A smart soon to be business owner starts to think about how to write a business plan early on. This crucial document is the foundation from which all of your initial business decisions are made. Taking the time to put together an excellent and solid business plan will get your business of to an outstanding start.
One of the primary uses of a business plan is to help you secure the funding needed to start and sustain the business initially. Since this is the document that will be used to help funding sources decide if yours is a worthwhile venture, writing a good business plan is worth all of the effort.
Plan on being as thorough as possible. As you are putting the plan together, think about all of the things an investor or bank is going to want to know about your business. You need to include as many facts as possible about the market, your competition, your experience and how you plan to operate in your first year of business.
Do not exaggerate or set unrealistic expectations. Investors and banks are savvy about all things related to business. If you are stretching the truth, they will spot it right away and this could negatively affect their decision.
The tone of the business plan needs to be professional, not conversational. Avoid cute or humorous phrases. Also avoid any clichés.
Grammar, spelling and your overall language use needs to be impeccable. Sloppy, unclear writing will sink your ship before it even leaves the harbor.
Be honest with yourself about your writing skills. If you know that writing is not your strongest point then seek out the services of a professional writer. There are also businesses who do nothing but help new business owners develop and write business plans. Whatever fees these services charge are usually worth it in the end.
Consider using one of the many software programs available out there. These programs are professionally designed to help make the writing of your business plan a snap. They are usually template based and they often work in a question/answer format designed to extract the necessary information from you in order to formulate a cohesive plan.
A business plan is the most important thing you do for your business in the initial stages. Following these tips for how to write a business plan that sizzles will help to get you on the right path.