Just as no one would build a house without first drawing up architectural plans, the business plan represents an essential foundation for what you are about to create.
How to Write a Business Plan Step-by-Step
These don’t have to be huge documents, but they should be clear, logical, precise and professional. Whether or not you need to show it to anyone, it is an idea to number it, put a cover on it, and include a contents page.
Create the business plan with the care and professionalism it deserves as an exercise in preparation.
When executed correctly, the business plan offers a road map to achieving your business goals and objectives. They should include:
- A summary of what you’re trying to achieve
- Market analysis
- Business and management structure
- Sales and marketing strategy
- Funding and costs requirements
- Financial projection over five years
- Appendix document
It is not a one-off piece of work either, to be filed away upon completion. The best business plans are living documents, which you can use to monitor progress, and adapt as the business takes shape.
Use a Business Plan Template
We recommend the excellent template found on the Princess Trust website here.
Here’s the whole series:
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