For any big business or small startup entrepreneur, it is important to prepare a solid business plan. It has to be well-written to help in creating an outline regarding the management of business, getting funds more easily and finally – setting a venture up. A proper plan written by you can help to avoid the expenses related to professionally written business plans. The aim of a business plan is to motivate investors to pitch in with their funds, and make the venture a successful one. Here are 6 easy steps to write the best plan which can inspire investors to contribute to a venture.
- Using proper language and structure
The business plan should not read like a monologue. Rather, it has to be styled like a proposal which should feel like the writer is personally talking to readers and urging them to invest.It needs to focus on types of benefits from the venture for investors. The language, tone and style of the business should have to be professional. The grammar and spelling should be impeccable. The language and overall structure should change as per the type of venture and target investor audience.
A slightly detailed plan should consist of the following important sections:
- Executive Summary
- Company Details
- Services and Products
- Marketing Plan
- Revenue Projections
For startups, it is important to create a proper structure which abides by the necessary standards in place. There are plenty of free templates available online that you can refer to.
- Including information about marketing plan and operations
The business study should also cover the marketing strategies and market research information. The target audience should be pinpointed and evaluated in order to show how their needs would be met. The important marketing tactics which would be used for promoting services and products should be clearly pointed out. If a business setup is going to be more extensive, all important details regarding an organization is a must. Step by step details have to be included in order to clarify how business operations will be managed. Elucidation of each step of business operations is necessary.
- Making realistic revenue predictions
It should also include information about sales and revenues expected. In the initial stages, it can be quite difficult to make proper predictions. However, an entrepreneur can make some realistic estimates considering the scope and size of business. It can be quite tempting to paint an attractive picture of the business and make investors as interested as possible. But it is always important to avoid false projections and make realistic forecasts about revenues.
Authentic sources should be used as references for making business projections. Investors should be provided with some guarantee about getting back investments along with some tidy profits. Realistic sources of references are most desired in order to avoid either overconfidence or under-confidence of investors about a project.
- Keeping the plan brief
In general, entrepreneurs often commit the basic mistake of making business plans overlong and adding numerous details which are unnecessary. Although a plan should include important ideas, statistics and thoughts, everything should be limited within a specific structure. The plan has to be in detail but crisp. Any business plan, however brief, should at least contain the following sections:
- Executive Summary
- Business overview
- Financial Plan
- Marketing and Sales
- Market Analysis
- Operations Plan
All the necessary details should be added so that investors get sufficient information and can make proper decisions depending on details offered to them.For example, the financial plan should include brief information about a company, initial setup costs, balance sheets and other important information which shows the financial status of a company. The sales and marketing section can include details about whether the business owner would use one or multiple marketing platforms for achieving sales growth â€“ such as:
- Online ads
- Video campaigns
- Social ads etc.
An experienced investor can easily estimate the total expenses necessary for such a venture and the type of profits that one can earn from an enterprise.
- Using a professional tone
A completely professional tone has to be maintained all through the business plan.Â Many entrepreneurs use an extremely casual style of writing while preparing the plan. The plan should include the blueprint of business operations, projections, revenues and other details in a clean style, with complete accuracy and without any typos or grammatical mistakes.
Investors should be able to get a plan which is objective and credible, backed by references.If this seems to be an impossible task for startup entrepreneurs, there are plenty of professional business plan writing services available which can assist for a fee.These agencies have qualified writers who have years of experience and expertise to write proper plans, which follow the necessary structure and format to attract investors. Students who are studying management courses can opt to online academics to get business plan homework ready. This eases the process of making these plans and you are able to understand business plan structures in great extent.
- Proofreading the document
Before the business plan is finalized, it should always be proofread for mistakes. In many cases, plots and strategies for lucrative ventures are rejected by investors due to poor writing style, errors in sentence construction, incoherence and simple grammatical issues. Such issues immediately lower the confidence of investors in the venture as they feel the least that an entrepreneur can do is to provide them with an accurate business study.
A knowledgeable person who is well-conversant in handling business studies should be trusted in this case. Any issues can be quickly found out by such persons, and their suggestions can be used to improve the document and make it more compact and professional to read. Following the above steps can be very helpful for students to create highly professional-grade business plan homework that attracts the right kind of attention.
â€œWriting or presenting the best facts can be easy once the initial draft is prepared, and internet can be a very good resource to refer to in such cases.â€