What makes a business plan? Firstly, the plan outlines a set of goals that your business is setting out to achieve. Secondly, the plan analyzes the feasibility of the business’s goals and how it plans to achieve those goals. Lastly, the plan attracts those people who will be important for the business’s success—lenders, investors, etc.
Read on for more tips on what makes a business plan strong.
1. Concise Company Description
In a few sentences, provide an explanation of what your business does that is different from what other businesses do, as well as the market your business hopes to cater to. Capture the reader’s attention in this paragraph!
2. Market the Product
Sell your business. Make readers realize how great your idea is, and make them want to help you see your entrepreneurial endeavors through. Tell the compelling story of your business idea. You want to get people excited about your business and confident that it will succeed.
3. Outline Sales Plans
How do you plan to market the business? Do you have sales strategies prepared? Make sure to include these in your business plan. Having feasible strategies for future marketing and sales plans shows that you are a forward-thinking entrepreneur.
4. Include Financial Projections
Financial projections will help to outline what the final goal of this loan request is and to back up the fact that this loan is critical for your business’s success.
5. Use Correct Spelling and Grammar
Catch those spelling and grammar mistakes before printing out the final business plan. Nothing indicates carelessness like poor spelling! Ask trusted individuals to proofread the plan—sometimes a second pair of eyes might catch the mistakes that yours missed.