Without plans, a combination of optimism, dedication, and hard work would not be enough to save your business from failing. The ideas of every successful entrepreneur in the industry only came to life with a solid business plan. While there might be unforeseen circumstances in the economy that may affect your business, having plans helps mitigate risks and leads your company to success regardless of the eventualities. In this guide, let us discover more about the document and the role it plays in every company.
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What Is a Business Plan?
A business plan is a document that specifies the goals of a particular corporate entity. Moreover, it sets out a clear path of strategies and action items to accomplish the business’s overall objectives. A simple business plan must also have a specific time frame for achieving such goals. While this document is beneficial for startup companies and small businesses, you should also note that those running in the industry for years already still need to update their business plans regularly.
How to Write a Solid Business Plan
Whether you are creating a one-page business plan or a comprehensive business plan outline, you need to follow a process to come up with an effective one. Don’t worry! We got your back. In this section, we have listed down a step-by-step guide on how to write a business plan.
First, you have to start with research. You must base every decision and plan you make on research. This way, you will know what challenges you will face in the industry and how you will overcome them. Research about your target market and the industry your company belongs to. It is also crucial to know more about your competitors and your product’s position in the market.
2. Know Its Purpose
Aside from having a roadmap for your business, note that a business plan also serves other purposes—depending on the reader. That is why you first have to specify the use of your document and determine who the audience will be. It may be for your employees, investors, or clients.
3. Download a Template
Now that you’ve collected the necessary information during the research and specified the purpose of your document, the best thing to do next is to download a template. Having a business plan template and reading various business plan examples will make the process hassle-free for you. Professionally written templates are complete with the necessary elements of a business plan format, so all you have to do is to insert essential details to best suit your need.
4. Modify Accordingly
For the template to serve its purpose, edit some of the text, and fill the blank spaces with necessary details. Also, make sure that the figures you entered on the document for the financial plan and forecast are accurate and realistic. Lastly, review your business plan before presenting it to the audience.
What are the five elements of a business plan?
Although a business plan varies in content and use, it commonly has these components:
What are the three main purposes of a business plan?
As mentioned beforehand, a business plan serves various purposes, which includes:
- It allows companies to communicate with investors and persuade them to invest.
- It serves as a guide for the workforce on how they can contribute to the success of the company.
- It motivates entrepreneurs and their employees to focus on achieving the goal.
Can I pay someone to write my business plan?
Yes, however, it would be best to write the document yourself with the guidance of a professional consultant who is an expert in the field. You must also bear in mind that coming up with a business plan is not a one-person task, so seek help from your team, especially when making decisions.
As featured in an article from Investopedia, data from the United States Bureau of Labor Statistics showed that 80% of new businesses succeed during the first two years of operation. This means that only 20% of enterprises fail during the specific time frame. However, it is also important to note that only 25% of businesses carry on after 15 years. But you should not let this statistic discourage you. The key to a successful business is a solid business plan and determination. Start creating this document with the help of these well-written business plan templates now!
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