HOW TO WRITE A GREAT BUSINESS PLAN
If you’re thinking about writing a business plan, you may be wondering where to start. If you bear in mind the following points, you’ll be far more likely to write a great one.
Business plans need to contain all the essential information relating to your business. Make sure you include what your business does, including its products or services, its customers, and the place it occupies within the market. You also need to have a clear understanding of your finances and how you’re going to make your business profitable.
Your business plan needs to have a clear strategy in place of how you’re going to realise your potential. It’s useless setting off into the unknown without some understanding of how you’re going to achieve success, so give yourself the best chance possible and include all the important points of how you’re going to get there.
If you’re planning on securing investment through business angels or venture capitalists, you’ll also have to tailor it to include the details they want to see.
One of the most important aspects they’ll be looking for is how much money you’re asking for, along with what you’re going to do with it and the level of ownership you’re willing to give in return. They want to know who else is involved in the business, how you’re going to make the business profitable, and most importantly, what exit strategy is in place for them to reap their return. This is, after all, what all investors are interested in, so make sure it’s clearly visible.
It’s essential that these points stand out in your plan. Potential investors aren’t going to waste time trying to wade through your proposal looking for answers, so make it succinct and to the point.
Planning is key to the success of any business. If you include all the above points when writing your business plan, you’ll be well on your way to achieving your potential.
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