Every individual intends to start a business for their career but before making such decision, one should write an exact business plan template to create an outline for their business.
Writing a business plan is really a wonderful opportunity as it represents your business in every aspect of getting a loan, strategic operation etc.
There is no second chance in writing a perfect plan with or without using a template.
Before writing a plan, you should consider all the available opportunities, weakness, challenges that are likely to come in the way etc.
A well-written plan should be able to convince investors and/or financiers to fund your business startup.
The good plan should be more descriptive and consists of all the challenges and counteraction measures prepared to overcome.
Most importantly, it serves as a roadmap guiding the launch and the progressive growth of the business.
Before you plan to start a business, it may be a small start-up, micro, medium scale or even large scale, you should have a structural planning.
A good business plan template will help get your thoughts organized and guide you every step of starting your company to successful growth.
It will show you a general outline of your business so that you won’t get stuck in the middle of anything.
A proper plan consists of all the instructions for the employee, staffs and managing authorities, describing their roles and every other step forward.
There are lots of free business planning templates are available on the Internet where you can download one plan sample format today.
The second option is you can hire a freelancer expert or other people who have previous knowledge in writing the business plans.
Business plan software is available that will automatically create a plan with step-by-step instructions, video tutorials, automatic financial forecasting and chart preparation etc.
You can write a plan by using any of the three methods I described above.
Be careful in choosing the right person to write the proper plan for your business because this is what you show to the investors and/or the bankers to avail necessary funds.
There are many benefits when talking about writing a perfect plan template, but there is another side which may not bring you good luck during the proposal.
Every business is different in their nature and hence a standard business template may not be suitable for all business types.
Why? Because before writing a template you should have enough knowledge about the full process of the business.
1.) Keep it short: Do not write essays describing much detail about your business. No one shows interest to read your lengthy plan of about 10 pages or 40 pages or even 100 pages.
Also, your plan is not evergreen, probably it needs to be refined and refreshed over time and it will become a very tedious process of changing a long plan.
2.) Write for your audience: Write a plan that is easily readable and understandable. A detailed explanation in simple plain English is enough.
Your investors may not be techies and hence it’s not necessary to use complex terms and technical terminology. The plan should be easily understandable by a person outside the industry.
3.) Do not force: No one is an expert in starting and running a business. Everyone will learn how to do the business as they go.
If you have true interest and passion for your business, then write a plan in the way you like and don’t let its looks forcing in nature.
Avoid sweeping statements or unsustainable growth, as investors and bankers like to see your realistic projections and expect your suggestions only.
Writing a plan may seem to be a big task if you are starting a business for the very first time. So, it’s better to get a help from an expert to know how the modern business plan template will look like.
Let’s get into the actual part of this discussion on various key elements of a sample business plan template.
A summary is the brief introduction of a business plan that describes your business, products or services, problems, target market and financial management etc.
Your monthly goal, yearly goal, and the long-term goal should be mentioned neatly with a bar chart, graph etc.
The sales target for the first year and also for the coming years add more value to your summary as it helps to convince your investors or bank people.
Not all business needs summaries, but it will help in all the internal and external process of the business.
Most investors and bankers will read only the summary and decide whether or not to read the rest of the plan.
Hence, it is very necessary to grab your reader’s attention and let them know that you are very serious about your business proposal.
Description or company profile is the next section that follows the executive summary of a business plan template.
This section will include the name of the company, type of organization (Proprietorship/partnership/LLC/corporation), assets, vision and mission, goals and objectives, strength and weakness etc.
Avoid getting into too much about the business detail and plan of action in the description section. Rather focus on describing the industry were you primarily going to start the business (food industry, retail industry, wholesale industry etc.).
Highlight the trends and importance of your role in the business and try to prove as much as the possibility of various opportunities that leads to your success.
Mention the target audience, market and your plans on promoting your business, product distribution and other factors including advertising, media ads and customer service etc.
Write the unique style in your business and tell how your business is going to make a profit?
The length of the description completely depends on the business and varies with the complexity. You can write in one paragraph or one page or even more and you are solely responsible.
Be descriptive and not narrative in your business because investors and bankers want to see your success strategy to make a decision.
Clearly mention your label details, trademark registration if any etc in the business plans description.
This will help investors, lender and/or bankers to have a basic understanding of your company structure, vision, mission, goals and target market etc.
This section includes brief information about the products and/or services that your company offers.
It should include:
Include other proprietary features such as patent rights, exclusive agreements with suppliers or vendors, license for the product, technology or service etc.
Attach other technical specifications, photos, drawings, patent documents and all supporting information with your template.
So far we have discussed the most important three sections of a business plan template that is summary, description and products and services.
Now, we shall look into the next part of the template (format), management and organization role which includes the description of the people behind the business.
You have already mentioned that how you going to start your business if it is proprietorship in nature, you are going to be the manager, CEO, owner or whatsoever called.
Management and organization section is the very important aspect in planning every business as it determines the type of people needed for running your business.
It defines the entire marketing strategy of your business. It should disclose all the marketing plans in detail and how you take the product or service to the customers.
The most important part of the marketing plan is deciding the product’s price which determines the success of your business.
Disclose the various channels of marketing strategy such as direct sales, OEM sales, sales representatives, wholesale distributors, retailers etc.
Also, write a precise note about the finances required to spend including advertising, for the product.
If you already did a market research either yourself or information from other sources such as journals, magazines, newspapers, Census data etc. include them in your marketing plan.
This will help investors, funders and/or bankers to come with a decision of funding your project as it will explain the market sustainability.
A business needs a principle place of operation, some office equipment such as computers, tables, chairs, printers, and machines used for manufacturing the products and manpower to operate this equipment.
Hence, your business plan template should include an operational plan which describes all the functions of the business and related finances.
It will vary depending on the nature of the business and the various services you are going to offer.
This section should include various operating cycle involved in the product manufacturing, packing and distributing. Describe your production methods, the equipment you will use.
A description of all necessary skills and labours, raw materials required should be written. Mention how much it will cost you to produce the product?
It should consist of all the expenses including inventory stocking expenses, other purchases, manufacturing costs, marketing budget, salaries to the staffs and employees etc.
Quality control describes how you maintain consistency in terms of production and quality maintenance.
Size of your company:
Briefly explain your company overview such as the size of your location, type of building, employee requirements, suppliers, transportation facilities.
Include various costs involved in rent, machine maintenance, utilities expenses, salaries, transportation costs etc.
Do not forget to include the future aim, goal, additional of new job roles, expected market growth and other effects related to your business growth.
The main reason for writing a business plan template is to search for the capital investment either from the investors or the funders or the bankers.
Hence, this section plays a significant role in the perfect business plan format. You should write your various financial requirements for the start-up, operation and market your business.
Write a clear a breakup statement disclosing all your various financial expenses such as start-up capital investments require for buying raw materials, things for infrastructure development etc.
These three sections are very much important in your business template and those are income opportunities statement, cash flow statement and the balance sheet.
Investors will mostly look into these charts to determine the odds in your proposal and decide whether to fund your startup or not.
Describe clearly as much as possible and be transparent in providing the information such as projections of income, cost of raw materials, the price of finished products, net profit, depreciation etc.
Do not forget to include various taxes, profit after taxes and taxes involved in purchasing raw materials, machines, equipment etc.
Also, mention how frequent you generate the balance sheets that include profit/loss calculation, a summary of all financial breakdowns, future growth.
Though this is not an important section of the business plan template, it is useful to attach any charts, tables, definitions, legal notes, supporting documents such as contracts or licenses etc.
This will help readers to avoid bored while reading the actual plan. Avoid cluttering your plan by adding these least necessary documents inside the content.
Add them to the appendices so that the reader can find them if needed. You can also include other supporting materials to support your business such as projections, illustrations, examples etc.
Attach photos of your proposed location, product sample, charts, breakdown statements etc.
This is a common standard template that is used to create many business proposal plans and I hope this article will be an exciting and awesome note on our blog.
There is a perfect business plan for every successful business that instructs the various operations of all the cadets in the business.
Be realistic and practical as much as possible when you explain projections that will help you get success.
It is becoming very riskier to arrange funding source to start any business implementing various ideas due to the rise of thousands of new start-ups.
Most of them are coming with new ideas, but not survive due to competition and not having a proper business plan and flow of operation.
Hence, in those cases, it is thus becoming necessary to write a perfect business plan template to help your business in a long run.
RozDhan App Review: Best Apps to Earn Money Fast in 2019
10 Best Google Adsense Alternatives to Earn money in 2019
Step by Step Guide on How to Start a Food Blog with Examples?
20 Best Passive Income Ideas to Help You Make Money in 2019
10 Important Steps to Start an Online Fashion Boutique Store
Top 100 Essential Online Business Tools For Online Marketing
EARN MONEY FROM HOME
Sign up today for live training and special coaching on how to start your own online business in 15 Days?