How to Write a Business Plan
A good business plan targets accuracy, foresight and deep insight into modern business tendencies and needs. It is mainly aimed at positive outcomes but at the same time it anticipates possible challenges and the most efficient ways to cope with them. To elaborate a good business plan you should follow certain rules and logical order. Here you will find a few useful tips on how to create a perfect business plan.
1. Evaluate the size of the consumer sector
The very first thing you should do while elaborating a business plan is to analyze your potential customers and foresee their approximate quantity. Try to predict as much information as possible regarding your potential customers’ age, income level, education, nationality, preferences etc. Think if your products/services will be of interest to all social groups or just to a particular population sector. Besides, analyze the already existing market and evaluate an approximate amount of customers that an average company of your type has per day/week/month/year. Do not be in a hurry and take your time. Conduct a serious and accurate research.
2. Analyze what you will need for opening and maintaining business
Make a list and enumerate all the things you will need for launching and keeping your business running for a proximate month/year. Include both tangible and intangible needs. Office, furniture, instruments, various devices, etc. belong to the category of tangible needs. Time, product design, different kinds of research are intangible needs.
3. Define your peculiarities and advantages over your potential competitors
If you do not intend to sell completely unique goods or deliver services one has never heard about before, you will probably face a certain level of competition entering the market. You should somehow stand out and be different. It can be higher quality, cheaper price, bonuses or any other things which are attractive to your potential customers. Do not get locked into standard schemes and approaches. Apply your imagination and creative thinking. This part of business plan is one of the most time –consuming but at the same time it is of paramount importance. Elaborate it especially carefully.
4.Identify your start-up costs
Actually the amount of money you need to start the business depends on the type of business you are going to be involved in. There are certain kinds of business which do not require any prior investment. But usually you need to spend some money to get it running. You should define whether it will be your own saved money, bank loan or outside investments. If you lack financial resources and plan to attract investments from the outside, think over the ways and methods to convince your potential investors and contributors.
5.Decide with whom you are going to work
Can you manage the business alone at the first stage or you need any assistants? If you understand that it is necessary to cooperate with someone, seek necessary people, agree on the terms of your collaboration and distribute your responsibilities and influence spheres.
If you feel that you can not structure well your business plan by yourself, you can download a business plan template and use it. There are various types of templates in the Internet. Choose one to your liking and facilitate the writing process.