Many businesses do start and succeed without a business plan. You probably know that already. So why exactly should you go and make one? What’s the point if it isn’t compulsory? A business plan can help you work out where to go when you feel like you’ve hit a plateau. It can help you to work out what direction to go in. It can help you to secure investments from lenders, even. This is why you should create one, even though you don’t have to. It’s for your own benefit! These tips will help you to create a strong business plan:
Include Your Competition
In your business plan, you need to be prepared to include your competition. You should be prepared to name them and talk about what differentiates you and makes you better than them. However, you shouldn’t say anything unprofessional or slander the other company. It needs to be very professional, so make sure you’ve done research and can back up your claims.
Know Who Your Audience Are
Knowing who your audience are means you can include it in your business plan. Where do you plan on finding them? How will you target them? Talk about this in your plan. Working with a business model canvas company can help you to work out all of this information, no matter how tricky it may seem.
Be Realistic With Your Time And Resources
You absolutely must be realistic with your time and resources while you’re creating a business plan. In general, things will usually take 15% longer than you think they will. So bear that in mind. It’s good to be optimistic, but being realistic is essential.
Include Pay Out Options For Your Investors
Your investors are going to want to know how you’ll pay them back, what they’ll make back on their investments, and when you expect to be able to pay them back. Include pay out options for them, so they can clearly see why they should be investing in you.
Support All Statements
One of the most important things in your business plan, is that you support every single statement you make. They need to be fact, and you need to back them up. If you can’t support a statement, then don’t include it. You can’t dazzle investors with words alone, they need to see cold hard facts staring back at them.
Leave Out Strong Adjectives
There’s no place for strong adjectives in your business plan. This isn’t a writing competition, and you’re not trying to get your plan published. While you do want your plan to entice people and be compelling, you don’t want to try to dazzle the reader with words. It won’t work.
Don’t Make It Too Long
Making your business plan too long will go against you. You might think you’re helping by including as much information as possible, but making it too long is a bad idea. Keep it short and to the point. Include only essential information. If they want more information, they’ll ask for it.
Graphs, Charts, Images
Try to include things like graphs, charts, and images. These visuals can help your plan to flow better and look a little more attractive to the reader.