How To Make A Simple Business Plan – 2023-02-01 00:00:00 2023-02-03 00:00:00 https:///r/starting-a-business/business-plan-template/ Starting a business in English A business plan is a road map for the growth and development of your small business. Use this business plan template to set your small business up for success. https:///oidam/intuit/sbseg/en_us/Blog/Illustration/how-to-write-a-business-plan-header-image-us-en.jpg https://https:///r/starting -a-business/business-plan-template/ How to write a business plan in 10 steps + free template |
Whether you are a seasoned business owner or just starting to think about starting a business, the requests are coming in fast. Amid the rush of to-do lists and meetings, determining how to write a business plan—much less following a business plan template—often feels time-consuming and daunting.
How To Make A Simple Business Plan
But almost 70% of business owners who have been there and done that recommend writing a business plan before starting a business, according to a recent survey. After all, when done right, business plans have huge payoffs.
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However, more than 10% of potential business owners say they have no intention of writing a business plan. Another 10% are not sure if they need a plan.
It’s more than the old cliché: A failure to plan is a plan to fail. In fact, a wealth of data now exists on the difference between a written business plan, especially for small or growing companies.
In this post, we’ll cover everything you need to write a successful business plan, step by step, and turn your idea into reality. Even better, if you’re pressed for time, we’ve compiled the 10 steps and examples into a downloadable template (PDF). The 10 steps to writing a business plan are:
A business plan is a comprehensive road map for the growth and development of your small business. Communicate who you are, what you plan to do, and how you plan to do it. It also helps attract talent and investors.
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A business plan template gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.
You need a business plan because most venture capitalists (VC) and all banking institutions will not invest in a startup or small business without a solid and written plan. Not only does a business plan help you focus on specific objectives, but it gives external parties reassurance that you have thought ahead.
In 2018, the business resource center Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning. Here’s what they found:
Perhaps the strongest evidence comes from the Journal of Business Venturing’s 2010 meta-analysis of 46 separate studies on 11,046 organizations: Its findings confirm that “business planning increases the performance of small new businesses and established”.
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Before you leave a nine-to-five job, your business plan can tell you that you’re ready. In the long run, it will keep you focused on what needs to be accomplished.
Start with a clear picture of the audience your plan will address. Is it a room full of angel investors? The financing department of your local bank? Or is it you, your managers and your employees?
Defining your audience helps you determine the language you need to present your ideas, as well as the depth to which you need to go to help readers do their due diligence.
Although it appears first in the plan, write your executive summary last so you can condense the essential ideas from the other nine sections. For now, leave it as it is.
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The executive summary puts all the vital information about your business into a relatively short space. An executive summary is typically one page or less. It’s a high-level look at everything and summarizes the other sections of your plan. In short, it is an overview of your business.
Below, you will find an example from a fictitious business, Laura’s Landscapers. (We use the same company throughout this guide to make each step practical and easy to replicate.)
This executive summary focuses on what is often called the value proposition or a unique selling point: an extended motto aimed at customers, investors and employees.
Market research indicates that a growing number of affluent consumers in Richmond are interested in landscape architecture based on sustainable design. However, high-end businesses in the area are scarce. Currently, there are only two – neither of which focuses on ecological planning nor are they certified by green organizations.
How To Write A Business Plan
Laura’s Landscapers provides a premium and sustainable service for clients with disposable incomes, large yards and a love of nature.
These elements give context to the bigger picture in your business plan, allowing investors to know the purpose behind your company so that the goals make sense as well.
A mission statement is your business’s reason for existing. It’s more than what you do or what you sell, it’s why exactly what you do. Effective mission statements should be:
In every part of your plan, less is more. Nowhere is this truer than your mission statement. Think about what motivates you, what causes and experiences led you to start the business, the problems you solve, the broader social issues you care about, and more.
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Tip: Revisit your mission statement often to make sure it matches your company’s purpose as it evolves. A statement that doesn’t fit your core values or what you really do can undermine your marketing efforts and credibility.
Don’t worry about making your company’s story a dense narrative. Instead, write as a profile:
Business objectives give you a clear goal to focus on, like the North Star. These goals should be SMART, which means:
They should also be linked to key results. When your goals are not clearly defined, it is difficult for employees and team members to work towards a common goal. What’s worse, fuzzy goals will not inspire the confidence of investors, nor will they have a profitable impact on your business.
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The mission of Laura’s Landscapers is to change the face of our city through sustainable landscaping and help you create the outdoor living space of your dreams.
Founded in 2021 by sisters Laura and Raquel Smith, we have more than 25 years of combined experience in landscape architecture. Our four employees work in teams of two and have already completed 10 projects for some of Richmond’s most influential business and community leaders.
The next step is to outline your ideal potential customer as well as the current and potential size of your market. Target markets – also known as personas – identify demographic information such as:
By being specific, you will demonstrate expertise and build trust. If your target market is too broad, it can be a red flag for investors.
How To Write A Business Plan In 10 Steps + Free Template
The same is true with your market analysis when you estimate its size and monetary value. In addition to the big numbers that include the total market, drill down into the addressable market of your business, that is, local numbers or numbers that apply the grand total to your specific segments. You can also map your customer journey to better understand their needs and wants.
Laura’s Landscapers’ ideal customer is a wealthy baby boomer, a member of Gen X, or a millennial between the ages of 35 and 65 with a high disposable income. He or she, although primarily, is a home owner. Are you a working professional or have you recently retired? In love with the outdoors, they want to enjoy the beauty and serenity of nature in their own backyard, but they don’t have the time or the ability to do it for themselves.
In Richmond, the leading indicators for interest in green, eco-friendly and sustainable landscaping have all increased exponentially over the past five years:
Competitive research begins with identifying other companies that currently sell in the market you want to enter. The idea of carving out enough time to learn about every potential competitor you have may sound overwhelming, but it can be extremely helpful.
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Spend some time thinking about what sets you apart. If your idea is truly new, be prepared to explain the customer pain points you see your business solving. If your business has no direct competition, look for other companies that provide a similar product or service.
Next, create a table or spreadsheet that lists your competitors to include in your plan, often referred to as a competitor analysis table.
Within the Richmond residential landscaping market, there are only two high-end architectural competitors: (1) Yukie’s Yards and (2) Dante’s Landscape Design. All other companies focus only on industrial projects or residential maintenance.
This section describes the benefits, production process and life cycle of your products or services, and how what your business offers is better than your competitors.
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Earlier, throughout their careers, Laura and Raquel Smith worked in and with Richmond’s three industrial landscape companies. This gives us unique access to residents who are most likely to use our service.
Second, we are the only business certified green by the Richmond Homeowners Association, the National Preservation Society, and the business leaders for Greener Richmond.
Third, of our 10 completed projects, seven have rated us 5 out of 5 on Google My Business and our price points for those projects put us right in the middle between our two other competitors.
Your marketing strategy or marketing plan can be the difference between selling so much that growth explodes or getting no business at all. Growth strategies are a critical part of your business plan.
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You can also use this section of your business plan to highlight your strengths and what sets you apart from the competition. Be sure to show what you have already done, what you plan to do given
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