A Step By Step Guide To Business Plan Writing

For the success of the business, a well organised and strong business plan is important. In the absence of a concrete business plan, it is hard to follow your vision. Business plans are not only significant for the internal operations of the organization as well as for external operations. Experts of The Academic Papers UK have listsed down the step-by-step guide to business plan writing.

Step 1: Selection of Format

The first and the most important step is to pick an appropriate format to write your business plan. You can use either traditional or a common way to write your business plan. The traditional business plan possesses more details and is used for most of the scenarios. There are alternative formats too. Some of them are one-pagers and present only the important detail. These formats are for businesses that are prone to changes or are prepared in a very short period.

Step 2: Writing Description of Business

At this step, you go into the details of your business plan. In detail describe the opportunity your business capitalise on, what is your target market. Explain what differs from your competitors. Present how your business is distinct and different from others.

Step 3: Analysis of Market

All types of businesses small or big need an analysis of the market and its competitors. Illustrate the industry and market your business will operate in. Locate and highlight the opportunities you will get an advantage from. If your subject market has any unique trend present it in this section. Present what your competitors offer and what they lack. Explain why you are doing this market and how your competitors will react. Express how you are going to attract customers and what you expect from them.

Step 4: Operational Structure

At this step, you have to present the tangible details of your business. Present how your business will work on day to day basis. The business plan should include detail of this day to day work plan. What is the legal structure of your business? Tell if it is a sole business or a partnership business. Present the organizational chart to present how everyone adds something to the business.

Step 5: Description of Products and Services

In this section, you present what goods and services you will sell or offer. This section of the business plan is larger than the other parts of the business plan. This section is long as it includes the details of the products and services you sell. Make sure to describe your product and how it is differentiated from similar ones. How will it be priced, and how does that play in the market compared to competitors? You should also add the other important things in this section like the promotion plan.

Step 6: Writing Funding Request

If your business plan is intended for an investor you have to add a section of raising capital for the funding request. Be clear about what are you asking for and how much you are asking. Clearly explain for what you will need the money. Describe how you will use this money. Express your whole plan about the effective usage of the money.

Step 7: Presenting Financial Analysis

Present the image of the performance of the business in the past and the future in this even if you have not included the section of the financial request. Make use of charts and images to aid the experience easier. If you have already been working on your business explain stability by your business’s finances.

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Step 8: Appendix

The information that you were not able to add to your business plan add them in this section. Place your relevant patents, licenses, charts and anything else that you were not able to add organically in your business plan.

Step 9: Writing an Executive Summary

After the completion of the above-mentioned sections comes the “Executive summary”. This is the last step of your business plan. It summarises all the details and findings of your business plan. You should make the summary should not be more than two pages and contain all the relevant information regarding your offering. If you want you can also add the information of key persons involved in your business plan.