Thinking of starting a business or have a great idea that you want to materialize? Think business plan, a written document that describes the nature of your business and your plans. Besides being a great planning tool, this blueprint will aid in running and expanding your start-up business. Whether you use it to maintain your business focus, secure funding, map your growth, or enlighten your growing talent, whatever the purpose your business plan will serve, it should clearly communicate your mandate.
A start-up business plan might be hard to crack since it entails many elements and that you will be starting from scratch. Generally, a business plan is a 30-50 page entailing the following.
-Organization and management
-Service or products you are offering
-Funding request – if applicable
However, as you start mapping out how to write the business plan, here are some few tips to guide you in writing a great business plan for your start-up.
1. Search to Know
As you start, you need to understand the market you are getting into. Asses the market trends, your competition and the gaps that may exist. Knowing the space in which you will start operating in will help you strategize and prioritize your objects. Research will also help you determine consumer trends and their demographics. Therefore, before you start writing your business plan, spend time in doing online research, talking to your audience and any other means to gather as much intelligence as you can.
2. Lay It All Down
Before writing a business plan, you need to understand why you are getting into the business, why your care and strategies you will employ. By understanding your mission, you can then proceed to determine what you envision for your business down the line. Writing down all your ideas and how your start-up operates will help you understand your company more and ultimately make it easier as you proceed with writing your business plan.
3. Create and Consolidate
Essential documents for your start-up such as the company profile, marketing strategies, financial records and projections need to prepared. Having these documents will make it easier while you write your start-up business plan. A company profile for instance which includes your history, services and resources can be used to describe your company in the business plan. Having all the requisite documents will ensure that you define your business plan well.
4. Know your Audience
Although initially the business might be written for your own planning, along the way you might share it with external parties such as investors. Taking into account the kind of audience and the field you operate in will help you write a good business plan and modify it accordingly. Therefore, while writing your start-up business plan, constantly keep your audience at the back of your mind to guide you in knowing what aspects to modify or emphasize in the business plan to maintain interest.