It’s imperative that every business has a written business plan in order to provide direction and attract investors. While you of course need to be able to passionately wax lyrical about why your brand is a good investment, any potential financial backers worth their salt will want to see a written business plan. Having a business plan can also be helpful for internal communications and will provide structure and purpose. If you’re struggling with getting started, don’t worry; here are our tips on writing a business plan.
What to Include in a Business Plan
Every business plan must include the following sections:
- Executive summary – an overview of your business
- Company descriptions – what your business does
- Market analysis – industry, market, and competitor related research
- Organisation – who does what
- Product – what business is offering
- Marketing – how you’ll market yourself
- Funding request – how much money you’ll need
- Financial projections – how much money you expect to generate
Know Your Market
Market research is a very important aspect of your business plan. Not only should you do research into the industry in which you hope to become a part of, but you also need to do research on your market (potential clients), and your competition. In order to write a winning business plan you need to have intimate knowledge of all aspect of your industry, your product, and your market. Do research, analyse the results, and interpret the information for potential investors. The information should ideally be as easy to understand as the best online pokies Australia.
Why Are You Writing a Business Plan?
The definition of a business plan can be summarised as a written document that details the nature of the business, the marketing and sales strategy, the financial history, and including projected profit and loss statements. When writing your business plan, consider why you’re writing it – is it only to attract potential investors? If this is the case, your plan has to be a lot more detailed and your intentions need to be as clear and concise as possible.
Keep Excellent Records
When your business plan has been written with the sole purpose of attracting investors, they will want to know that being involved in your business is going to make them money. As such, it’s imperative that you keep excellent records right from the start. You’ll need to be able to show what you’ve put in so far, and document all expenses, revenue streams, and industry projections on a whole. Don’t only focus on your business, but also detail growth within the industry you find yourself in.
Have a Marketing Strategy
The best business plans should always include a strategic marketing plan, as you need to be able to detail how you plan on generating income through new business. Your marketing objectives should include how you plan on doing the following:
- Introducing new products
- Extending the market for existing products or services
- Entering new markets
- Cross-selling or bundling products
- Enhancing and improving existing products
Hopefully our tips have helped in writing your business plan!