How to Write a Business Plan 101
Business plans are very valuable tools especially for new companies. A business plan can help keep your company grounded by outlining goals and a mission. It can help you plan financially by outlining major costs and expenses. The business plan is also a necessary element for getting money, filing for an LLC, or selling your company. Having a well written business plan can really set you apart from other companies. When you want approval and support, your business plan will be the first thing people ask for.
How to Write Your Business Plan
Business plans can vary in length anywhere from 3-50+ pages long. For a small business just getting started your business plan may be a little shorter. The length will depend on how much detail you go into as well. If you are just using your business plan as something for you to reference then it can have as much detail as you like, but if it is being submitted for an LLC you may want to be very detailed. In general here is the typical business plan form:
Business Introduction - What is the name of your company, who are its owners, what is their contact information?
Description - What does your company do, who are you doing it for, and why are you doing it? What is your mission, vision, and values?
Address Competition - What is your market, who are you competing with, why you will be chosen over them.
Milestones - What does your company plan to accomplish and in what time frame will you do so?
Company Structure - What positions are there, who has each position, and why?
Financials - How will you raise funds, what will make you the most money, the least
money, and what expenses will your company need to pay for (employees, equipment, training, ect.)
What if You’re Still Not Sure?
That’s okay! When writing long documents it can be difficult to know what you should and should not include. If you cannot seem to get the results you want, you can always look online for free examples and templates. These templates can guide you along the way and can even help you to cater what you write to which reason you are writing your business plan.
A few good places that can help you get started are:
LawDepot: https://www.lawdepot.com/contracts/business-plan/?ldcn=partnership-and-joint-venture#.YovdRpPMKJk
Your local library: http://www.daytonmetrolibrary.org/about-us/293-databases/business/2625-part-1-business-plans-faqs-with-pat-newcomb-of-ohio-sbdc
Miami Valley SBDC: https://sbdcec.com/wp-content/uploads/2018/08/business_model_canvas_poster.pdf
With these resources and the information above you should be prepared to write your first business plan. The hardest part will be to just get started!
Hubspot- Gives a really in-depth step-by-step guide on how to write a business plan: https://blog.hubspot.com/marketing/business-plan-template