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Business Plan Examples

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Top 4 Business Plan Tips for Beginners

If you are just starting out as an independent business owner, writing a business plan and presenting it to investors can be incredibly intimidating. In fact, fear of failure and rejection is one of the main reasons why new entrepreneurs tend to put off writing a business plan for months, and sometimes years. There are no rewards without risks, and that’s something every entrepreneur needs to keep in mind. Writing a business plan is one of the key elements of creating a well-funded business model that has great potential for growth and success. While it’s certainly challenging and a little stressful at times, there are a few things you can do to get motivated and write a business plan that will impress investors enough to join your team.

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1. Think of a business plan as a collection of smaller plans rather than one large document.
Looking at a business plan as a whole can make you feel stressed out and overwhelmed. Breaking it up into smaller parts that you can work on over time is more manageable. If you have a busy schedule, you can easily write a great business plan by committing to finishing one section each week. You can have a complete document in just a few weeks’ time.

2. Use a business template as a starting point.
When you are a complete beginner, writing a business plan from scratch can be extremely challenging. Fortunately, you can find a variety of high-quality business plan templates online to make the process smoother and less time-consuming. Business plan templates provide a framework for creating a professional-looking plan that investors expect to see from all serious entrepreneurs. You’ll have to edit the template based on your needs and objectives, but it’s a useful guide for getting the first draft of your business plan done quickly and efficiently.

3. Don’t underestimate the power of accurate market research and numbers.
While your business plan is technically a prototype document that will need revisions before it’s put into practice, it should be as realistic as possible. Write it as if you were opening your business tomorrow and not in the far off future. It’s very important to present a realistic plan that is representative of the current market and projected economic conditions because investors need to know that you understand how the market works.

4. Know how your business will be operated before you finish your business plan.
Some entrepreneurs know that they’ll need to split up the responsibilities of running a business between a few different people, but they aren’t sure what role each team member will have down the road. The problem is that investors look for ready-to-go business plans that portray all aspects of running a business including day-to-day operations.

==> Download your business plan template now!

Even if you don’t yet have a team together, you should know how your business will operate on a daily, weekly and monthly basis. Explain what role you will play in running it and how you plan to divide work among others in order to achieve maximum success every single day.

Peter

Five Steps for Composing a Business Plan

Below are 5 steps for composing a successful business plan.

1. Make an Outline

Start with a standard template for a business plan. There should be 10 parts to this plan in this exact order: A. Executive Summary, B. Company Analysis, C. Industry Analysis, D. Customer Analysis, E. Competitive Analysis, F. Marketing Plan, G. Operations Plan, H. Management Team, I. Financial Plan and J. Appendix. Take what you know about each category and write it in the appropriate area. Never veer from this standard template for a business plan. Investors that way will know exactly where to read to find out the information they need.

Click here to learn how to write great business plan!

2. Perform Research

The majority of research that you should do will include the Customer Analysis, Competitive Analysis and Industry Analysis parts of the plan. Continue Reading…

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