A report from Harvard Business Review implies that entrepreneurs who prepare a business plan are more likely to succeed in their new business. They can achieve viability 16% more likely than entrepeuers who don’t prepare a formal plan. In our opinion, we don’t need much proof as to why that is. We all know how making plans ready us for things that we’re about to do. With a structured action plan, we’ll be ready on what’s to come and we’ll have the resources to overcome certain hurdles. That’s a principle that every aspiring business owner should know. So, if you’re about to embark on your startup business, we invite you to take advantage of these business plan sample templates.
Business Plan Sample Template
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Sample Business Plan
What Are the Elements of a Business Plan?
There are many types of business plans, each with its own specific function and format. But regardless, all of them have the same basic elements, be it a construction business plan sample or a food truck business plan sample. Any business plan must have these five elements.
This is the first section of every standard business plan. It’s where you’ll find an overview of the envisioned business, or an introduction of the things that its stakeholders should expect about it.
Structure and Description of the Business
This part of the document is where you’ll find what the business is all about. Most notably, you’ll know what kind of product it sells and what service it offers. With that in mind, you might encounter a product development roadmap in this part of the plan.
Research and Strategies for Marketing
This portion of the business plan is one of the most crucial. That’s because it shows the market research and marketing strategies of the business to stand out in the industry. In this section, you’ll find how the business owners will promote their products and services in the competitive market. Such strategies are backed up by thorough marketing analysis.
A business isn’t being run by its owner alone. Other people are also working for its success. That’s why a business plan must showcase an organizational structure. It includes information about the business’s executives, managers, department heads, and other prominent stakeholders such as investors. Some business plans display organizational structures in the form of organizational charts.
For us, financial tactics are the most important element in a business plan. That’s because it’s where you’ll see how the owner and other stakeholders will finance the business for it to operate. Everything from budget plans to projected revenue and profits is present in this section of the plan. A lot of accounting activities will take place in making this part.
Tips in Writing a Business Plan
Writing a business plan might be a difficult task to accomplish, but you can accomplish it. Plus, you certainly need to write one if you want your business to have high viability. With these simple yet useful tips that we’re about to show you, writing a business plan will not be a nuisance.
Tip 1: Keep Things Simple
In writing formal documents such as business plans and business proposals, keeping things simple is a golden rule. To be specific, they should be free from highfalutin words or jargon that aren’t generally understandable. But if you need to use such words, make sure to write a clause explaining their meaning.
Tip 2: Only Include Relevant Facts
A business plan should be all about the business alone and none other. For example, if you’re writing a restaurant business plan sample, keep its focus on your restaurant business.
Adding other topics that don’t add anything to your plan can give a negative first impression. Plus, they make your business plan unnecessarily lengthy. Remember that its readers are mostly your potential investors. And they don’t want anything irrelevant in your proposition. Because of that, you should review everything that you’ll write in your business plan. Make sure to remove things that didn’t add any value to it.
Tip 3: Write the Executive Summary After
As shown earlier, the executive summary is the first section of a business plan outline. However, that doesn’t mean you have to write it first. Take note that it’s a summary of your business plan’s content. So, writing it beforehand will be quite tricky. For that reason, writing your executive summary after you’ve completed the other elements of your business plan is the better approach. That way, you’ll simply copy the context of your business plan and shorten it. And, you won’t have to think things through in writing your executive summary.
Tip 4: Coordinate with Your Partners
If you have business partners, don’t just sideline them. Coordinate with them in formulating your business plan. They have a say and right to give their inputs on what they want for the business, especially to the operation plan. And, of course, your business partners can help you in creating a well-structured business plan. Coordination is even more important if you’ll be preparing a business continuity plan sample.
What is a business plan’s purpose?
While a business plan serves many purposes, it has three notable ones. And these are to:
- Come up with a strong business focus
- Secure finances
- And entice investors.
What are the types of business plans?
There are countless types of business plans. They vary on what kind of business they represent and what goals they set. But the following below are the general types of business plans:
Why do some business plans fail?
The main culprit of why some business plans fail is bad business ideas. It could be that a business owner’s idea is outdated or infeasible. On paper, they might sound promising, but executing them isn’t practical. One of the reasons why business owners come up with bad ideas unknowingly is the lack of market research.
Writing a business plan is your first stepping stone towards establishing a profitable business. One might say that it’s the most crucial step in becoming a business owner, and we would agree. So check out our free sample business plan templates to enable your business to start strong.
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