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Brainstorm an executive summary -

The executive summary is arguably the most important section of a business plan. This is your choice to describe your business in a nutshell and grab investors’ attention.

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Elevator pitch -

The executive summary should communicate your business’ name, products or services, and the relevant market, all within an elevator pitch-style sentence.

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Experiment with styles -

There are a number of possible styles when it comes to drafting an executive summary, so take your time and list out all your options.

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Ask others for advice -

Enlist the help of some thought partners to review all the possibilities and determine which one is the best.

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Create a company description -

Once you have the executive summary in place, start to work on the company description. This is where you go into detail about your business.

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Key elements -

In your company description, you should include your business’ registered name, your business address, and any key employees that will be involved.

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Legal form -

It should also include the legal form of your business, i.e. whether it will be a sole proprietorship, limited liability company (LLC), partnership, or corporation.

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Ownership and history -

It is also a good idea to include information about ownership in this section, as well as a short description of the company history and evolution.

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Brainstorm your business goals -

As you move forward with your business, goals will become paramount. Whether financial or non-financial, goals are essential when it comes to assessing progress.

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Numbers-based vs. intangible -

It is helpful to think of goals in two different baskets: numbers-based and intangible. Numbers-based goals include financial goals, of course, but there are others to consider.

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Numbers-based goals -

For example, you may want to attach a number to your brand awareness goals. Perhaps you want to hit a certain number of followers across your social media accounts.

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Intangible goals -

Intangible goals are also important for direction. They might include, for example, seeing your business’ advertisement reach the general public.

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Describe your services or products -

Next, you should have a section where you describe your product or service. What exactly will you be selling and how does it respond to market demand?

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Patents and trademarks -

If you have any patents or trademarks, you should include those in this section, as well as your pricing strategy and any visual aids.

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Conduct your market research -

Next you should describe the results of your market research. Market research is essential if you want to ensure that your product or service fills a gap.

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Market differentiators -

Establish exactly which market you will be entering, and work out what differentiates your business from competitors.

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Unique selling point -

Use this section of the plan to describe how your business will situate itself in the industry and why it will have a competitive advantage.

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Create financial plans -

Then come the financial plans. In addition to financial goals, it is important to have detailed plans that set out your weekly, monthly, and annual spending.

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Big costs first -

There are several different costs to consider, the main one usually being rent. If you will have an office or a warehouse, this is normally your first big cost.

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Remote businesses -

If you plan for your business to be fully remote, the replacement cost for your rent will be the software that keeps your online operation running.

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Sales and marketing -

Next on your list should be marketing and sales costs. Investing in people to get your brand name out there is as important as having a business that runs properly.

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Be prepared for the unknown -

Although it is impossible to anticipate which unknowns will arise, if there is anything COVID-19 has taught us, it’s to expect the unexpected.

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Unanticipated costs -

From pandemics to extreme weather, there will always be unanticipated costs to your business. Be sure to factor these possible costs into plans so you’re not caught offguard.

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Final thoughts -

Now that you have the structure for your business plan, here are some final tips. Firstly, make sure your plan is as clear and direct as possible.

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Keep it simple -

While working on your business plan, make sure you have as much information as possible, so you can simplify it to the most relevant information.

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Eliminate errors -

It is also imperative that your plan is spelling and grammar error-free. Check, check, and check again before sending anything to investors or other stakeholders.

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Remember your goal -

In summary, business plans are essential for businesses of all sizes. They help to define where your business is and where you want it to go.

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Go for it! -

As any business owner will tell you, running a business requires vision, and having a roadmap to focus that vision will set you up for success.

Sources: (Forbes)

See also: The surprising first products of these major companies

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