To build a good product you need a good drawing or blueprint. The same is true about building a business in today’s world. To be successful you need a good blueprint and a business plan is that blueprint.
Even if you’ve been in business for a year or two it would be a good idea to invest some time in writing a business plan if you haven’t already – or, revising any plan you had written earlier.
A business plan can help those just starting out define their potential markets, identify not only competitors but also hurdles to your eventual success – and define both long- and short-term goals.
Those entrepreneurs revising plans after a year or so can measure whether or not they have met their original goals, see how well they’ve stuck to their budgets and find areas for improvement in the future.
So, how should you get started?
First decide what you hope the plan will accomplish for your business. Do you want to raise money? Launch your business? Find strategic partnerships? By answering these questions you will define the market for your business plan.
Then summarize the goal you have just defined in one well-written paragraph. This paragraph will become the foundation for your plan and help you convey the right message to the people who will be reading your plan.
For instance, if you have decided that you want to raise money then your plan probably will be submitted to venture capital firms. Find out what information is important to them and tailor your plan to fit their needs.
Now after you have written this opening paragraph by deciding who will be reading the plan, visit the library to look for different samples of business plans. And go to a search engine on the Internet and type “business plans” and see what you get.
Using what you have learned about plans, write an outline, or at least write down what the major sections of your plan will be.
Gather every relevant piece of information you have relating to those major sections of the plan.
Then, as in every other writing project, it helps to just start writing or typing, as the case may be.
At this point it doesn’t matter that you have only random thoughts. Try to jot down whatever you think of under the major sections of your plan. You will be refining the plan so now is a good time to be jotting down every thought.
After the outline, arrange the information and materials you have and start preparing a rough draft. This now becomes a work in progress. Even some early stage plans have been presented to potential investors. Of course it must be noted that they are draft copies.
Next you must research what you have written. You need to define your potential markets, your competition and your financial goals.
This will get you off to a good start but remember this is not a weekend project. Some plans take months to write, some longer!
[NOTE: Check out our Sample Business and Marketing Plan templates.
Article – Copyright 2001 Stanley I. Mason. Syndicated by Paradigm News, Inc.
