How to Create a Business Plan Like a Pro?
How to Create a Business Plan Like a Pro?

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Date: 25 May 2021


How to create a business plan like a pro?

Getting bored with a 9 to 5 job and heading for a startup is common among the young guns. Starting a business is never so easy as it requires a lot of research work, paperwork, and funding to ensure a good start and a great future. 

 

Thinking of a plan in the head and framing it into a paper or a presentation can be two different scenarios. But that doesn't mean either of the two won't work out for the planner. This thought of a business requires some plan to be executed to make the dream happen. So, without wasting more time, let's discuss what does business plan means?

 

If we look at the definition, a business plan refers to a formal written document that contains several plans regarding the business goal, how to achieve the goal, and the deadline or time frame within which the goal should be achieved. This is an initial business report that is limited to plans and comprises several other inputs like the nature of the business or niche, basic information about the organization, financial projections, and many more to achieve the respective target. Moreover, this plan can be termed a road map that will guide the business.

 

Why Do We Need A Business Plan?

Do you know? Starting a business, big or small, requires a lot of permissions and clearances. But before getting towards these clearances, an individual needs to register a business name, get a Tax ID, decide on a business structure. All these steps are equally important and require a proper business plan.

 

Here we have listed a few reasons for getting a business plan-

  • A business plan can help you to have a start and grow. Everything needs a kick to start, and a business plan is just like an initial fuel for a business. This will guide a proper path of how to start, run, and grow a new business.
  • It is a simple written tool that gives an overall idea of the performance of the business in the upcoming 3-5 years. So, this plan will help you add more revenue from the new business.
  • If you are clear with your objectives, you can focus on advancement. And a business plan clarifies the goals clearly on a piece of paper. Therefore, it will help the business to achieve more height.
  • If the plan is straight and clear, no one can stop the funding. This business plan will be a crucial thing to impress investors.

 

How to Create A Business Plan?

Components of a business plan

  • Executive Summary - In the executive summary, the overview of the plan and business is mentioned. It is generally one or two pages that can be placed either on the starting or at the end.
  • Opportunity - This section mentions the business's opportunity, whether in the form of a product or a service.
  • Execution - How you are going to execute your plan will be mentioned in this section. This part consists of a marketing and sales plan, operations, and metrics of success.
  • Company and Management - Here, in this section, mention your team and which role you are missing. Moreover, a quick look over the legal structure and location.
  • Financial Plan - This is an integral part of a business plan. It contains the estimated investment cost, cash flow statement, expected earnings (profits), and other accounts sheets.
  • Appendix - This is an additional part for introducing the product or service. Also, you can add other essential information here.

 

Rules to Be Followed for Making A Pro Level Business Plan

  • Keep the Plan Short

Will you ever be interested in reading a 50 pages book? No, right? Similarly, the investors won't enjoy reading a 40 pages report, keeping the business plan short and to the point that will make the report readable and appealing. 

 

  • Introduce Your Audience

You know your audience, but the investors don't. So, it's your responsibility to introduce the people who will get benefited from your product. This will develop a clear image in the investor's head of whether to release funds or not. But you need not worry if your product is ready to add some value to the audience's life.

 

  • Don't Be Intimidated

To start a business, you don't need an MBA or any expertise in the business. So, preparing a business plan and executing the plan won't be challenging for anyone. If you are clear with your idea, then every plan will be easy to manage.

 

Making a business plan has never been a difficult task but making an appealing business plan can be tricky. So, it's necessary to keep essential points handy while writing a business plan to make it more fruitful for you.