Steps to Effective Business Plan Writing

Written By Steps To Faculty Published April 30th, 2010

You have an idea and want to get started. Now comes the hard part-the business plan. Without a written plan, getting of the ground is not easy and staying on track will be daunting. Here are the essential steps to business plan writing.

Step 1 Start at the beginning

Prepare a title page along with a table of contents to layout the format of the plan. The title should be able to grab the reader’s attention and at the same time give a specific description of what the business is about. Similarly, the table of contents should be numbered and provide a quick glance outline of the contents that will be in the business plan. Include the executive summary section, which gives an overview of the business type, structure, and industry.

Step 2 Outline your staffing requirements

A description of essential staff members and the executive team and a profile of the good or service the business will sell is the next section of the plan. This section is also very important and is read heavily by the creditors that you would try to impress. The background of the executive team should include their work history and education.

Step 3 Write a mini market plan

When describing the product or service, be sure to also discuss at length what makes your good or service unique in the industry. This piece of information can make the difference between receiving and being rejected. The market demand for your product and your marketing strategy is included at this step. This portion of the business pan is usually reviewed quickly, but in detail as the viability of your good or service depends upon how well you market it. Include information regarding your target audience and consumer base and plans you have to expand in your chosen industry. Competitor information impresses phlegmatic investors and lenders, who need reassurance of recovering their investment in your firm.

Step 4 Talk about the money

Risk assessment, financial planning, and the standard SWOT analyses are the next segment of the business plan. Creditors will not invest money in someone they deem incompetent. For the financial portion be as detailed as possible about the amount of funding required and how every penny will be spent.

Remember, this is the time to show how astute and adept you are in business development. For samples of plans, go to www.myownbusiness.org/s2


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

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