All businesses at their inception are saddled with the responsibility of crafting a great business plan because it serves as the compass which points the direction in which the business should go. That is why it is important to follow through the processes I’ll be outlining shortly in order to create that excellent business plan for your business.

1.     Research

The first step to writing a stellar business plan is to research extensively about the business you want to get into, the type of products and service delivery you’ll be offering, learn about your competition, and study the market deeply.

Research extensively

Talk to your audience and prospective customers and get feedback.

2.     Determine the purpose of your plan

If you’re going to source for funds by yourself or attract investors, it’s your choice, and it should reflect in your plan and be as clear and concise as possible.

Determine the purpose of your plan

3.     Create a company profile

Your company profile should contain the history of your organization, the type of products or services you offer, the target market and audience, your resources, contact info, and the selling point of your business.

Create a company profile

The company’s official website is always the place where company profiles are placed to attract possible customers. Your company profile can be used to tell a compelling story about your company in your business plan.

It is also one of the first written parts of the plan.

4.     Document all parts of your business

If you want to attract the attention of investors, you have to show them how their investments will grow and assure them that your business is going to make them money. This is why you must document every part of your business because the investors want to know everything about your business.

Document all parts of your business

Document everything from your expenses, cash flow and industry projections, and every other minor detail.

5.     Have a terrific marketing plan

Your marketing plans should be strategic and aggressive. They should include;

(a) Introducing new products

(b) Extending or regaining the market for existing products

(c)   Entering new territories for the company

Have a terrific plan

(d)  Entering into long-term contracts with desirable clients

(e) Refining a product

6.     Explain why you care

Your business plan needs to show your passion and dedication to your business.

Make it as real as possible, you can tell the lessons that you’ve learned, outline the problems your business hopes to solve, what values your business stands for, and be sure to show what makes you different from the competition.

When you show how much you care about your business you create an emotional bond with others so that they’ll support your business genuinely.

Author

I write everything apart from suicide notes. Creative content writing is my niche and you're welcome to my world. I am a graduate of Mass Communication, Les Cours Sonou University, Republic of Benin. The soft rock genre defines my music taste; I love nature and the peace it brings, that's why the beach has a home for me. I love stargazing too!

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