How to Write a Successful Business Plan
Having a plan template in your hand is essential in running any business. You can easily create one on your own online through certain websites. These websites will render your business needs and requirements. And running your business with a thought-out plan will help you grow financially and professionally in the long run.
In today’s cutthroat competition in the business world, any entrepreneur, especially the new ones, can potentially lose everything if he isn’t ready to put up a fight. Imagine that you are the little David who is about to fight thousands of giant Goliaths in the battlefield. In order to survive the battle, you will have to equip yourself with the most powerful tools. In your case, you would not need a slingshot but an effective business plan to win the game and stand out from your business competitors.
So what is a business plan? According to Wikipedia, “a business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them”. If you are a newbie entrepreneur looking for a prospective investor who is willing to bankroll a capital on your organization, then it is best to make sure that you write a business plan that will effectively convince an investor to put their trust and resources on you.
Key Elements of an Effective Business Plan
Executive Summary. An executive plan should be written after the title page. An effective executive summary should convey your message to the reader, such as your desires and an overview of your goals.
Company Description. It used to describe the nature of your business. It is in this section where you need to discuss your business’ present outlook and how you see it running in the future. It is also crucial to provide your reader short information on the history of your business, your company’s mission and vision, short and long-term goals, and an overview of your products and services.
Products and Services. If you are looking for investors to invest in your new business venture, you must provide them with comprehensive details on that products and/or services that you are planning to sell in the market. You can also give them an overview on how you can make your new business venture flourish in a competitive viewpoint by utilizing graphs or images.
Market Analysis. When writing a market analysis, you should have clear idea who you are selling your products and services to. In order to acquire an accurate result of your market analysis, you will need to consider the demographics of your target customers, estimated marketing data for your business, as well as those of your market competitors. The result of your market analysis can provide you with a clear idea on how you can capture your target customers, as well as boosting your business’ sales and revenues.
Design and Development. The main purpose of this section is to provide the reader with a clear details of the design of your product, a visualization of its development with regards to its production, marketing and company, and come up with a development and realistic budget plan needed to achieve your business goals.
Management and Operation Plan. In this section, you will need to provide the investor a description of how your business will function on a day-to-day basis. The important elements to highlight in the management and operation plan are the logistics of the company, the duties and responsibilities of the management personnel, the tasks of each company department, as well as the required investment and expense needed to operate the business.
Financial Plan. In order to have an accurate financial plan, you will need to seek the services of a qualified accountant to outline your financial statements. Typically, your financial projection should be based on a monthly basis within the first year of business operation and then followed by annual financial projections.
Sample Business Plan Templates
Let us admit, even the most season business entrepreneur can have a hard time writing a business plan. That is why we will provide you with a few business plan templates that are found below.
Business Marketing Plan Template
The purpose of this marketing plan is to provide the investor a detailed information with regards to the different elements that are integral to the growth and development of your new business venture. Consider using this marketing plan template as your blueprint in attracting your target market and bringing in your business closer to success.
Sample Business Plan #1
As you can see, this business plan utilize the graphs to clearly illustrate the company’s sales, gross margin, and net profit. You do not have to worry about taking too much time explaining the data on your business plan.
Sample Business Plan #2
If you are looking to convince an investor to entrust your capital in your business, it is highly important to provide a detailed business plan that will show them comprehensive details on how you will achieve your goals.
Sample Business Plan #3
This sample business plan is a comprehensive illustration of how a business plan should look.
Sample Business Plan #4
This form of business plan template uses text boxes wherein you’ll fill in your essential business plan details.