If you want to start your own business with a business plan but you don’t know where to start, you should read this article. Here you will find out what a business plan should include, the key components of good business plan, and the mistakes to avoid when you write your own business plan. After reading this article, you should be able to create a business plan easily.
What A Business Plan Should Include?
A well-written business plan is critical when you want to stat your own company. Normally, it includes five major sections: Executive summary, business section, marketing section, financing section and management plus a table of content and cover sheet. Moreover, don’t forget to attach your supporting documents to your plan. It is because those documents can explain what is missing in your main plan. And include and professional certificates you got in the past to prove that you are a professional in the industry. After you understand the structure of a business plan, there are several sections that you should pay serious attention to, in order to get it accepted by other investors.
Key Factors in Business Plan
There are three things that you should pay attention to. Firstly, in your business section you need to address very clearly the purpose of the business. If you don’t know which group of people you want to serve, you are either not clear about what you want to do or you did not think it through. Secondly, try to write a good organization plan that describe how your company will be operated and, if possible, mention the difference between you and other similar organizations in the same industry. At last, describe in details how do you position yourself in the market and how you will get and serve your customers in your marketing plan.
While you are writing your business plan, there are two mistakes that you need to avoid completely.
Mistakes to avoid when you write your business plan
Before writing your business plan, be sure to determine if your prospective investors are interested in your targeted market. If they are not interested or they think that this market is over-crowed, your business plan will be rejected even if you have the best copywriting skills in the world. Therefore, you can try to call and talk to them about your idea and find out what they think. You may be able to find some good ideas when you start writing your own business plan.
The second mistake people make is that, they send their business plan without requested by the investors. Do you think you will interest in somebody’s business plan when someday you receive a pile of documents and ask you for money, without your request? Those business plans will only be put at the bottom of their pile and never get read. Therefore, if you find out that they are interested in the business you want in, tell them that you have a plan and send just the executive summary for their review. Those people will request for more information from you if they are in deep interested in your plan.
A good business plan should be composed of several key sections and supporting documents as supplements. However, it is important to address the purpose, your organizational and marketing plan so as to get accepted by investors. Remember also the two mistakes that people make when they write their business plan. So next time when you start writing your business plan, you have a huge step ahead of other business owners.