Do you have the perfect idea for a business, but you find you’re struggling to write a killer business plan to present to the bank and/or investors? The business plan is an absolute necessity not just to help secure funding, but it works as a blueprint for your company and lays out the steps you need to take in order to reach your goals. It needs to be well-researched, concise, realistic, and accurate in order to be effective.
So with that in mind here’s a look at tips you can use that will help you create a killer short business plan that hits all the right notes.
Start with a Template
If you’ve never written a business plan before, there’s a good chance you’re feeling confused about what it needs to contain. It can be very helpful to find a business plan template that you can follow along with and fill in. The main sections your short business plan should include are:
- The type of business
- The product or service you intend to sell/offer
- Who your customers are
- How you plan to reach out to your customers and find them
- How you stand out from your competitors
- List a couple of things you bring to the business that will help it to succeed (education, experience, passion, etc.)
Before filling out your business plan, it can also be helpful to look for sample business plans so you can see what other people are doing and how they go about it.
Look for a Mentor
A mentor can be extremely helpful when it comes to writing a business plan. They can offer you input and insight that you won’t find through typical means of research. It’s also a good idea to show them the business plan as you develop it so they can help steer you in the right direction.
Make Sure Your Estimates are Conservative
Much of your business plan will focus on finances and the budget. You want to be careful to use conservative estimates in your business plan so as not to get yourself into trouble later on. It will also help you to look more realistic and credible.
Don’t Fill the Plan with Fluff
One of the biggest mistakes you can do is include all kinds of “fluff” in the plan just to make it look bigger and fuller. Investors will see right through this fluff and it will end up reflecting poorly on you. It will make you appear unprepared, which is a sure-fire way to blow up your business plan. It goes back to being concise, short, and direct to the point.
You’re Ready to Begin
Each of these tips is meant to help you piece together a business plan that is not only short and to the point, but is also effective in getting you the results you want. A business plan isn’t just something to hand over to investors, it’s also your road map to your success.