8 Basics of Writing a Business Plan

Whether you have an amazing business idea pinging around in your head and haven’t had time to put pen to paper or you’ve been a small business for a few years and you’ve just been procrastinating, it’s never too late to craft your business plan. It is essential to your business’s success, as it maps out where you’re going and how you will get there in the next three to five years. Check out these 8 basics that will get you rolling on your plan.

1. Know what goes in your plan. A solid business plan can have the following sections:

• Executive summary – This high-level overview of your company states your goals and who you are as a company.
• Company description – This description tells people what you do, why you are different and what markets you serve.
• Market analysis – This section analyzes your competitors, industry and the market for your company.
• Organization and management – This section shows what your management structure is and how your company is organized.
• Service or product line – Tell what you are selling or what service you’re offering to consumers in this section.
• Marketing and sales – Demonstrate your marketing techniques and sales strategies in this portion.
• Funding request – If you need funds to start your business, this section asks for them.
• Financial projections – This section justifies your request for start-up funding and shows your projections for profit.
• Appendix – This option portion of your plan can include resumes, permits or leases.

1. Set SMART goals for success. Your goals should be specific, measurable, attainable, realistic and time-bound.
2. Consider delegating your business plan to a professional or have someone coach you on creating a plan. You might need to try this so you can devote your time to doing what you do best — running your business.
3. Know that your plan can be a living document. It’s a good guideline to follow, but if you get to a point in your business where you’ve outgrown it, you can always revisit it and make changes.
4. Don’t try to be a jack of all trades. Clearly define what your business does so that it doesn’t morph into a hodge-podge of anything and everything. Knowing your direction can help you envision precisely what you want your business to be so that you move forward with laser-focus.
5. Focus on what makes your business unique. You’re competing with a lot of other companies, big and small, so you have to spell out in your plan what sets you apart.
6. Set very specific objectives to help you achieve your goals you outlined in your plan. Goals are broad, like “I want to increase shoe sales by the end of this quarter.” Objectives to get you there would be something like, “I will increase social media marketing by creating a campaign by July 15 and executing it by the August 30.”
7. Follow through. Don’t ignore your business plan once you write it. Make sure you’re achieving what you set out to in your plan.

You can read more about how to write a business plan at the U.S. Small Business Administration website. We wish you all the best in pursuing your business!

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