a business plan it is fundamental for any type of business. be a startup, be a globally recognized company. Well, after understood What is one business plan and its importance, the entrepreneur is faced with another question: how to write a business plan? What should I include to attract the attention of partners and investors?
As already mentioned, write a business plan it is no easy task since success depends heavily on it. In other words, the entrepreneur needs to explain what his idea is, reinforce it with data obtained from credible sources, estimate the associated costs… This is all through a document as soon as possible.
In this article are listed the main tips how to write a business plan in order to ensure that all relevant and important aspects are included. In addition, the model business plan for extra help.
Meet the audience
The entrepreneur must first identify who will deliver this business plan. Partners? Investors? Since these groups have different interests, it is essential that the elaboration of the business plan be targeted to the specific audience. Thus, there will be several versions of this document, covering different topics but keeping the key information in common.
This is because these audiences have different goals. For example, investors and banks are more interested in financial statements, while potential partners are more interested in knowing the concept and functioning of the team.
Convey the company's message
Another key aspect of how to write a business plan is to convey the company's ideology. In other words, describe clearly and simply the profile of the startup. Its vision, mission and values must be included as well as its structure. The hierarchy of the organization and the work team and websitesão aspects that investors value highly in the evaluation of startups. In addition, the facilities and work places should be described in this document.
Covering all business aspects
In addition to the company's identity, other aspects of the business should be included in the business plan. The audience will want to know all the aspects. Put more emphasis on the really fundamental ones, but don't look down on the others. Details that may seem small can make a difference in investors' decisions, for example. However, you must pay attention to the size of the document as an overly detailed document can be harmful.
Know the market and competition
The guide how to write a business plan it also includes research on the market to be active or on existing competition. In other words, the entrepreneur must carry out an exhaustive research about the market and sector to act.
By including these documents in business plan will convey confidence and confidence to the audience. This is because it shows that aspects that could cause some obstacle were considered by the entrepreneur. In addition, by identifying your competition, you can reflect on how your startup differs and how it can stand out in the market.
Finally, it is important to emphasize that it is the entrepreneur's responsibility to know as much as possible about the business he or she is going to enter.
Make it clear why the idea
Regardless of the audience that reads the document, it is necessary to convey passion about the business. Whether investors, work team, partners, dedication and delivery must be clear about the entrepreneur. Thus, by explaining why you care, you transmit an emotional connection with them and, consequently, will facilitate their organization's support.
For example, reflection on mistakes made, list of problems to be solved, victories already achieved, new future ideas are welcome in the business plan.
Be realistic in cost and duration estimates
It is normal in this document to make forward estimates of costs and duration. Although it is difficult to make estimates about a startup, where one of its characteristics is uncertainty, it is necessary that these are as realistic as possible. Do not create costs and durations that are too positive as it can be harmful.
In order to establish realistic and achievable estimates, entrepreneurs very often hire finance professionals, for example, for help.
Look for support claims with real data
Another important aspect in tips how to write a business plan It is to support the claims with real data. That is, the entrepreneur should look for statistics, studies or reliable information from recognized entities and reliable. This is common in the research of the market and competition.
There is no one way to write a business plan. Each entrepreneur must choose a structure it deems most appropriate for your startup. Thus, in addition to the writing of this document, is available the model business plan.