Business plans are an important part of running any business, but writing them isn’t necessarily easy. A well written business plan can help you get the funding you need to start your business and help keep you on track once your doors are open, but it’s not as easy as just writing down what you want to do and calling it a day. You need to cover all of your bases if you want to impress potential investors or secure loans and that means taking a lot into consideration when crafting your plan.
Introduction
If you are ready to get your business up and running, you have to have a business plan for your future. In this post, I will go over the steps to writing a business plan that will get you funding!
Before anything else, make sure that you take some time to sit down and think about what it is that you want to create. Make a list of everything from supplies needed to hiring employees if necessary. It’s important not only to know what needs doing but how much it might cost. This information will be useful when going over how much funding you’ll need later in the process Next, decide on your purpose for starting the business and stay focused on it! Why do you want this? What problem are you trying to solve?
Markets
If you’re the sole proprietor of your startup, your customers are also your competitors. No matter how great your product is if the customer doesn’t know about its business plan they will likely never buy it. Marketing is more than just buying ads or posting status updates on social media it’s about building relationships with people who are going to spread the word for you and allowing them to sell for you. As soon as you start marketing, don’t stop keep up a steady stream of posts, videos, tweets, and check ins so people always have something new to talk about (ideally involving your brand).
Marketing and sales strategy
It’s helpful to have a general idea of your sales strategy before you start planning your business. We recommend that you think about these things:
What are the goals of the company? Who is the target market? What will be different and why? Where will it be sold, and where should it not be sold (consider issues like your proximity to the competition, federal requirements, etc)?
Having some insight into these questions will make it easier to answer them as you work through writing a business plan.
Operations and management
Most likely, a business plan is the first thing people are going to want to see when you are applying for financing, so take this step seriously. Business plans should be strategic in addressing what your needs are and how you will satisfy them by identifying how much funding you need and how you intend to spend it. While presenting your financial needs is one aspect of a solid business plan, what’s equally as important is addressing who will be managing your company. If someone on your management team doesn’t know the answer or if they aren’t responsible enough to handle an emergency situation or fill in for a missing manager then that is a red flag and may reflect poorly on your business should investors read about it later.
Financial projections
It is important to develop an accurate picture of your financial health in order to secure funding. As such, it is worth budgeting time and money now to invest in preparing a quality business plan before approaching banks or other investors. Once you have secured the necessary capital, you can implement your plan for growth as soon as possible. Having written down every detail of your business will help show investors that you have thought long and hard about what you are undertaking and that you are fully aware of the risks associated with operating a new company.
Conclusion
With all of these points in mind, this could be the perfect time for you to draft a business plan. Not only will it help formalize your idea and get you funded, but it will also help ensure that you are fully prepared when things go wrong. No matter what stage of development your business is in, creating a business plan is a great way to keep yourself organized and take steps towards success.
If you’re looking for more information on how to write a business plan or assistance with starting or running your company, make sure to follow our blog written specifically for small businesses like yours.