How to Write a Detailed Business Plan

A detailed business plan is a necessary component to running a successful business. Your business plan should include information about management structure, startup costs, marketing strategy, financial outlook and market analysis. This plan forces you to exam the marketplace to ensure there is a customer base large enough to support the business. You will also have to determine the number of employees needed to provide goods and services. A detailed business plan is a helpful tool that can guide you through each step of building a business.

Difficulty: Moderate

Instructions

Things You'll Need:

• Place to Store Ideas (Computer or Notepad) Internet or Library (For Reference Materials)

How to Write a Detailed Business Plan

1. Create a business plan outline. This outline should contain five to seven section headlines which are used to help others navigate through the plan. Section headlines may include, for example: Business Overview, Description of Business, Goods and Services, Data Analysis, Marketing Plan, Day-to-Day Operations, Management Structure and Financial Details.

2. Create five to seven bullet points under each headline. Under Business Overview, for example, you can include the following bullet points: Name of business, Type of business, Mission statement, Purpose for business, Business location and address. Expand on these points when writing a draft of your business plan.

3. Compile marketing and data research concerning your business. This data should support the need for your business in the area. Research can be gathered via the Internet, interviewing local businesses, small business administration office or by visiting your local chamber of commerce. Data should include: Marketing trends that pertain to your industry, Profile of typical consumer, Overview of potential competition, How to reach customer base, Research concerning existing customers and Reasons why your business will be successful, etc.

4. Develop a marketing strategy to be used to attract new consumers. Include marketing techniques such as direct mail marketing, advertising and Internet sales. Cover cost of marketing, how long marketing campaigns will take and how much business you expect to attract from your marketing strategy.

5. Outline day-to-day operations of your business. This should include the number of employees, cost for parts and labor, insurance costs and warehouse costs.

6. Create a management structure that outlines management positions and job responsibilities.

7. Gather all financial data for your business. A detailed business plan includes overall costs to operate a business as well as projected profits and losses.

Tips & Warnings

• A detailed business plan can increase your chances of receiving a business loan. For business plans over five pages long include an appendix at the end for easy reference.
• Go over your business plan carefully before submitting it to a lender to ensure it is grammatically correct and accurate in its description of your business.

References

• Business plan templates
• Marketing strategy tips

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