HOW TO WRITE A BUSINESS PLAN 

Formulating a business plan has got to be the single most important things you need to do when starting up a new business. A business plan helps you to successfully set targets, collate all your ideas, plan for the future of your enterprise, and verify that your idea for a business is realistic and workable.

The business plan is an essential tool in attracting funding to get started. It is a dynamic document that should be reviewed regularly in order to monitor and measure the performance of your business.

This factsheet describes what a business plan should include, how you should go about writing one and what you will achieve by doing so. It includes hints and tips as well as sources of further information. It is aimed particularly at start up businesses that need to raise funding, but the principles stated are equally valid for established businesses looking to grow.

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[1] How To Write A Business Plan

When you begin writing a business plan, you should be clear about who is going to read it. This strangely affects the final business plan. For example if you need to write a business plan for an investor it should be at least 15 to 30 pages long containing detailed analysis and facts and figures to help support the assumptions.

After deciding upon the kind of funding the business requires, what is needed is research. A “business plan research” engulfs a few key areas. This includes an insight from experience and observance of the industry you decide to enter. This data is backed by published data and field research. Published information may be collected from any library or the internet; the topics may include market growth, customer profiles etc. interviews of the customers, the competitors etc falls under field research.

As the research is started, make a file containing the notes and printouts.

The research must begin with an overview of the industry. This helps you avoid answering embarrassing, basic questions. The field research must be started only once a good grasp over the fundamentals of the industry are held and there is a need to answer questions that are difficult to answer

After this the process of analysis begins.

The financials must be started once an average of industry ratios is found for your business. Close work with the accountant can help in developing projections that are realistic.

Once all the sections of the plan are completed, you may include a summary. The key points must be highlighted.

Do remember that you have got but one shot at doing this well. Don’t forget to revise the entire plan. You can also ask other people for a feedback. Make sure that you edit and proofread many times.

Writing a business plan is not the easiest job, following these few steps will ensure that your business has a good chance at funding and sure shot success even in the future.

For more details please visit: [2] How to Write a Business Plan and [3] How to write a Business Plan Proposal