Tips on Writing Up Your Business Plan

Your business plan is an imperative part of starting or re-energizing your company. It is used to clarify your focus, attract other team members with whom you would like to work, and is the information you offer up to bring in potential investors and financial backers. It can also be a basic blue print for your company. It doesn’t have to be lengthy but it should be thorough. Here are a few tips on what you should cover when writing your plan.

Concept

The concept section should consist of a summary and description of what exactly it is you hope to achieve. Outline your vision and the product or service you plan to provide, showing both short term and long term goals. Give a bit of insight into the particular industry you will be entering. If there are multiple markets within the industry that will affect your business, give some details on those as well as any products that are currently saturating those markets, describing how they may positively or negatively affect your own. Most importantly, clarify exactly what it is that you want.

Marketing

This is where you analyze the market in which you are breaking into and present a thorough analysis of any of the direct competition you may be going up against. Examine the strategies you hope to utilize to brand your company and create your own niche. You should also describe any potential issues or weaknesses that may be faced. Outline how those weak areas may be a risk and any potential protection that may assist on that front.

Developmental strategies are integral to a fleshed out business plan. Show how you will create and grow the company as well as any facts and stats you can provide. It is important to show the beginning steps, but you will also want to provide the gist of steps to be taken throughout once the initial platform has been created. Management of your plan can be as important as the plan itself so be sure to explain how and with whom you plan to head up the operations aspect of the ongoing processes.

Financial Data

This is the nitty gritty – and very necessary part – concerning the money and financial information. Present the start-up costs you will need as well as the amount the company will need to be sustained. List the financial sources you are relying upon and other outlets you may be utilizing or hope to tap into.

Writing your business plan doesn’t just help others understand the bare bones of your company, but can help you create a more concrete idea of what it is you hope to achieve and the means you need to do it.