Congratulations! You’ve decided to plunge into the seas of entrepreneurship, and that deserves celebration! Here are the three most important things you need to follow to make killer business plan.
Maybe you already have a clear idea in your head of what shape your business will take, but for any business to take off and grow, those ideas need to be put down into a plan.
The point of a business plan is to:
- Provide a concise description of your goals and vision
- Set up your business structure
- Analyze your market and competitors
- Attract potential investors
3 Main Aspects For Killer Business Plan
If you’ve never written a business plan, that’s okay!
Whether you’re a coach, public speaker, consultant or all of the above just make sure to keep these 3 aspects in mind and you’ll be able to draft up a strong foundational plan for your business.
Executive Summary
This is the summary of your business plan and the very first things potential investors or sponsors will read. That’s why you have to make sure your summary is clear, concise, and captivating.
Here you’ll include an introduction to your business (such as mission statements, company history, business model, etc.) as well as brief summarizations of the rest of the plan.
This is the most important part of your entire plan! It is the deciding factor of whether or not investors will continue reading the rest, so don’t be afraid to let your business shine!
Business Analysis and Structure
Here you’ll go into depth about who your business leaders are, how the business works, what products or services it offers, and the financial details of the business.
This is the nitty-gritty of the operation, and having a detailed section for your business analysis is crucial in presenting yourself as a knowledgeable and professional business owner.
The most important part for a lot of investors is the finances. Make your financial statements clear and be sure to include projections for the future.
Industry and Market Analysis
There are probably millions of businesses out there that offer the same products or services as yours.
So why would anyone buy your product or service? Why should anyone invest in your business in particular? What makes you stand out against those other millions of businesses?
This is where you answer those questions.
An industry and market analysis will encompass your research on your target client/customer and how your business will compete in the market space.
Highlight what sets you apart from your competitors and how you’ll be able to corner your piece of the market share.
Drafting up and writing a solid business plan is something that takes a lot of thought, experience, and precision, and it’s understandable that that can be a lot to ask of newer entrepreneurs.
That’s why Letters By Reesi offers a Business Plan Template and Coaching Service for anyone looking for some guidance.
You’ll not only get a step-by-step guide on how to write your plan, but you’ll also get a one-on-one call where we’ll discuss your vision and business plan!