Steps to Creating Your Business Plan

Young man writing Business Plan

Creating an accurate and comprehensive business plan is the first step to creating a successful business.

If you think you have a great business idea, an excellent way to determine whether your idea can work or not is to create a business plan.
Creating a business plan requires you to research the market, whether or not there is a gap, the current economic conditions and then write down a plan on how your idea will operate in these conditions.

In this article, we will look at the basics of creating a business plan. And steps to follow to start to write your business plan.

Don’t know where to start? Let’s take a look step by step how to get to your Business Plan ready:

Do Research

You will need to do a lot of research before you even start writing. Research your target audience, your target locations and the current market and services/products out there.

Determine the Purpose of your Plan

Your business plan can be useful for many functions, and many years.

You need to decide what you will use your plan for first. Will it be a guideline for you to make sure you are on par with your goals? Do you need it to get funding from financial institutions? Or do you want to find business partners? After you have made this decision, you will know which sections will be important and the tone you need to set throughout the plan.

Create a Company Profile

Your company profile is one of the most critical pieces of content that you will write. It will be on your website, on your social media and probably anywhere your business will be presented. Starting your writing here will help you complete the entire plan in line with who your company is.

Document all aspects of your business

Financial institutions will want to know every detail of your business to be sure that they will make money if they invest in you. From expenses and assets to the licenses required to operate, make sure it is all documented before approaching financial institutions.

Have a Strategic Marketing Plan

Potential partners will want to see that you have a plan to grow the business. Marketing is one of the most critical factors in having a successful business. Create an outline of a marketing plan to determine where and how you will advertise and the voice that your business will have. This “voice” will be based on the Company Profile written in the first step

Make it adaptable based on your audience

Make sure that your business plan can easily be adjusted to your target audience. For example, have a comprehensive financial and marketing plan where sections can easily be removed or added while still holding the essence of the document.

Sections of a Business Plan:

  1. Description of Organization
  2. Market Research
  3. Competitive Analysis
  4. Sales Strategies
  5. Capital & Labour Requirements
  6. Financial Data

In our next article, we will take a closer look at the different sections of a business plan. Subscribe to our newsletter to be sure you are the first to get your hands on this information

The Transformation Legacy is passionate about helping entrepreneurs reach their business goals. We aid entrepreneurs in developing professional business plans for their startup. Talk to us about our mentorship programmes for SMME’s and entrepreneurs and get your great business idea off the ground.

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