Writing a business plan is a hugely important step in starting your own business. In fact, it may be the most important step. Not only does it function as a foundation and a road map for how to get started and continue running your business, but it also can either make or break your ability to get financing. Here are some things you may not have realized about business plan writing.
There is a Set Format
You do not get to make up what your business plan looks like. There is a generally accepted format for how a business plan is laid out and what is included. There are professional templates available so that you do not have to guess. You simply follow the template and use common sense. SBA.gov has a generally accepted template available online.
Some Degree of Professional Research is Required
Writing a business plan is more than just writing about your business and making a budget. It requires market research, listing competitors, and having a location. All of these things must be included for both investors and lenders to consider the business seriously. If you are not someone who knows about such things as market research and budgeting, you may need to hire outside help.
The Writing Counts
Even if all of the information is there and coherent, there is something to be said for good writing. From grammar to language, some degree of talent is definitely a plus. At a bare minimum, even if you are a fabulous writer, you need a proofreader. Even if you write reasonably well, hiring a professional business plan writer can go a long way. Business plan writing is not something that just anyone can do. A professional can make certain the formatting is sound and that the writing is well done. It is an expense, but the benefits could be well worth it. It could make the difference in whether or not you get a loan.