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A business plan is a guide that helps you outline and achieve your goals.
It’s also a management tool that allows you to analyze results, make strategic decisions, and showcase how your business will operate, and grow.
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The executive summary of your business plan introduces your company, explains what you do, and lays out what you’re looking for from your readers. Structurally, it is the first chapter of your business plan. And while it’s the first thing that people will read, consider writing it last, because once you know the details of your business inside and out, you will be better prepared to write your executive summary.
Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan.
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A good business plan will identify the target market segments and then provide some data to indicate how fast each segment is growing.
When identifying target markets, a classic method is to use the TAM, SAM, and SOM breakdown:
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Most business plans include market research and compare their features against their competition using a SWOT analysis. The most important thing to illustrate in this section of your business plan is how your solution is different or better than other offerings that a potential customer might consider. Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.
One of the biggest mistakes entrepreneurs make in their business plans is stating that they don’t have any competition.
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The opportunity section of your business plan should provide enough information and data to prove that there is a need for your business and that you understand how to position yourself in a given market.
To help you develop this section, try to answer these questions:
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The marketing and sales plan section of your business plan details how you plan to reach your target market segments (also called target marketing), how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.
Before you even think about writing your marketing plan, you must have your target market well-defined and have your buyer persona(s) fleshed out. Without truly understanding who you are marketing to, a marketing plan will have little value.
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A business plan is only a document on paper without a real path to get the work done, complete with a schedule, defined roles, and key responsibilities.
Investors will want to see that you understand what needs to happen to make your plans a reality and that you are working on a realistic schedule. Start with a quick review of your milestones. Milestones are planned major goals.
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This section covers the functionality of your business.
To help you develop this section, try to answer these questions:
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The company overview will most likely be the shortest section of your business plan. For a plan that you will share with people outside of your company, this section should include:
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The company overview is meant to help you identify how you will operate, as well as what positions, departments, or other structures you need to implement.
To help you develop this section, try to answer these questions:
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Your financial plan is meant to help you understand what your expenses are, what it will take to be profitable, how much cash you need to keep on hand, and what you will be doing with any funding. You don’t need to have actual financial data at this point.
To help you develop this section, try to answer these questions:
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