For any start up it’s important to have a right business plan in hand that covers everything right from head to tail of business and converts the vision into achievable targets.
If we go by definition, “a business plan is a comprehensive structured document describing all about the business, its products or services, management, leadership, staffing, financing & operations”.
Many companies might not have used a business plan but it’s advisable to get a 360degree view of your vision.
There can be many reasons as to why a business plan is needed.
Let us look at some important ones:
1. To know the short term & long term goal of your business.
2. Develop the right strategy
3. To get the required funding & necessary resources from investors or for taking loans.
4. Conduct in-depth research of the market
5. To chart a thorough growth plan.
6. And it is although more important to know how to face the identified & unidentified challenges that come up in the business.
7. Collaborating with other institutions or corporates
8. To identify the gaps & survive the competition
So what goes on into drafting a business plan?
A lot of hard work, research & commitment is required to create a profitable business plan.
These are 11 important pointers that will guide you to create a successful business plan:
1. Business Summary: Start with a brief summary about your business. What is all your business about?
Here you can also mention the registered name, location and the branches.
Mention it’s a proprietorship or partnership.
2. Give a description about product & services–
Investors need to know what products & services you are offering.
Highlight the USP.
Show how your product/service is different from the competitors.
If you have a price list the same can be projected. Highlight future prospects of new product/service launch.
3. Mention your goal–
Whether short term or long term, specify your goals clearly. State the mission & vision of your company. Show how your strategies are expected to align with your goals.
4. Give references of market research–
You need to present a thorough market analysis. A step by step comparison with competitors to show why your product/service is better in terms of cost, quality & sustainability.
5. Show numbers as that will attract investors & look more factual–
Growth plan with numbers showing profit year by year will bring confidence among investors.
Put in the actual researched data.
6. Pitch sales & marketing idea-
Marketing plan runs parallel to business plan.
Just having an idea about a product or service will not serve any purpose.
A complete market strategy that shows how the product/service will be introduced to customers, how the company will gain loyal customers and retain them for repetitive business.
7. State the staff plan-
Show the lateral or vertical management structure. Introduce the important people from the company like the CEO, CTO & CFO
8. Make financial and economic analysis–
Since the company is just a startup, mention the financial metrics like assets, cash inflow-outflow, expected sales, expected net profit, current ratio & accounts receivables.
A detailed valuation by an expert needs to be carried out.
Debt & equity analysis carried out by professionals have to be charted.
9. Mention your resources-
This includes financial & human resources. How are you planning to get financial resources whether by taking a loan or any other.
Even mentioning human resources is important whether staff will be on permanent, temporary, outsourced or on contractual basis.
10. Create a contingency plan
Every company needs to have a contingency plan in place. In case of unforeseen financial, economic or political circumstances how will the company withstand the pressure of continuing.
11. Keep any other additional information ready-
Any other information that is deemed necessary to keep investors informed can be mentioned here. Any legal document or regulatory procedure must be highlighted.
3 points to keep in mind before you start writing a business plan:
- Know your audience first – The whole business plan should be presented as per your audience. Whether it’s for your own self understanding or investors make it in a simple rather than technical language.
- Know your goal – Whether your goal is to raise funds or just simply give information on business it has to be precise & upto the point.
Both short and long term goals have to be considered before drafting the business plan.
- Keep it precise– Any business plan needs to be factual & to the point.
The details should not exceed more than 15-20 pages.
Include more charts & figures for easy understanding rather than running around the bush with theory.
Give references as much as needed.
Any business plan has to be convincing. It should hit the Bullseye and the purpose should be achieved.
Who will you present your business plan to:-
- Self-understanding– Before presenting it to external parties firstly a business plan should be able to convince your own self.
You have to be thoroughly satisfied with the whole idea of running a particular business.
Once the objective is in place then it will be easier to put forward in front of other parties.
- Investors – These are the important people who would be investing lots of money into your business.
They will invest if they find the business profitable and sustainable in the long run.
- Financial Institutions – If you are opting for loans then show correct financial projections and risk associated with it.
The way of starting a business isn’t easy, similarly writing a business plan is not a piece of cake.
It requires experience & expertise both. A business plan writer has the knowledge, qualification, expertise & experience to write a thorough business plan.
They just don’t put an entrepreneur’s vision on paper but balance out the whole idea along with their research.
So should one hire a business writer or write a business plan on their own?
Well, hiring a business plan writing service has its own advantages.
Here are 4 reasons why one should hire a business plan writing service:
- Expertise & skill:
Business plan specialists have the required skills to present your business idea by considering financial, economic, political, & resource aspects.
They use their technical skills to put forward the plan in the correct business language.
- Conduct research : A thorough research is conducted before promising anything to the investors. Critical market research that is needed for brand/service positioning is carried out to ensure the success of the company.
- Saves time : It saves the entrepreneurs time from researching, writing, organising and editing & instead focuses on planning day to day operations of the business.
A professional who is dedicated to business plan preparation services will put in his time, effort and dedication to make the concept live & complete it as per deadline.
- Right tools: Business plan makers have the necessary tools, techniques & software to collaborate the plan that saves them from editing mistakes, gives correct jargon, accurate figures & templates.
There are many business plan writing services & professional business writers in India.
Here is a quick look at the top business writing services whom you can consider for your venture:
- SixPL business plan writing services is a global digital agency that offers a wide range of writing services.
Other services include SEO SMO PPC Email marketing campaign web mobile app development graphics logo.
Along with business plan writing services they assist in secure funding, entrepreneurial visa, to open bank accounts & hire employees.
Visit their website https://www.sixpl.com/services/content/business-plan for more details.
- LivePlan is a self business plan preparation service that has an online application which tells you exactly what kind of financial information you need to enter and then it does all the calculations automatically using built-in formulas.
So you end up with razor-accurate financial statements that include all the tables that a lender or investor expects to see.
It provides you with the tools that are needed for your business success.
The process is easy, less time consuming & budget friendly.
Visit http://www.liveplan.com for their services.
- Upwork is a business plan writing resource that helps you to hire business plan writers.
Rates are assigned as per expertise ranging from beginners, intermediate to advanced.
It helps businesses with more flexibility and connects them with the right talent.
Visit https://www.upwork.com/services/business-plans for more information.
Whether you write a business plan on your own or hire a business plan writer, the aim has to be clear to describe the company’s goals & objectives to investors. The information should be helpful to run the business successfully.
It should not be a one time affair but an ongoing process of growth.