Yes, it is tedious and time consuming. Yes, it needs a thorough research and study.
Does it pay off? Also, yes.
If you are reading this, chances are you are the most restive part of looking for the start-up funds, or looking for investors who can help you to expand the business.
Since any business plan is the first impression to the investors, make sure it is not overly complicated.
Here’s a list of the most crucial points that you need to follow if you are wondering how to write a business plan:
- Cover letter: include your firm's name and address along with the other contact information for executives and owners
- Table of contents: After a brief introduction, create the list of sections of the plan along with the page numbers
- Executive summary: Suggestive of the term, this key part of the plan summarizes the main points of the plan. Include the mission statement which briefs the business values and goals
- Company description: this should have all the history of the company and how step by step it reached where it reached. Mention the unique selling proposition and the competitive edge in this section
- Product (service) description: Briefly outline about the business outcomes. Include how a service look like from beginning to end, how does the product work, what makes it different and similar related information. Make sure the language used is placid and has lesser technical jargons
- Market analysis: give an overview of the risks, customers, competition and advantages
- Financial analysis: this is certainly one of the most crucial components you need to keep in mind when pondering on how to write a business plan. The point should clearly include the projections and expenditures of the finances
The more detailed the plan, the better is the understanding of the business deals. Simply put, any good business plan is all about the three Ps - problem statement, proposed solution, and pricing information.
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