The above sections are the broad components of the business plan. These sections in turn break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding. Format your document correctly.
Format section titles in Roman Numeral order. Write your company description as the first section. To do this, describe your business and identify the marketplace needs for your product or service. Briefly describe your key customers and how you intend to succeed. Write your market analysis. The purpose of this section is explore and demonstrate knowledge of the market your business is operating within. You should be able to answer questions like, who is your target market? What are their needs and preferences?
How old are they, and where are they located? Make sure to include a competitive analysis that provides research and information on immediate competitors.
List your main competitors strengths and weaknesses and the potential impact on your business. This section of the business plan focuses on key personnel. Include details about the business owners and its management team. If the owners and managers and have extensive backgrounds in the industry or a track record of success, highlight it.
If you have an organizational chart, include it. Describe your product or service. What are you selling? How will customers benefit? How is it better than your competitors products or services? Do you currently have or anticipate developing a prototype, or filing for a patent or copyright?
Note all planned activities. For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products. Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering". Write your marketing and sales strategy. In this section, explain how you intend to penetrate the market, manage growth, communicate with customers, and distribute your products or services.
Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above? Make a funding request. If you will use your business plan to secure funding, include a funding request. Explain how much money you need to start and maintain your small business.
Provide an itemized summary of how start-up capital will be used. Give a timeline for your funding request. To accurately complete this step, in some cases it might be necessary to hire an accountant, lawyer, or other professional.
For one full year, provide monthly and quarterly statements. Each year after that, yearly statements. These documents will be placed in the Appendix Section of your business plan. Include projected cash flows for at least 6 years or until stable growth rates are achieved and if possible, a valuation calculation based on discounted cash flows.
Write the executive summary. Your executive summary will serve as an introduction to your business plan. Remember to place this section at the beginning of your document. When was the business first conceptualized? What are some notable growth benchmarks?
Start-ups will focus more on industry analysis and their funding goal. Existing businesses and start-ups should highlight any major achievements, contracts, current or potential clients and summarize future plans.
Potential investors might want to see this information before making a decision. The documents you include here should support claims made in other sections of the business plan. You should have your business plan delivered in about 7 to 14 days. Throughout your discussions, Wise Business Plans can offer financial advice. Optimal Thinking can also advise on compliance or potential legal issues and even suggest sources of funding. When you sign up, the process begins with a set of questions and continues over email.
The reason being is to keep everything clear in writing. Like the other services, the process begins with a questionnaire. Their job is to take your ideas and translate them to paper, not to challenge your ideas or suggest areas of improvement. The end product, however, is a high-quality business plan. Pricing varies a lot depending on the type of plan you need and the amount of research you bring to the table.
Investor plans and startup plans, on the other hand, can cost a few thousand dollars. Like Wise Business Plans, pricing varies depending on the type of plan you need and the amount of research that needs to be completed. Bargain Business Plans has 3 different packages with standardized prices:.
All three services have positive reputations. Customers referred to the staff as knowledgeable, approachable and prompt, with fast response times.
From what they say, Optimal Thinking lives up to their claim of being one of the most knowledgeable business consultants out there. Customers were happy with their business plans and noted having a strong back and forth with writers.
Given the higher degree of consultation than Bargain Business Plans, but the considerably lower price than Optimal Thinking, we feel small businesses are most likely to be happy with Wise Business Plans. Along with professional writing, you get a degree of financial consultation — all without breaking your budget. Jeremy Marsan is a business analyst and staff writer for Fit Small Business currently specializing in small business healthcare issues and product reviews.
I love the fact that you were objective in your comparison, which makes this article a good read! Wewere very disappointd with the service and quality of the Wise Business Plan. Much happier with the depth of knowledge and prfessionalism of the optimalthinking plan. Their market research is excellent. Donald, Thanks for sharing your personal experience for our readers.
The Optimal Thinking team are brilliant consummate professionals. They charge more than the run of the mill business plan firms because they go the extra mile to be successful. The business plan wowed the two venture capitalist firms we pitched. Thanks for the fantastic analysis. July 30, , is the U. Nursing homes are now the third-largest segment of health care in the U. When you pay too much, you lose a little money — that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do.
If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better. That Get Picked Up! Write your plan with the 1 online business planning company! Trusted by thousands of entrepreneurs and small businesses in over 20 countries. Types of Business Plans We Offer. Investor Grade Business Plan Raising funds to support a business vision is one of the first and most daunting hurdles entrepreneurs face as they look to build a company.
Franchise Business Plan Becoming a franchisee is a little like getting into a good college: Nonprofit c 3 Business Plan Nonprofits face unique challenges as they look to not just get funded but meet their objectives and serve those they are hoping to benefit. Form an EB-5 Business Plan The EB-5 visa business plan initiative, a federal program making it possible for foreign citizens to get a permanent residency green card, is making the American dream come true for entrepreneurs from around the world.
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Writers who want to turn their writing into a full-time career can easily expand this action plan to include the financial aspects (cash budget including business and personal income and expenses, investment plan, three-year-estimate for business turnover and .
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