How to Write a Marketing Plan for Beginners
If you consider that the business plan is just a clear road map to take the new company from idea to success, the writing process can be a lot less intimidating. You are taking a critical step in the building of your business. Here are simple steps to guide you through the business-plan writing process.
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Instructions
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Writing Your Plan
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1
Write the executive summary. The executive summary is perhaps the most important part of your business plan. Its purpose is to make readers into want to learn more about the company or idea. This section should include one to two pages about the reason for your company's existence and lead reviewers to understand that there is a market need and how your business will fill it. This is your chance to shine and make bank lenders, potential partners, employees and others believe in your concept.
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2
Develop the background section, including one or two paragraphs about how you came up with the business idea and when the company was started.
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Outline the company's goals as part of the objectives section. Using only a few paragraphs, explain the company's direction for the short and long term. Include goals and the dates you plan to meet them. Reaching a certain number of sales by a specific date or being able to afford a new employee after a set number of months are good examples of business goals.
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4
Provide management team biographies in the next section. Include team members' names, role within the company, and information about their background and qualifications.
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5
Describe the company's product or service in the offerings section. Explain why you are in business and the problem your brand will solve. Compare your company to existing competitors and provide insight into how your company will prove more effective than your competition.
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Convince the reader that there is a market for your company in the market section. Research your target consumer, market region and how many customers are in your region. Visit the U.S. Small Business Administration's website for helpful information about how to find your niche market and the U.S. Census Bureau's website for access to market data (see resources).
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Explain your marketing strategy as part of the next section. Include information about how you will reach your potential customers, including using advertising, promotions, public relations, referrals and other means. Provide an itemized budget which reflects how much you plan to spend on each type of marketing or media.
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Provide the company's financial forecast for the next three to five years. This section is important for planning and measuring the financial success of your company and will be closely evaluated by bankers if you are seeking a loan. Include balance sheets, income statements and cash flow projections in clear spreadsheets. Invest in an outside professional, if necessary. Hiring an accountant or other financial service provider to guide you through this process might prove to be a wise first investment for your company's future.
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9
Map your exit strategy. Determine when will you leave your company and how will that departure take place. Every good business plan should provide an exit strategy; investors will want to see it clearly specified. Potential exit strategies include a level of financial growth, phase of market saturation, sale of the business or other goal.
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10
Step away from your work for several days. When you are refreshed and ready to look at the plan objectively, do so as if you are seeing the plan for the first time. Check for accuracy, spelling, readability and grammar.
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Package your business plan professionally in an attractive portfolio notebook, clasp folder or other binding . A well compiled plan will instill more confidence in readers that you will be able to effectively reach your business goals.
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References
Resources
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