A good business plan is a road map for how to shape, run, and organize a new business. A business plan is the best way to execute your ideas and put your whole effort to achieve the target. The business plan must be from 20 to 50 pages in length.
What to Include in a Business Plan?
Let’s dive in and learn how to write a business plan step by step.
This is the simple business plan format that gives you the correct analysis.
1. Executive summary
This is the first section and a complete overview of the business plan. It may range from 2 to 4 pages in length illustrating the summarized key points from each section. It should be short, concise and accurate.
It must include
- Business name and its location
- services and products
- marketing strategies
Want to know about business principles? Here is the article about business principles.
2. Business Description
The business description is the most essential part of the business plan that usually consists of 3 to 4 pages. It basically tells about the operational strategy, and goals to achieve success in business.
It should feature the main points of business
- Legal structure
- A brief history
- Overview of products
- Summary of goals
- overview of goods and services
3. Products and services line
It is a detailed description of the products and services that clearly give emphasis to customer benefits. It includes the costing and pricing of products and services and the net income expected to generate from the sale.
4. Sales and marketing
It outlines sales and pricing. It shows the rationalizations for why the customers prefer your products over others. A complete statistics and description of the industry is analyzed in this section. Who is your demographic audience? And what will be the strategies to attract consumers to create good sales are also mentioned in the marketing plan.
5. Competition
A good businessman always keeps an eye on the strengths and weaknesses of their competitors. A business plan should be planned according to the prevailing competition in the market.
6. Appendix
It is not the required section in the business plan but it’s quite a useful space if needed to stick any charts, pictures, notes or any type of typical information. It’s a perfect place where you can illustrate all the pending details.
7. Organization and marketing team
The complete background information of the marketing team is a very important aspect of the business plan. This information must be added to the business plan.
8. Financial plans and projections
This is the last final section of your business plan after completing the market analysis. It includes a brief description of the analyzed financial data including income statement, balance sheets, and the expenditure budget for the coming years.
Summary
By following the above-mentioned steps you can create an appropriate and accurate business plan. These simple business plan steps will help your company to extend, thrive, and grow to the next level. The business plan is an essential part of building up a strong company with solid planning.
