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How to Write a Business Plan

>> Thursday, 21 March 2013


If you want to write a good business plan, you don’t need to be a professional. Even if you’re a new business owner, you can still prepare a simple or comprehensive plan that you can use for securing the needed funds.
The parts of the plan include vision/mission statement, executive summary, company description, service/product, market analysis, strategy or implementation, management, and financials.

The Parts of a Good Business Plan
Writing a business plan is very important for the success of the business. You usually have two options – making your own plan or you can leave it to the professionals. A cost effective option is creating your own business plan. A good business plan will consist of different parts. It’s up to you whether you will create a simple plan, written on a notebook or a comprehensive one that you can use to apply for a business loan. Before you go any further, decide now on the type of plan you’re going to create - casual or formal.
A casual business plan can be written on a notebook or piece of paper. This is can serve as your guide as you go about the day to day operations of the business. If you are planning to put up a large business, you will need to prepare a plan that is formal and informative enough to convince potential lenders to fund your business. A formal business plan will consist of a vision/mission statement, executive summary, company description, service/product, market analysis, strategy or implementation, management, and financials. Adequate research is vital if you want to make a good business plan. Researching about the existing competition is very important to determine the viability of the business.

Tips to Write a Business Plan

If there are existing competitors, you must prove that your business can still get enough market shares to allow you to earn a decent profit. The delivery of your business plan will decide whether lenders will be interested or not. You have to go straight to the point and reveal what you are offering. Personalize your business plan and you have to finish strong. You will need to write the executive summary last, after you’ve written all the other parts of the business plan. Work on the different parts of the plan carefully so that you can come up with a detailed document.
The business plan will cover all the aspects of the business. Always have a copy of the plan in your business office so that you can refer to it from time to time. There are instances when you can’t focus on the operations of your business but if you refer to the plan, you can get back on track once more. Writing a good plan doesn’t require you to be an expert. Even if you’re a new business owner, you can create a good plan if you possess the right knowledge and skills.

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