Creating a Business Plan: A Step-by-Step Guide
Today, the need to write a business plan is clearly seen in business planning enterprises and is one of the main ways to increase competitiveness, organization and diversification of production, namely the production of new products. If speaking simpler — creating/writing a business plan is just like opening the light in a dark room. You finally start seeing not just outlines, but also how objects actually look like, where they stand, and how they can be used for your benefit.
Why Creating a Business Plan is So Important
A business plan is a plan of what needs to be done in order for a business to become efficient and profitable. Creating and starting a business plan for any enterprise, that is new to the economy of our country. A well-designed and sound business plan is an important part of the process of negotiations with partners or investors. Thus, the fewer errors there will be, the fewer problems and risks will arise in the implementation process of an entrepreneurial idea. Сreating even a basic business plan will help you:
- Identify and anticipate possible threats and risks. Many entrepreneurs include SWOT analysis in business plans to achieve this goal. You should remember that there are SWOT and business plans for your own work and understanding, and for investors. Remember, issues like cybersecurity are something you need to think about and manage using tools like privileged session management.
- Attract investments. You cannot just come to someone (unless it is your Gran), and say “Hello, I have a great business idea, trust me, it will fly, just give me money!” It won’t work. To attract investment, you need to prove that your idea is viable, and a business plan is the best way to do it.
- Analyze consumers of products and suppliers. Often, it happens just this way. You have a great idea, and you run the numbers, and the numbers look very promising. However, once you start looking for real consumers and suppliers, you get stuck.
- To form and increase the competitiveness of the organization in the market conditions of its operation. There are so many people who are perfectly aware of the virtues brought by writing a business plan before actually starting a business or talking with investors. However, mostly, people ignore what should be done because it seems too complex. Writing a business plan increases your competitiveness immensely.
How to Write a Reliable Business Plan
It is the business plan that is used to justify the feasibility of new products or services in terms of economic and technical fields. Worth noting, that a business plan doesn’t normally give too many technical details, but at least offers some general understanding for investors.
Product or service description
You need to do a description of the enterprise and industry: the current situation and trends in the industry, potential competitors, expected consumers, and the company’s position in the industry.
Here are some questions that may come in handy when dealing with this part: What will you produce? What is the USP of this product or service? What consumer demand solves this? Why will consumers buy it? What makes you better than your competitors? What is in a product that others do not have?
Market analysis
Find out the size and dynamics of the market in which you will work. Such information is published in the reports of analytical companies. Indicate who the main players are and how many. Why does the market need your product? For example, a residential area has been built in the city, but there are no supermarkets yet. That’s why people drive 2 km for groceries. The district continues to develop and people are strongly annoyed by this grocery issue. There are many options to approach it — franchise some network’s shop, open a small shop where only the necessary goods are sold, or organize a local delivery.
You need marketing analysis to make sure that your choice is the right choice. Market research may include characteristics of the markets in which sales are planned goods, assessment of external factors influencing the change of markets, basic requirements of consumers of goods, and evaluation of competitors’ products and their capabilities.
Production/Service plan
In this section, describe the production process. What equipment will you use, and indicate its technical features? Determine how many people you will work for. This section shows your understanding of the production process. If you plan to launch a service business, you need to make the same descriptions about it, showing how many people you need, what service stages your general service has, etc.
Financial plan
This is the most difficult section. It has three main parts – sources of income, costs and performance indicators. Many entrepreneurs prefer to hire specialists to deal with this part as it is the most important section to attract investors.
Writing a summary
It should indicate the main parameters of the project and its brief description. Only after the business plan is written and thought out, you can summarize its main content. You do it last, but the summary part normally goes right after the title page. A resume must contain brief information about the essence of the project, financial and efficiency indicators, product (service) structure, volume of production, service coverage, and project guarantees.
How to Finish a Business Plan on Time
In business, the same as in the academic world, timing is everything. So if you are not sure that you can write and submit your business plan on time, a simple “write my business plan for me” request can save you lots of trouble if made right. Choose a reliable writing service and find a professional business plan writer who can prove their experience in writing projects for academic and business reasons, define the deadline, give instructions and just wait. We recommend staying in touch with an assigned writer, as they may ask for more details — a business plan is not just another essay. You can also choose a progressive delivery option and pay for your business plan in parts, checking the work that has been done already. Invest in your business plan and get the investment you’ve always dreamed about.
