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A Written Business Plan

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Why is It Important?

What are the benefits of having a business plan? A business plan serves as your guide for most of the business decisions you'll have to make. It serves as a road map to a successful business venture. Does this mean that you cannot change your business plan once it's made?

The fact is, you can modify or adjust your business plan depending on the situation you're in and the obstacles you face along the way. Still, having a definite goal will help you stay on track even when you need to modify some details of your business plan.

Another benefit of preparing your business plan from the start is because it is a major requirement when seeking business financing. Whether you choose to get a loan from a bank or a private lender, you will be asked to submit a written business plan before reviewing your loan application. Even business capitalists, angel investors, and government grant agencies do require the submission of a business plan. Thus, having one right from the start will help you get the loan you need without delay.

Create an Impressive Business Plan

The way your business plan is presented can make or break a deal. Your business loan application can get approved or rejected based on the plan you've submitted. Naturally, lenders would like to see a feasible, not just an impressive business plan.

Your business goals or projection should be based upon real statistics and research. If you haven't done your feasibility studies, you may find it hard to convince your lender that you have presented a viable plan. Therefore, your business plan should be closely related to the market studies you have conducted.

A well-written business plan must include all important details about your business. Don't leave out certain details just to keep your plan short. A long, yet concise business plan is best because it shows lenders that you have actually done your homework and that you're not just making wild guesses or ambitious projections.

For small businesses that have been in operations, balance sheets or financial summaries of the company for at least the past 6 months must be submitted along with the business plan. Other requirements may include business licensing and permit, business insurance and the business or the business owner's credit history.

Submitting the complete requirements along with your application should enable you to get approved for a business loan more easily and at the soonest time.

A Written Business Plan

All you need is a computer, or a pen and some paper, and about an hour of free time. Find a comfortable spot and pour yourself a drink of your favourite beverage. Here are three guiding thoughts to help you get started:

- Once you have begun, don't stop until you have finished writing the entire vision.

- Don't worry about getting the vision perfect with the first writing. Revise later.

- The vision shouldn't be more than a page or two.

This process will help to clarify your direction if you are simply considering a business idea; it can be equally effective for getting on-track if you're already in business.

1. Describe your business. A brief paragraph including the business name, location and structure. You might also note the size and scope of the business.

2. Write your business mission. No more than a sentence describing what you will sell, to whom and your competitive advantage.

3. Write your vision statement. One sentence telling what kind of business you want your enterprise to be (the best, the fastest, the most competitive).

4. Describe your products and services. This can be a paragraph or a simple list if there are only a few.

5. Describe the industry and the niche your business will serve. This paragraph might include the size of the industry, whether it's growing or shrinking, and any major trends and challenges faced by the players.

6. List your top 5 business goals for the year. This can include sales projections, the number of workers you plan to employ, and any other major milestones you hope to achieve.

7. Describe your customers. A paragraph on those who will buy your products and services (gender, age, family status, income level), including how many there are and where they are.

8. Describe your competition. This might be a paragraph or a simple list of the main competitors in your market area.

9. List your strengths and past successes that will help you fulfill your vision. This could include things like work history, educational achievements or hobbies.

You can keep your written vision in a visible location as a reminder, or you might use it as a starting point to develop a business plan.

The difference between a raw business vision and a business plan is a few hours of research and validation. This means getting out there and talking to customers, competitors and anyone else knowledgeable about the business, and it also includes crunching numbers to determine if your idea will be sustainable or profitable.

I wish you a healthy, fun-filled and prosperous year!

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About Author

Both Irish Taylor & Dan Boudreau are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Irish Taylor has sinced written about articles on various topics from Business Loans, Business Plan and Business Loans. Irish Taylor is a bussiness loan consultant with and has been providing consumers and busi. Irish Taylor's top article generates over 90500 views. to your Favourites.

Dan Boudreau has sinced written about articles on various topics from Business Plan, Franchise and Partnerships. Dan Boudreau makes achievable, fast and fun. Want to learn more about how to do your own business plan? Subscribe to the RiskBuster Newsletter and instan. Dan Boudreau's top article generates over 2900 views. to your Favourites.

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