10 Rules for Writing a Business Plan
A formal business plan is required where a business seeks funding support from an outside source. The business one will develop, its goal, plans for future such as marketing plan, Hiring plan, and strategies to implement the plan. A business plan can help you with everything about the business. A good business plan doesn’t simply explain but materialises everything it says. The 10 rules for writing a business plan are:
- Business plan should be clear, concise and explain in details but not more than 20 pages.
- The executive summary is a must to impress the investors and to make them believe that the business will thrive.
- Be specific about target market with the information regarding product, demography, and size, potentiality of growth, future sales, and trends and also about best opportunity, competitors and USP.
- Highlight your company profiles to show the success the company so far achieved or new (if any), the previous accomplishments of business owner /partner and also the competitive advantage of the business.
- Provide founders profile along with the business partners, officers. Mention their skill set, accomplishment, the connection they share with the business to ensure investors as they invest in people, not ideas.
- Show the aggressive marketing plan with the details of marketing strategies, influencer marketing agentur and channels. It is a fact that the best marketing plan makes the business successful.
- Give details about your product or service that you are going to sell or provide. You have to mention the benefits that will be received by the customers from the product or service and the value it will add.
- You have to write down precisely about the capital and expenses needed for the business operation on a daily basis.
- Answer in brief and to the point of the question how investors will make a profit from the investment. Always think from the investor’s point of view and answer accordingly.
- Provide appendix to back up all that you said in the plan. Such as balance sheet, income statement, cash-flow statement and others.
You go through the business plan again and again and remove anything that doesn’t answer the question directly.