map also.
Management Team: Who comprises your current team and what key hires must you make in order to execute on the opportunity in front of you.
Financial Plan: How much external funding do you need to build your company? In what areas will these funds be invested in near future? What are your projected revenues and profits over the next one to five years?
Answering the questions in these key business plan sections will helps you formulate specific business goals.