In the year 2020, a business plan is a necessity for all businesses. Having a professional, custom business plan for your company will make the best impression on investors, banks, potential business partners, and other ventures.
Moreover, a custom business plan will help you stay on track, think through how you’ll handle problems when they arise, and give you the best chance to secure funding. So, how do you get started?
How to Start a Custom Business Plan
First off, there’s no right or wrong way to start a custom business plan. The most important thing is creating a business plan that fits your needs.
While nearly all business plans will contain the same basic elements, a custom business plan is ultimately unique to your company and its goals.
Before you dive into the writing portion of your business plan, make sure that you create a plan to cover information on the following sections:
- Executive Summary
- Company Description
- Market Analysis
- Organization and Management
- Services or Products
- Marketing and Sales
- Funding Request
- Financial Projections
Preparing yourself to dive into each of these sections may be more difficult than it looks. That’s why we created these five tips to help you get started.
Determine the purpose of your plan.
For many startups, a custom business plan is the road map that provides direction to reach your goals. It also helps you plan your business’ future while avoiding bumps in the road.
However, if you need a business plan to attract investors, meet regulatory standards, or gain VISA approval, your plan will have a different purpose. In that case, you’ll want to write a clear and concise plan that targets those specific audiences and agency requirements.
Research, research, more research!
Retired senior financial and management executive, Willian Pirraglia, encourages business owners to spend twice as much time researching, evaluating, and thinking as they spend writing your business plan.
Pirraglia is saying that to write a winning custom business plan, it’s important that you intimately know your product, company, and market competition. Essentially, you need to know everything there is about your industry and business.
Begin with a template and customize.
Templates are generally a no-go when you need a professional business plan. However, there are certain situations in which a template is helpful to your custom business plan.
If you aren’t sure where to start or how to format your business plan, review professional business plans or templates from real companies to give you an idea. A template can be a good starting point. But, keep in mind that your content and the additional information needed may be completely unique for your business and industry.
Tackling a custom business plan on your own can be overwhelming. If you find yourself feeling a little lost or lacking direction, a business plan consultant is an invaluable resource.
A business plan consultant has in-depth experience in a wide variety of industries. Furthermore, you will receive expert advice on what you need to include and will benefit from their experience in a wide range of industries.
Hire a business plan writer.
If your business is anything more than a hobby, then it’s a good idea to hire a professional business plan writer. With years of experience in helping entrepreneurs secure funding and gain regulatory approval, a business plan writer will ensure that your plan is professional, concise, and includes everything you need to succeed.
Essentially, if anyone other than you is reading your custom business plan, you’ll want to defer to a professional. Look for a team of experienced MBA writers to help you write a perfect business plan that banks, investors, and other agencies are looking for.
Work with Professional MBA Writers
Experts say that a professional business plan is the cornerstone of successful business, and we couldn’t agree more. At Bargain Business Plan, we have made the success of your business, our business. Our team of professional MBA writers have the experience, knowledge, and assets you need to succeed in your business plan.
Contact Bargain Business Plan today to learn more about our startup business plan packages! Our consultations are always no-committment and free.