3 Useful Tips on Writing a Successful Business Plan
If you’re considering launching your own business anytime soon, get ready to hear “What’s your plan?”
This isn’t your ‘elevator pitch’ where you’re supposed to wow people quickly with your grand strategy and innovative concept, although it doesn’t hurt to have one of these ready to go. Your business plan is your well-analyzed document that outlines everything that’s going into your endeavor, including estimated costs and revenue and market analysis. It’s not easy to make them and does require some research. But it’s all worth it to give you an idea of what potentially is ahead.
Creating a business plan is essential if you’re planning to receive financing, since lenders want to know that you’ve put time into researching your project. This will demonstrate that teir money will be well-placed and that you have plans in place to bring in revenue and pay any loans back.
Strategies for creating an effective plan include:
Keep it flexible
Your plan should be thought of as a living document, which means that it can continue to be adapted as market conditions change, rather than put on a shelf and left alone to gather dust when your business opens its doors.
Keep it short
Although it should contain detailed info, it also doesn’t need to include ‘all the info.’ So you may not need to include the entire history of your industry, just relevant info about your local market and what you bring to the table.
Focus on your uniqueness
The business plan’s concept is to show how your business will be slightly different than the others in your field. This can be a challenge if you offer similar products or service, but look for ways that make you special, whether it’s expertise or
Avoid being general. Everyone can claim “we offer great service” or “we offer great products,” but investors and customers want to know specifics. What will you do special or different to ensure great service all the time? What will make your products greater than any other brand?
Contact Artemis Commercial Capital for more information about financing options.