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Eight Steps to a Great Business Plan

Two hands with pen and paper are drafting a brainstorm and jotting down notes.

Two hands with pen and paper are drafting a brainstorm and jotting down notes.

Two hand with pen and paper are drafting a brainstorm and jotting down notes. 

Writing a business plan is important to every business and every entrepreneur.  Business plans help you share your vision, state your goals, and analyze your strategy.  The quality of your business plan impacts the chances that your business will be a success.  

Here are eight steps to creating a great business plan.

1. Set aside plenty of time to prepare

Every entrepreneur is excited when first conceiving of a new business. Some entrepreneurs rush the planning process in all that excitement, which is a mistake.  Take the time you need to write a high quality plan.  Your business is more likely to succeed with a carefully constructed plan.

2. Focus and refine your concept

You need to know what kind of business to start before writing a high-quality business plan. Take the time to decide on a business that has the potential to be successful.  The single most common mistake made by entrepreneurs is not selecting the right business initially.

After you have chosen a business, focus and refine the concept.  Carefully consider the market, the competition, your capabilities, and the resources you need.  How will you make money?  Do you have the knowledge and expertise that you need?  Where will you operate your business?   

3. Gather data on the feasibility of your business

Even the best-sounding businesses can end up being infeasible. Increase your chances of building a long-lasting business by gathering all the necessary data ahead of time.  You need to understand your market, how big it is, whether it is growing and how fast.  You also need to know about your potential competition and how they are meeting the needs of their customers.

Of course, you need to know about how to finance your business as well.

4. Outline the what, where, why, and how of your business

The best business plans include details about the what, where, why, and how of the business. This is made easier with a complete business plan.  MOBI Business Plan Template provides a convenient outline and structure for every part of a great business plan. It’s free and it will keep you on track.

5. Include your personal experience

It is important to identify yourself as an expert in your particular field. Customers and clients are willing to pay more for a high-quality product or service that is backed by meaningful expertise. In addition, lenders and investors are more likely to support your business if you have the background and education to be successful. Include any and all relevant personal experience in your plan.

6. Use clear language when filling out the MOBI business plan template

The MOBI business plan template makes writing a business plan straightforward. Make sure that you fill out the template with language that is not overly complicated.  Simple, clear language will help you communicate with investors, partners, bankers, and employees.

Keep things simple and explain your projections as concisely as you can. It will make reviewing, reading, and understanding your document much easier.

7. Enhance your plan with graphics

Although it is not required, using graphics in your plan can make your concepts and projections clearer. Use pie charts, bar graphs, and any other graphics you think will make your plan more accessible.

8. Share your draft with trusted advisers

Trusted advisors can help you avoid potentially disastrous mistakes, and some are even willing to provide you with their advice free of charge. Consider meeting with trusted advisors like:

  • Investors
  • Family members
  • Your banker
  • Your attorney
  • Business mentors
  • Potential customers
  • Distant competitors

Once you understand what goes into a great business plan, check out the business plan outline from MOBI. It is a great way to get started because it can provide you with the confidence you need to move forward with the details of your plan.

YOU MAY ALSO BE INTERESTED IN: The Business Plan, Your Vision Statement- Where do You Want to Go?, or Meeting the Future Needs of Your Business

Jun 29, 2017