You’ve got the idea, you have a rough plan to make it into a business, but now you need a plan to ask for funding.
Writing a business plan is a crucial part of starting your entrepreneurial journey. It’s your map of how you’re going to ensure the business is successful. There are pieces of information that shouldn’t be left out, either.
Whether it’s a single page, a 10-page plan with colorful graphs, or a pitch presentation, stick to what’s important and what isn’t.
Write the Plan
Take the time to write out the plan. While you may have it mapped in your head, it’s hard to show someone the inside of your brain. Writing the plan will show that you care about your business plan and that you want to succeed. Take the time to research your market, competitors, customers, industry, and finances.
The business plan serves as a tool for securing financing and a guide in maintaining the business. As the business grows and changes, it’s important to revisit the plan and revise it as you move forward, change, and expand.
Include the Correct Information
Did we mention to do your research? Well, we’ll say it again. Spend the time to research every aspect of your business, including competitors (yes, you have competitors), the market, potential customers (hint: it’s not everyone), industry trends, and the business finances.
Incorporate the results into your strategy coherently. If you can cite information, do so. Utilizing a graph can enhance the storytelling, particularly in financial contexts. However, it’s not advisable to have 10 different charts that all show the same information. Keep them to a minimum.
Highlight your qualifications for running the business, and how you’ll fill your team. You may not be able to hire everyone you need immediately but show your plan for filling the needs now and in the future.
Structure It
Clearly present your information and make it easy for the reader to understand your business. Use a logical structure to the document that includes an executive summary, company overview, market analysis, marketing and sales plan, operational plan, finance plan, and the appendix. Use headings, subheadings, tables, graphs, and charts to organize the information.
Keep it concise and don’t make any section longer than it should be. You may know a small interesting detail but ask yourself if it will make a difference if you include it in the plan.
Proofread and Seek Feedback
Show your plan to mentors, advisors, peers, potential customers, and investors who can look at the plan with a critical eye and give suggestions to make it stronger. We don’t know what we don’t know, and receiving valuable feedback can help you overall.
Proofread your business plan. Correct mistakes, improve your tone and ensure it makes sense. Read it, put it away for the night, come back the next day, and read it again. Print it out. Give it to someone else to read to proofread it (we all have that one friend who is a grammar nerd). And then give it one more read. Typos, sloppy errors, and inconsistencies aren’t a good look when presenting the plan to future investors.
Never hesitate to contact Rising Tide for assistance, too. Our staff would be happy to help you write or review your business plan for free. You can email us at rtclf-marketing@caclv.org.
