How to Write a Convincing Business Plan

Writing a business plan is an essential step to getting your business off the ground. The business plan explains what your business will offer, why it is needed in the market, and how it will operate. A good business plan should be organized, well-researched and persuasive. Here are some guidelines for writing a convincing business plan.

Instructions

Difficulty: Moderately Challenging

1. Analyze the market. Identify who your customers will be, why they need your product(s) and/or service(s), and how that all translates into dollars. Look to the media, trade journals and public trends to help you in this step.
2. Describe your business. Explain why, how, what, who, where and when you will operate your business. What is your competitive edge?
3. Explain your product(s) and/or service(s). Highlight what is unique about your product(s). What features of the product(s) will make customers buy again and again.
4. Request funds. If you require funds to start your business you will need to explain how much money you need, how exactly it will be used, the timeline, and the terms you are hoping to receive. Explain why your business is a good investment, but also be realistic. Acknowledge the possibility of any financial pitfalls and describe how you intend to evade and/or address this issue.
5. Summarize the plan. This is where you write a short summary of the entire plan. Here is your last chance to sell your business idea and/or acquire funding, so really focus on all the key factors of why your business will be successful. Start with your mission statement and build from there.