7 Steps To Create a Successful Business Plan
I was in DECA in high school, and a marketing and business major. In high school, my job was to write a business plan for a local charity to increase volunteers and revenue/donations. I was able to raise over $10,000 and get them 40 new volunteers. I’m glad I wrote them a business plan and was able to present it to them in school. They loved it so much they cried during the presentation. I wanted to share a few tips with you on how to create your own business plan. If you choose to pay someone for these services it can cost over $100,000. It’s always good to know how to do things yourself.
Today, almost all entrepreneurs need a business plan in order to share it with team members, investors, and other stakeholders in their company. However, when you think about crafting a business plan that encompasses each and every aspect of your business, it can quickly become overwhelming.
Due to this many individuals start mimicking the ideas of another company to skyrocket their growth. But, that’s not sustainable. Besides, creating a business plan that is customized to your brand is really easy, it just requires following a few steps to do it correctly.
Want to know how to create a successful business plan? Read on!
Steps To Create a Successful Business Plan
1. Research your field
Research is the key to develop and communicate your business plan effectively. If you want investors to put their money into your venture then, your information has to be perfect.
Know your industry intimately, stay on top of new trends and demands. Read articles, books, listen to experts, and monitor your competitors to know what’s happening in your field.
But, remember that you’re not writing a book so, the information that you include must be concise as well as precise. It should not look like a brain dump. Choose to include only useful and most relevant research.
2. Focus on defining your purpose
Know what goals you want to achieve with your business plan because if you don’t know why you’re developing it then this will be just a waste of your time.
Do you want to attract investors? Are you building it to get a loan? Or you’ll share this plan just with your clients so that they can understand your business better.
Just by defining purpose, you’ll be clear about what information you should include in it and how.
3. Create a Company Profile
The company profile is a professional summary of your business and its activities. This must be presented in a way that a reader can go through it quickly.
Here’s what you should include,
- Business details – Name, Establish date, Website, Address, Contact information
- Company basics – Mission/Vision, Product/Service descriptions, History, Expansion, Core team details, Public relations, etc
- Highlights – Awards, Certifications, Testimonials, Special projects, Media recognition, etc
- Misc – Annual sales, Partners, Photos, Targets, etc
4. Include weaknesses and plans to overcome it
There must be some factors where you and you’re company would be lacking perfection. Make sure you don’t hide them, detail the current status of your venture in full.
If there are weaknesses present them, and include plans on how they will be tackled.
5. Explain your marketing plan
A marketing plan is a carefully crafted strategic roadmap that businesses use to develop, execute, and track their marketing strategies over a given period of time. It depicts how your products/services are going to be advertised, sold, and delivered to your targeted audience.
It should include things like:
- Target customers – Demographics
- Promotional strategy – Advertisements
- Conversion and retention strategy – How you’re planning to convert the leads and how you’ll retain your customer base.
- Pricing strategy – Price increase or decrease (as needed)
- Distribution strategy – How you’ll deliver the services/products.
- Offers – free trials, bundle packages, money-back guarantee, etc.
6. Re-evaluate your plan with time
It’s obvious that the market won’t remain stagnant, so your products/services are bound to evolve with time. The audience with whom you share your plan can also vary.
So, re-evaluate your plan at frequent and constant intervals. Make the necessary adjustments after assessing the current market situation.
Later, ensure that you share this updated plan with your team, investors, and other stakeholders.
7. Describe what makes you unique and include your motivation
- Conclude your business plan by explaining things like
- Why you believe in your brand
- What are your core values
- Why are you going through all these efforts
- What is your USP
- Your motivation, values, and goals
By explaining these things you’ll convince people that you are here to stay. Plus, it will attract like-minded individuals to partner with you as investors, clients, or team members.
Hope you got the information that you were looking for. Do mention your views and ideas related to this topic in the comments, let’s discuss and help each other when you create a successful business plan.
