Strong Business Case For Promotion – 2023-02-01 00:00:00 2023-02-03 00:00:00 https:///r/starting-a-business/business-plan-template/ Starting a business english A business plan is a road map for growth and development your small business. Use this business plan template to set your small business up for success. https:///oidam/intuit/sbseg/en_us/Blog/Illustration/how-to-write-a-business-plan-header-image-us-en.jpg https://https:///r/starting -business-templates/business-plans/ How to write a business plan in 10 steps + free templates |
Whether you’re an experienced business owner or just starting to think about starting a business, requests come at you fast. Amid the flurry of to-do lists and meetings, determining how to write a business plan—let alone following a business plan template—can often feel time-consuming and daunting.
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But nearly 70% of business owners who have been there and done that recommend writing a business plan before you start a business, according to a recent survey. After all, when done right, a business plan has tremendous results.
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However, more than 10% of prospective business owners say they do not intend to write a business plan. Another 10% aren’t sure if they need a plan.
It’s more than an old cliché: Failure to plan is a plan to fail. In fact, a lot of data now exists on the difference a written business plan makes, especially for small or growing companies.
In this post, we’ll cover everything you need to write a successful business plan, step-by-step, and turn your ideas into reality. Better yet, if you’re pressed for time, we’ve compiled 10 steps and examples into a downloadable template (PDF). The 10 steps to writing a business plan are:
A business plan is a comprehensive road map for the growth and development of your small business. It communicates who you are, what you plan to do and how you plan to do it. It also helps you attract talent and investors.
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A template business plan gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.
You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid written plan. A business plan not only helps you focus on concrete objectives, but it also assures outside parties that you have thought ahead.
In 2018, entrepreneurial resource center Bplans partnered with the University of Oregon to compile and analyze research on the benefits of business planning. Here’s what they found:
Perhaps the strongest evidence comes from a 2010 Journal of Business Venturing meta-analysis of 46 separate studies of 11,046 organizations: Its findings confirm that “business planning improves the performance of both new and established small firms.”
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Before you leave your nine-to-five income, your business plan can tell you if you’re ready. In the long run, this will keep you focused on what needs to be accomplished.
Start with a clear picture of the audience your plan will address. Is it a room full of angel investors? Your local bank’s venture funding department? Or is it you, your leaders, and your employees?
Defining your audience helps you determine the language you need to present your ideas as well as the depth you need to help readers do their due diligence.
Even if it appears first in the plan, write your executive summary last so you can summarize the key ideas from the other nine sections. For now, leave it as a placeholder.
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An executive summary presents all the important information about your business in a relatively short space. An executive summary is usually one page or less. It’s a high-level view of everything and summarizes other parts of your plan. In short, this is an overview of your business.
Below, you’ll find an example from a fictional business, Laura’s Landscapers. (We’ll be using the same company throughout this guide to make each step practical and easy to replicate.)
This executive summary focuses on what is often called a value proposition or unique selling point: an extended motto aimed at customers, investors and employees.
Market research shows that more and more affluent consumers in Richmond are interested in landscape architecture based on sustainable design. However, high-end firms in the area are limited. Currently, only two exist—not focused on environmentally friendly planning and not certified by green organizations.
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Laura’s Landscapers provides a premium and sustainable service for clients with disposable income, spacious yards and a love of nature.
This element gives context to the bigger picture of your business plan, telling investors the purpose behind your company so that it also makes sense.
A mission statement is the reason your business exists. It’s more than what you do or what you sell, it’s about why you do what you do. An effective mission statement should:
Throughout every part of your plan, less is more. Nowhere is this more true than in your mission statement. Think about what motivates you, the reasons and experiences that led you to start a business, the problems you solved, the broader social issues you care about and more.
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Tip: Review your mission statement regularly to make sure it matches your company’s purpose as it grows. Statements that don’t align with your core values or what you do can actually hurt your marketing efforts and credibility.
Don’t worry about turning your company history into a solid narrative. Instead, write it like you would a profile:
Business objectives give you a clear goal to focus on, like a North Star. These goals must be SMART, which means:
They must also be bound by the main decision. When your objectives are not clearly defined, it is difficult for employees and team members to work towards the same goal. Worse, vague goals will not inspire confidence from investors, nor will they have a beneficial impact on your business.
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Laura’s Landscapers mission is to change the face of our city through sustainable landscaping and help you create the outdoor living space of your dreams.
Founded in 2021 by sisters Laura and Raquel Smith, we have over 25 years of combined experience in landscape architecture. Our four employees work in teams of two and have completed 10 projects for some of Richmond’s most influential business and community leaders.
The next step is to outline your ideal potential customers and the actual size and potential of your market. Target markets—also known as personas—identify demographic information such as:
By being specific, you will portray expertise and generate confidence. If your target market is too broad, it can be a red flag for investors.
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The same goes with your market analysis when you estimate its size and monetary value. In addition to the big numbers that make up the total market, dig into your business’s addressable market—that is, the local numbers or numbers that consume a large amount of your specific segment. You can also map your customer journey to gain a better understanding of their wants and needs.
Laura’s Landscapers’ ideal clients are affluent baby boomers, members of Gen X, or millennials between the ages of 35 and 65 with high disposable income. He—though primarily, she—was the owner of the house. They are a working or recently retired professional. Love the outdoors, they want to enjoy the beauty and tranquility of nature in their own backyard, but don’t have the time or skills to do it themselves.
In Richmond, key indicators for interest in green, eco-friendly and sustainable landscaping have all increased dramatically over the past five years:
Competitive research begins with identifying other companies currently selling in the market you want to enter. The idea of spending enough time to learn about every potential competitor you have may sound overwhelming, but it can be very useful.
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Spend some time thinking about what sets you apart. If your idea is completely new, be prepared to explain the customer pain point that you see your business solving. If your business doesn’t have any direct competition, research other companies that provide similar products or services.
Next, create a table or spreadsheet listing your competitors to include in your plan, often referred to as a competitor analysis table.
In Richmond’s residential landscaping market, there are only two high-end architectural competitors: (1) Yukie’s Yards and (2) Dante Landscape Design. All other businesses are focused only on industrial projects or residential maintenance.
This section describes the benefits, production process and life cycle of your product or service and how what your business offers is better than your competitors.
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First, throughout their careers, Laura and Raquel Smith have worked at and with three of Richmond’s leading industrial landscape firms. This gives us unique access to the population most likely to use our services.
Second, we are the only firm certified green by the Richmond Homeowners Association, the National Preservation Society and Business Leaders for a Greener Richmond.
Third, of our 10 completed projects, seven have rated us 5 out of 5 on Google My Business and our price points for those projects put us in a healthy middle ground between our other two competitors.
Your marketing strategy or marketing plan can be the difference between selling so much that growth explodes or getting no business at all. A growth strategy is an important part of your business plan.
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You can also use this part of your business plan to reinforce your strengths and what sets you apart from the competition. Make sure you show what you have done, what you plan to do given
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