Writing a successful business plan – 8 Tips For Success

Before you start writing your business plan, it’s important to know what makes a good one. Many people have trouble even getting started because they aren’t sure what goes into the plan, how long it should be or even if they should hire someone to write it for them. This article will give you some simple tips that can help you write a successful business plan that will increase your chances of securing the money you need to start your new business venture. Here are some of the best tips for writing a successful business plan

1) Why do you need a business plan?
When someone says, I’m going to start my own business! one of the first questions they hear from friends, family and other business owners is: What’s your business plan? In fact, having a formalized strategy that you can share with people outside your company is vital to getting funding, finding employees and convincing others to believe in you. It helps clarify your vision and establish a common set of goals among all those involved in developing your idea.

2) Who is your audience?
The person reading your business plan is most likely a banker or an investor, both of whom need to see that you have thought through your idea and that you have concrete plans in place. Your audience wants to see that you’ve thoroughly researched your idea and believe it has legs.

3) What type of business are you running?
The first step in planning your business is figuring out what kind of enterprise you’re going to run. Determine whether you’ll be opening a brick-and-mortar establishment or working from home or if you’ll be offering your goods and services entirely mobile on location . If there are several people involved, decide who will manage which aspects of the company.

4) What industry are you working in?
One of the first things you need to consider when writing your business plan is where your company fits into an industry. A good way to do so is by first looking at businesses similar to yours and analyzing what they have done well, as well as identifying their shortcomings. Next, you should research potential customers in your industry to see what they are looking for in a service provider.

5) Why does your product or service matter?
Once you’ve nailed down your target market, it’s time to figure out what problem you’re actually solving. Before moving forward with your concept, ask yourself: Why should anyone book me in particular? If there isn’t a compelling answer to that question, think about what makes you unique. Your potential customers all have specific ideas of what’s important, specific wants and needs and different values, you need to work out what your business values are and therefore why they will matter to your target customers.

6) Who are your competitors?
One of the best tips for writing a successful business plan, is that when creating your business plan, you’ll want to research what it is that sets you apart from other companies. Are there similar businesses? How do they operate? Are there certain products or services that are already being offered by someone else locally? It’s okay if there are—in fact, it’s encouraged. What separates you from these competitors could be exactly what makes your business different and more valuable to consumers.

7) How should you structure your plan?
There’s no one right way to write a business plan, but there are some general things to include:

Briefly tell your reader what your company is and why it will be successful.

Company description. …

Market analysis. …

Organizational structure and management. …

Service and/or product line. …

Marketing and sales. …

Funding request. …

Financial projections…

8) What Financial Info should I include?
Fixed and Variable Costs:

Cost of goods sold.

Rent or mortgage payments.

Payroll costs (e.g., salaries and taxes)

Utilities.

Insurance.

Equipment.

Supplies.

Projected Revenue:

Projected revenues.

Profit for a particular period—a snapshot of your business that shows whether or not your business is profitable.

If you are already a Savvy user looking investment and funding, then check out the Savvy business reports. Sales Overview Report is particularly useful and projecting future income and identifying your average revenue per service. The Customers Sales Report identifies your best clients and average spends. Both really useful when projecting future revenue and identifying your target clients.

Summary
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