Business plans are essential to the success of your small business. Business plans are not only relevant for a small business looking for funding but will give you an understanding of the direction your small business is heading in and difficulties your small business may face. However if you are looking for funding as a small business your business plan will make or break you. When deciding to fund your small business it is at the discretion of someone who is different to you and may not see the vision you have for your small business. There is however a way to ensure your business plan is so comprehensive and covers all aspects that will ensure your small business will be approved for funding.
It is important to focus on the following items when writing your business plan:
Differentiate your small business
The business plan for your small business should show how your small business is different to its competitors and what differentiates it. You should approach fulfilling the needs of your customers in an innovative manner.
Compare your small business
It is important to show that you have a good understanding who your competitors are and what they offer and showing how your small business will approach things differently to your competitors.
Layout of your small business plan
You do not have the opportunity to explain or present your business plan and for many writing may not be your strength. There are some simple tips to follow when creating the layout for your business plan. The layout should be clear, easy to ready and accessible, apply this to the size, colour and font of your business plan. Make use of headers, subheadings, bullet points, numbering, paragraphs and bold text to separate information. Also avoid ambiguity and ensure you explain all business concepts clearly and clarify all concepts. Lastly check your business plan for spelling errors as this can imply neglect lack of attention to details and impact negatively of the perception of your small business.
Your personal skills
Adding why you will be a successful entrepreneur gives a good indication of whether you are fully prepared to be an entrepreneur and its your time to shine. Mention skills you have and how these will be applicable in your small business, previous career achievements. Remember to apply your skills and capabilities to how you will create a successful small business.
It is important to have a comprehensive business process model for your small business that shows all channels how the sale will take place. You must include targets, these should be realistic.
Marketing activities should be specific and tasks should be categorized as well as what marketing tool your small business will be using to drive sales. Include branding in this section of your small business plan
Ensure your financial plan is specific and based on accurate figures and not broad estimates. Get experts to look over your small business financial plan to ensure the have be complied correctly.
It is important to know the particulars on your business plan and be aware of all elements. Creating a business plan for your small business should not be seen as a hassle or administrative task but rather a way that will assist you in gaining as much knowledge as possible that will assist your small business in being successful.