The best tips to make a good business plan

Your business plan is key to helping your start-up grow and gain interest from potential investors. You need to keep things simple, think about your competitors, your goals and evaluate any risks. This will help your start-up business to succeed and flourish. 

Keep things simple

Because your strategy is likely to be seen by potential consumers who do not necessarily have an expert knowledge of your industry or sector, you must ensure that it is written in a language that is easily understood by interested parties who do not have specialist experience.

Don’t forget about the presentation. Rather than burying information or messages about your business in pages of text, use tables, graphs, and charts to clearly highlight the facts or messages you want to get through to prospective investors or staff members.

Look at target audience and competitors

You may need to demonstrate the presence of a client base at some point in order for your product or service to be successful. Unless you’re dealing with a ground-breaking product that no one has ever dreamed of before, this section will be straightforward. On the other hand, existing markets and clientele present a new challenge: competition. So, the next stage is to consider the benefits of your product.

A rare product nowadays is completely unique; nonetheless, every offer should have something distinctive — something greater than any direct competition. To obtain this information, you may need to talk to potential clients in person, welcome social media comments, or even send an online survey.

Collect factual evidence

You may be confident that people will appreciate what you have to offer. However, when working with banks and investors, it is always preferable to have strong, verifiable proof. 

Furthermore, every entrepreneur will feel more secure if they know there is a market demand that their service can cover, therefore you should add real facts to back up your claims. This is one of the reasons why you should write a business plan

Tie goals to business strategies

You’d be shocked how many entrepreneurs can’t link their goals to their business strategies. To prevent making a similar error, first determine what your main objectives are. 

Let’s assume you need to acquire more clients; how will you do so? Would you create social media campaigns? Would you advertise in a specialist publication or maybe sell your products on a shopping channel?

Business strategies and plans will differ depending on your business goals and ideal clients. So, make sure your goals and strategies align. Creating a strategic business plan will also help with this. 

Evaluate risks and find solutions

The success of any business is determined by how realistically it can assess the associated risks. When developing a business plan for yourself, the more risks you assess, the better prepared you will be. A detailed review of risks and potential solutions can also get you higher approval when developing a strategy for investors. This aspect of your plan will not deter experienced investors. Find out the essential features to include in a business plan structure here.

Need help with making a business plan?

Whether you are self-employed or own a small business, we can advise and help with your business plan. To speak to one of our experts, contact us here

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