How to Write a Simple Business Plan

If you have started or plan to start a business but don’t have a business plan, your business is likely running on borrowed time. A business plan is essential to long-term success and growth. Essentially, it is the road map you will use to reach your goals for your business.

Instructions

Difficulty: Moderate

1. If you do not have the time or the skills to write a business plan, hire a writer to write one for you. However, you will still need to be involved with the process, providing the writer with the relevant information and offering feedback.
2. The first section of the business plan you will prepare is a simple cover letter, which includes your business name, address, phone number and the date. You will revise the date each time you update your business plan.
3. The executive summary of your business plan, which is the first section, should be written last and generally includes your mission statement, the date you opened your business, the name of each owner and his title, and a mention of the product or service you sell. You must also note your target market, identifying what void your product or service will fill.
4. Your business description will also be included in the executive summary. A business description details your business entity, what licenses and permits you must obtain to operate your business legally, your expected launch date and the reasons you believe your business will make a profit.
5. Next, you will write your marketing plan, which should detail your marketing methods and identify both your target market and your competition.
6. Once you’ve written your marketing plan, you’ll write the management plan for your business. Essentially, your management plan will detail the experience you bring to your business, your strengths and weaknesses, and your plans for employees.
7. Finally, you must write the financial management plan, which will include your startup budget, a list of your startup expenses and your operating expenses. Your financial management plan should also discuss your financial goals, how you will accept payment from your clients, and the accounting system you will use.
8. Once you have written your business plan, make sure you proofread it or hire a professional to proofread it to ensure there are no grammatical errors or typos. Your business plan should be as professional as possible, especially if lenders are going to be looking at it.