businessestips.biz.id - How to Write a Business Plan Step-By-Step [Free Business Plan Template] Di update 2024-10-01 11:01:24 .
Learning how to write a business plan is essential for any new business idea. Unfortunately, not all of us are taught this skill in school.
Writing a strong business plan is an art. This includes accurately communicating your potential and market knowledge in one document.
Fortunately, you don’t have to reinvent the wheel.
We’ve created a concise template to help you create the ultimate business plan, no matter your industry experience.
Whether you’ve been running startup workshops for decades or are starting your first small business, we all start from the same place.
Killer business plan!
Ready to skip to the good stuff? Download our free business plan template and start planning for success. Still, we highly recommend you to keep reading for detailed advice for each step.
Why write a business plan?
I understand; I want to do my best. But a little planning never hurt anyone. In fact, a well-written business plan is one of the key ingredients to achieving career success.
A detailed plan helps you refine your company’s goals, guide your business decisions, and determine whether your business is viable.
Learning how to write a business plan also has financial benefits, helping you obtain funding, potential investors, loans, and grants.
A business plan is a great tool for reflecting on growth projections, performance benchmarks, potential weaknesses in your strategy, and more.
The best thing about creating a business plan is that it grows with you and serves as a living resource for everything you have and hope to achieve.
Elements of a good business plan
Beyond formatting standards, there are certain elements that go into creating a good business plan.
- Avoid unnecessary redundancy and write in concise, easy-to-understand language.
- Include all relevant documentation that demonstrates your attention to detail and well-thought-out business model.
- Demonstrate demonstrable market knowledge through research and forecasting.
- Include a mission statement and unique value proposition that will make your business stand out in the market.
How to write a business plan: 11 steps to success
Ready to write? Entrepreneurs can use this simple 11-step process to turn their dream business into a reality.
Please note that this business plan format is intended for personal planning purposes. Before you send it to potential investors, you’ll need to make some formatting changes (more on that later!).
1. Set a monthly income goal
First, set a monthly income goal.
It may sound very simple, but this goal will influence almost every decision you make in the future.
This short-term goal will also give you and potential investors a peak into long-term success.
2. Explain your business vision
Next, write a short section explaining your business vision. This is also known as UVP or unique value proposition.
- This is the “what” part of the proposal. What are the basics of your business? What do you sell? What do you hope to achieve?
- This may also include a mission statement, or “why” for your business, to help you stand out from your competitors.
If you are having trouble finding the right business for you, check out these posts:
- 40 small business ideas you can start from home
- 24 Creative Business Ideas for Aspiring Entrepreneurs
- 17 home-based businesses you can start with no money
3. Name your business
This can be either the easiest step or the most difficult step in creating a business plan. First impressions are everything. And your business name will forever remain as your first impression.
- Choose a business name that best represents you and your long-term business goals.
- Check if the domain is available and if there are any existing trademarks.
- If you are not using your own name, apply for a DBA (Doing Business As).
Check out this article for tips on naming your business.
4. Establishment of legal structure
Next, we outline the short-term and long-term business structure. Would you like to run your business as follows?
- Sole proprietor: The simplest structure in which a single person conducts business.
- partnership: Operated by two or more people who share business responsibilities
- LLC: It is known as a “Limited Liability Company” because its members are protected from personal liability when it comes to their business.
- Co., Ltd: Separate from individual members, corporations are legal entities that are subject to higher taxes and regulations, but with stricter protection of personal assets.
5. Check your certification
Every industry requires different levels of qualifications to run a business. I will explain if necessary.
- license
- permission
- insurance
- All other certifications are also available!
6. Consider payment methods
Gone are the days of paying in cash. In the digital age, almost all transactions are done digitally.
That said, there are still many payment methods to choose from. Consider one or a combination of the following:
- Physical payment, cash or card
- secure online transactions
- PayPal or other payment app
- Etsy and Shopify
7. Product Cost and Tracking
Having an easy and thorough way to track your payments before you start your new business can save you a lot of time come tax time. This is also a necessary step when tracking and forecasting your financial plans.
At this stage of How to Write a Business Plan, consider the following:
- how to track your books
- Product/Service Price
8. Identify required permissions
Depending on your business structure and industry, you may need a combination of any of the following:
- trademark
- patent
- license to do business
- consumption tax
Identify the required permits and show evidence of obtaining them in your formal business plan.
9. Decide if you need a business phone and address
For some businesses, a business number or post office box is a necessity.
For example, a PO box is used for product returns. This provides business members with a level of privacy and security not available when using a home address.
PO boxes are also reliable and regulated, so they are often more efficient than physical addresses.
Business phone numbers offer a similar level of privacy, so customers can call for support directly during business hours.
Some customers don’t have access to online support, so using your business number makes it easier.
10. Consider marketing techniques
New business owners should consider their marketing plan from the beginning. Marketing is at the core of starting a successful new company.
Develop a clear marketing strategy that includes:
- Industry trends + market analysis
- Target market + customer base
- Industry competitors + positioning
- Advertising methods (social media, email marketing, paid advertising, cold calling)
- Social media presence + digital marketing strategy
- Marketing objectives + key performance indicators
11. Decide on a platform
Finally, decide which platform will be the foundation of your business.
Although you can earn a lot of different revenue from one business, you should choose one platform to run your main website.
Popular website options include:
- WordPress (Blog)
- Patreon (membership system)
- Shopify (electronic commerce)
- Wix (blogs and personal websites)
Each platform offers different customization features and levels of online support. Some are incredibly user-friendly, while others require basic coding knowledge.
Choose the platform that best suits your functionality and customization needs.
How to create a formal business plan
You can download a free business plan template to get started, but it is for personal use only.
When sending your business plan to potential investors, you need to be a little more formal in your writing. Here’s how:
- Create a document with the necessary information listed above.
- Frame all content as a statement or projection.
- Omit or alter any content written for personal use.
Format standards
All traditional business plans follow a strict formula. Fortunately, all of the above tasks have already been completed.
Using content from the workshop, simply include:
- cover: A simple cover page that represents your business, including your name, company name, proposed logo, and contact information
- table of contents: List all sections and included documents as a navigation aid.
- executive summary: This is a concise and complete overview of your business plan, including the key elements of your opportunity and strategy.
- Company Profile: Explain the “what” and “why” of your business model
- Market analysis: Share detailed marketing analysis including targets, trends, and growth opportunities
- Business structure: Ownership and legal structure
- Products/Services Offered: Share your product and how it fills a gap in the market
- Marketing strategy: Complete strategy including pricing, advertising techniques, and budget
- Funding request: Amount requested, type of financing (equity or debt), and future financing plans
- Financial forecast: Include financial projections such as a balance sheet, income statement, cash flow statement, and spending budget for the next five years.
- appendix: All other necessary documents, such as legal contracts, references from industry experts, and marketing data research.
Details on how to write a business plan
Writing a business plan doesn’t have to be difficult. This is your chance to explore future business possibilities.
When working on your business plan, instead of getting bogged down in jargon, follow these simple steps.
Start by downloading our free business plan template. If you want more resources, check out all our posts on how to start a business.
Do you have any questions or suggestions when creating your business plan? We’d love to hear from you.
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