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How to Write a Business Plan

by gbaf mag
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Just to recap: a business plan is basically a document that outlines your business model. It is prepared by you, usually with the help of an executive coach or consultant, and presented to potential investors. You then pitch it to potential investors, who in turn receive it and ultimately give you approval to proceed with your business plan. A business plan will serve as your business Bible, detailing every phase of your entrepreneurial venture from conception to launch.

This article will focus on the second step of preparing your executive summary. Now that you have your business plan in front of you, what should you do next? There are two schools of thought when it comes to writing an executive summary. The first is to simply list your goals, objectives, and marketing plan. The second is to do a competitive analysis. Here’s how to do a competitive analysis with the best possible results.

Before you start writing a competitive analysis, you need to understand that a business needs to be in an economic environment which provides sufficient market opportunities for it. If you write off your business opportunity based only on your estimates of future revenues, you will either never make any money or lose all of it. Your competitive analysis needs to take into consideration the type of business you are in, the competition it faces, the cost of starting up and operating, and your competitors’. For example, if you are a network marketing company, your competition is likely a personal trainer. If you are a natural gas company, your competition may be oil refining companies or oil drilling companies.

Once you understand how to do a competitive analysis correctly, there are a number of different things you can do to prepare your business plan in advance. The first is to collect financial statements from your company. These will show any profits, losses, expenses, and other trends associated with your business. You need to have a complete picture of how you are running your business, not just a general overview. Include any debts incurred, any equipment you own, and your investment in your business.

If you have analyzed your business properly, then it’s time to build a business plan. A business plan should be very specific and explain not only what type of business you intend to start, but why, how, when, and who. It should also show the expected end result in a revenue positive figure. While the exact numbers may vary depending on the nature of the business, this general outline should give you a good idea of what you can expect.

Once you have your business plan completed, it’s time to write it. Start by reviewing it and determining if there are any flaws. Many small business owners make the mistake of jumping into business too fast without really knowing the full depth and scope of the business. They tend to overlook certain aspects of the business and concentrate on one aspect instead of a balanced approach. Be thorough and make sure that each aspect of the plan is addressed.

Next, review the competitive analysis. This is simply an assessment of how your business will fit into the current and local market. Look at the competition both locally and nationally. Find out where you will be selling or what services you will provide. This will show you how your business will stand up to the best and most creative competitors in your field.

The last step is to create a marketing plan. A marketing plan can include any number of things. It might be as simple as a budget, a set of goals, a sales strategy, or any combination thereof. Regardless of what type of plan you write, it is essential to address any competitive factors that might affect your business.

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