How To Write A Successful Business Plan

Before writing a business plan for a new business, consider these issues. What makes your product or service different and what needs does it fill? Who are your potential customers and what will make them purchase from you? How will you market your product or service? Where will you get the capital to start your business?

Begin with a cover sheet that includes the name, location, and telephone number of the business and the name of the person who wrote the business plan. Use a loose leaf binder to package the plan and to facilitate any revisions.

Keep it as short and crisp as possible. Include a one or two page executive summary with an overview of the most important issues in the plan. Include the business niche, marketing strategies, management strategies and finances. Organize it with a table of contents that shows logically arranged sections and appendices.

Identify your target market in the plan. This is very important. Indicate whether the market is growing, steady or shrinking. Provide extensive details about competitors, including their strengths, weaknesses, and all other estimated market shares. Include your pricing strategy and how you plan on marketing and promoting the business.

Explain the benefits of your product or service to the user or consumer. Describe how it is unique and its appeal to customers. Include information about your business location, current and future space requirements and area demographics. Focus the plan toward the future. Attempt to develop industry trends over the next three to five years.

Highlight current and potential problems and demonstrate how they will be overcome. This will enhance your credibility.

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