How to write a business plan
In a business plan, you write down how you are going to set up your business: how much money you need, how you will find customers, what insurances you need, where you will do business, etc. By writing down your plans, you can get a better idea of whether your plans have a chance of succeeding. And whether there is a market for your product or service.
Why write a business plan?
You do not have to write a business plan, but banks and funders often ask for it. They want you to convince them that giving you a loan or investing in your business is a good idea. Writing a business plan also forces you to make certain choices and helps you avoid overlooking any important issues.
Business plan preparation
Your idea is the basis for your future business. Perhaps you have been thinking about this for quite some time now, but have not yet put it into writing. Try to write your idea down in no more than a few sentences. Refine your idea as far as you can. This is the start of your business plan. Once you have explained your idea in just a few sentences, you will notice that writing a business plan becomes a lot easier, as it provides sharper focus. You can also give it to others to read to get tips and feedback.
Using a business plan template
A business plan template can be useful if you are thinking about writing a business plan yourself. You can find and download business plan templates online, for instance on the Qredits website. You can also hire a consultant to write your business plan for you.
What is in a business plan?
In a business plan, you write down what you are planning to do and how you are going to do it. These are the things you have to put into your business plan:
- Your idea – what exactly are you going to do?
- Your financial plan – how much money will you need and where will this come from?
- Your organisational plan – how will you set up your administration and which insurances will you need?
- Your marketing plan – who are your customers and your competitors?
- Business details – describe how you want to put your idea into practice: for example, where will you do business (online, market, shop)?
- Personal details – information about your business skills.
Tips for writing a business plan
- Use a template; you can find various business plan templates online.
- Start with a short summary or introduction.
- Set aside plenty of time to write your plan.
- Be realistic and honest.
- Ask others for feedback.