- The opening section of your business plan is the most important because this section must capture the attention of prospective readers, including investors and bank lending officers. When you write a description of your business, your readers should be able to visualize how all of your plans for funding, marketing and operating the business will lead to the break-even point and long-term profits. The description of your business should include considerations such as what your products and/or services are, how your business will be staffed and what market it will serve.
- Market research is a crucial factor in your decision to write a business plan. Adequate market research includes considering all of the economic factors that would favorably or adversely impact your business in the proposed market. Think about these questions. Have you surveyed the market to identify a need for your products or services? Have you considered the competitors in the market and whether it is possible for your business to take over existing market share or create a new demand? Think about how important it is to write up all of this research in ways that will cause readers to concur with the viability of your business idea.
- Choose a business that draws upon your personal education, skills and work experience. This consideration can equal the difference between a business that succeeds and a business that fails. For example, if you have worked 15 years in the restaurant business, you might write a business plan for a restaurant or a business that services restaurants such as a restaurant supply store or a restaurant marketing company. When you plan a business based on what you know, your business plan has a better chance to succeed.
