How To Write A Business Plan

Below is a quick eight-step guide to write a company»s business plan1.

1 Problem Statement: Successful businesses share a common attribute: they do something useful for their customers.

One way to determine what is useful for your customers is to identify and describe the problem that your business will solve.

For example, a window washing service solves the customer»s twin problem of wanting clean windows, but lacking the time or physical ability to clean windows him or herself.

2 Business description: Your business description should explain exactly what you will provide for the customer, as well as what you will exclude.

Each of the choices you make in your business description will affect the amount of money you will need to start or expand, and how much sales revenue you can expect.

3 Resume of business accomplishment: If you are looking for money from investors or lenders, they will want to be certain you have the experience, education, and desire necessary to make your business a success.

This should not take the form of a traditional resume, but rather it should be a statement of everything you have accomplished that has a direct bearing on your business objectives.

4 Marketing plan: Your marketing plan should cover areas ranging all the way from determining how your business fits into the national and the local economies to deciding what color your logo should be.

Your marketing plan should describe your target customer, decide how to reach customers, analyze competing businesses, include a marketing budget, and discuss how you will differentiate your business from competition.

5 Financial projections: You need to make sure your business has the potential to be profitable, whether you are seeking investors or not.

You will need to make several calculations including a break-even analysis of future trends and the possible risks facing your business.

6 Personnel plan: Chances are that you will need some help to run your business.

Your personnel plan should state whether you will hire temporary help through an agency, independent contractors, or employees.

Include descriptions of the positions that you will need to fill and a staffing schedule.

7 Specific business goals: The purpose of listing your business goals is to determine what you want your business to accomplish for you.

Whether you want freedom from 9am to 5pm or more time with your family. It is your wish list, so be specific and enjoy writing it.

8 Statement of personal finances: If you are seeking investors, a personal financial statement is a must. The statement should list your personal assets, liabilities, income, and expenses.

Don»t be discouraged if your financial condition is weak. Your backers understand that you need money, and they want to know about you, the good and the bad.

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