While starting a business may seem easier now than ever, entrepreneurs have an uphill battle from the moment they start a business. And without a clear and actionable business plan for sales, marketing, finance, and operations, you’re almost destined to face significant challenges.
This is why preparing a Business Plan is an essential step in the business process
In this post, we’ll walk you through the process of completing your business plan template, like this free, editable version. Free Editable One Page Business Plan PDF Template
Download a free editable one page business plan template.
Do we know that when looking at a blank page on a laptop screen, the idea of? Writing your business plan can seem impossible. However, it is a must step if you want to turn your business dreams into reality. That’s why we’ve created the benefits plan template for you to download and to build your new company. You can download it here for free. It contains directions to all the essential parts of a business plan, all of which are detailed below. In this way, you will be able to show them how organized and well thought out your business idea is and answer any questions they may have.
Building a successful business plan
In the next section, we’ll cover the components of a business plan, such as an executive summary and a company description. But before we get to that, let’s talk about the key elements that should serve as the building blocks for your plan. Writing a business plan sounds like a chore, a necessary means to an end. But that’s a bad take. A solid business plan is a blueprint for success. It is key to securing financing, presenting your business, outlining your financial projections, and turning that business idea into a reality. At its core, your business plan should answer two questions: why your business and why now? Investors want to know why your company is entering the market that is, what problem you are solving and how it is different from what currently exists. They also want to know why now the right time for their type of product or service is.
At a minimum, your plan must:
Be more realistic than idealistic: Too often, business plans focus too much on how things could be rather than how they are. While having a vision is important, your plan should be based on research and data. Legitimize your business idea: If an idea fails on paper, it’s a signal to go back to the drawing board. By doing so, you avoid wasting precious time or money chasing an unrealistic idea. Position your business for financing: To get your business off the ground, you will likely need financial backing. Even with a solid business idea, investors, lenders and banks still need to be convinced. An effective business plan will outline how much money you need, where it is going, what goals you will achieve, and how you plan to pay off debt.
Lay the groundwork: Investors are risk-focused:
If something looks shaky, it could be a deal breaker. Ideally, your business plan will lay the foundation for how your business will operate, from operational needs to financial projections and goals. Communicate your needs: It is almost impossible to communicate your needs if you don’t first know what they are. Of course, the needs of a business are always changing, but your plan should give you a comprehensive view of how your business will perform in the short and long term.
So, coming back to the question of why and why now, consider three things:
Your industry – How does your product or service fit into your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years? Your target audience – Who are you targeting? What challenges do they face? How will your product or service help them in their daily lives? You’re Unique Selling Proposition (USP) – What sets you apart from your competitors? Is it the characteristics of your product/service? Once you know the answers to these questions, you’ll be equipped to answer the question: why your business and why now.