Every new business needs a business plan. The plan is flexible, and you can tailor it to meet your goals. These could include developing a specific goal or direction, or attracting funders to get your business up and running. The most successful entrepreneurs write their business plan between 6-12 months after deciding to start their business. According to the Harvard Business Review, doing this increases the probability of venture viability success by 8%.
Do Your Homework
The first step to creating a successful business plan is to do your research. You will need to analyze your product and the market. This research will be the foundation of your business plan. If you do not put in enough time and effort, your plan will likely fail. Senior financial and management executive William Pirraglia recommends spending twice the amount of time researching and evaluating as you spend writing your business plan.
Decide Your Vision
Once you have a solid understanding of your product, you need to create a “road map” of where your business is going. If you cannot clearly articulate your vision and mission, chances are you will not be able to find funding for your business.
Create a Marketing Plan
Your next step is to create a strategic marketing plan. This needs to encompass everything from your content marketing strategy to a description of how manufacturing and delivery will work. Where will your business come from? You will need to include information about your target audience and expected long-term client contracts. Make sure you also have a budget and any corresponding calculations.
What to Include
A plan is far from a simple single page. You will need to begin with an executive summary that encompasses your vision, and then a company description that sums up everything your business does. Another good document to include is the market analysis you performed during the research phase. You will also need to add your marketing plan and budget, as well as a summary of how your business will be structured and managed.
Once your plan is compiled, remember to have someone experienced review it before showing it to any potential investors. They will be able to provide you with valuable feedback. Once you make any necessary edits, your plan will be ready for business!