A good business plan is one of the tools your business needs to be successful. Your business plan helps you formulate goals and know what you’re up against. It can lead to funding from investors. Writing a business plan can sound complex, but it’s really just as easy as putting your ideas and knowledge on paper.
Here are five tips to help you create a great plan.
• Start with an outline.
You may not have all the information you need to write your business plan at the beginning of your idea. Use a template to fill in information that you know to discover what is lacking.
• Know your audience
If you’re writing a business plan for yourself, you may not need all the bells and whistles you’d put in it for investors. If you’re writing a plan for investors, you’ll want to include a section on how you’ll pay them back. Don’t spend time on that information unless you’re really ready to get investors.
• Be realistic and conservative.
Keep your projections real. You may think you can take 75 percent of the market, but that might be reaching in the first year when you’re learning your business. Keep in mind that you might have setbacks with your time. Add 15 percent to any timeline because you just don’t know what will happen.
• Support your claims.
Any claim you make needs to be supported with statistics or information. If it’s an empty claim, leave it out. Show why you think you can capture 10 percent of the market in the next months. Don’t just tell.
• Have a good team in place.
Even if you’re a solo entrepreneur, you have mentors and advisors who are helping you. Put these people in your business plan so that you remember who is on your side and to let investors know that you’re not alone.
Safe Harbor Commercial Capital can help you take your business dreams to reality. Contact us today for more information.