When you’re starting a business, one of the first things you need to do is write a business plan. This document outlines your business goals, strategies, and how you plan on achieving them. A well-written business plan is essential for any new business, as it gives investors and lenders an idea of your company’s potential.
Writing a business plan can seem daunting at first, but with a little planning and some help from Mike Mckeever’s book “How to Write a Business Plan”, you can get it done. Here are some tips to get you started: First, determine the purpose of your business plan.
Are you looking for financing? Are you trying to attract partners or customers? Once you know the purpose of your plan, you can start gathering information about your industry and target market.
Next, put together a financial projection for your business. This will include estimating your revenue and expenses for the next three years. Mike Mckeever’s book includes templates and instructions on how to do this accurately.
Once you have all of the information gathered, it’s time to start writing! Begin by outlining each section of your business plan. Then, fill in each section with the relevant information.
Make sure to proofread and edit your work before sending it off to anyone. With these tips in mind, you’ll be able to write a great business plan in no time!
How to Write a Business Plan?
- Define your business
- What are you selling? Who is your customer? What problem are you solving for them?
- Write a mission statement
- This should be a brief, one or two sentence description of what your business does and why it exists
- Outline your goals and objectives
- What do you hope to achieve in the short-term and long-term? How will you know if you’ve succeeded?
- Describe your products or services
- What do you offer and how is it unique?
- Create a marketing plan
- How will you reach your target market? What advertising and promotion will you use?
- Detail your management team and organizational structure
- Who will be responsible for what tasks?
How Do I Write a Business Plan?
Assuming you need a business plan for either internal use or to present to investors, there are certain key elements that should be included:
1. Company description – This is a brief overview of your company including its history (if applicable), the products/services you offer, your target market, and any competitive advantages you may have.
2. Market analysis – In this section, you will need to provide an in-depth look at the industry your company operates in, as well as the specific markets you are targeting. Include information on trends and projected growth within these markets.
3. Sales and marketing strategy – Here you will detail how you plan on selling your products/services and reaching your target market(s). Be sure to include specific tactics and what metric you will use to gauge success.
4. SWOT analysis – A SWOT (strengths, weaknesses, opportunities, threats) analysis is a helpful tool for looking at the big picture of your business and determining where there may be potential risks or areas for improvement.
5. Financial projections – This section is critical if you are seeking outside funding for your business as it will show investors that you have thought through the financial aspects of starting and running a company. Include detailed information on start-up costs, revenue projections, profitability plans, etc.
Mike Mckeever, the owner of How to Write a Business Plan, walks readers through the process of creating a business plan step-by-step. He starts by explaining what a business plan is and why it’s important to have one.
He then outlines the different sections that should be included in a business plan, such as the executive summary, company description, product or service information, market analysis, and financial projections.
Finally, he offers tips on how to make your business plan stand out from the rest.