7 Golden Rules for Writing Your Business Plan In 2019
You’re ready to take the leap and open your own business. You’ve shared your idea, received great feedback, and it’s time to make your way in the world of startups!
Studies have found that planning helps companies grow 30% faster. Not only are you more likely to surpass your competitors, a professional startup business plan can also help you secure a loan and investment capital.
As an entrepreneur, you’re probably used to taking risks and making intuition based decisions. Although you might do well without a business plan, your chances of sustained growth are slim. Here’s how to write a winning business plan that will help you get results.
7 Unbreakable Rules for a Winning Startup Business Plan
Rule 1: Answer the Essential Question
If you are sharing your business plan with an investor, it’s important to address the question they want to know most, “How am I going to profit by investing with this company?”. Set yourself apart by listing the factors that make your company an excellent investment up front. The rest of your business plan should support these statements.
Rule 2: Let Investors Know You Mean Business
In other words, your operation plan should spell out exactly how you’ve prepped your business for takeoff. Give an outline of daily expenses for funding inventory, vendors, location, and equipment. This will establish that you know exactly how to run your business.
Rule 3: Show That You can Roll with the Punches
You’ve heard that adage, “the best-laid plans of mice and men go awry”. It’s as true in business as in any other aspect of life. A startup business plan shows customers and investors that you understand your industry. Not to mention that you can be flexible in case of unexpected opportunities or problems.
Rule 4: Show your Pursuit of Growth
There’s nothing wrong with a flash-in-the-pan business. If you’re looking to get in, make a quick profit, and make your exit – fine! But if you want long term success, your startup business plan should reflect those goals. To be specific, you should illustrate how you’ll continue to improve even when things go well.
Rule 5: Highlight The Benefits of What You’re Selling
To put it simply, every consumer is looking for a solution. Don’t just describe your company and your target customer; give details about your service or product. Show the readers of your startup business plan what it is you’re really selling. Above all, your product description needs to highlight it’s benefits for consumers.
Rule 6: Use Simple Language
Sure, it’s important to sound knowledgeable and well-spoken. However, you should keep your audience in mind while writing your business plan. Avoid technical jargon and hard-to-read legal terms. Instead, use clear, concise language that everyone can enjoy reading.
Rule 6: Outline Your Marketing Plan
An aggressive marketing plan is the backbone of your company. In truth, without it, you have no customers. Use this section of your startup plan to demonstrate how you will promote your business. For instance, will you implement email marketing? What about online advertising? Equally important, is a section showing your efforts towards market research.
Rule 7: Don’t be Afraid to Ask for Help and Seek out Expert Advice when Writing Your Startup Business Plan
Hiring a professional takes the guesswork out of creating a business plan. In fact, they know which surprises to expect and how to meet them head-on. At Bargain Business Plan, we take your business journey seriously and know how to help you create a business plan that will earn the right attention from the right people. For more great tips on writing a startup business plan, contact Bargain Business Plan today.
