June 26, 2010
Want to finish your business plan FAST?
Watch this free presentation to discover how you can create a professional business plan in 8 hours (or less)!
Don’t let the business plan creation element of starting your company be a drag on your life. You can create a business plan quickly and of high quality with the right mindset and by following these steps.
1. Write an Outline
Write the names of the ten sections of a business plan, and outline them: Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, Management Team, Financial Plan, and Appendix.
Outline the Executive Summary, which is the first section your prospective investors will read. Therein, show market need (â€œWhere is the pain?â€); explain the unique products and/or services your company offers; demonstrate that the industry in which you operate has a future (â€œindustry sustainabilityâ€); make strong value propositions; highlight the deep experience of your management team; and convey realistic financial projections.
Now create subheadings in each section addressing the elements that will need to be included. If necessary, write the subheadings in the form of questions to be answered.
Fill everything out as completely as you can.
2. Conduct a Brainstorming Session with Your Management Team
If you are the only person on your management team, you still need to take this step. Whether alone or with a management team, use the outline you created in Step 1 to brainstorm every last possible piece of relevant content to include in your business plan.
In any brainstorming session, write more than you need to write. There is no wrong information. The more the merrier. You will eliminate redundant or impertinent information later. Keep the thoughts rolling, and write or type everything down. Follow the outline.
3. Purchase Niche Market Research Reports
This is a crucial step if your business plan is to have a chance of passing muster with the sharp scrutiny of an investor. Yes, you can do your own research online, but you would do well to hire a market research firm. They will dig deep, make the right phone calls, and gather all the relevant data for your niche. You do get what you pay for, so invest in professional research reports to draw from and reference in your business plan.
4. Set a Schedule and Adhere to It
From this point, you can complete your business plan in five days or less. Block out eight hours a day, and aim to finish one section every four hours, with 30-60 minute breaks in-between. You can complete the Industry Analysis and Customer Analysis sections in one four-hour block. The Appendix can be completed as you go along.
The foregoing should get you a great business plan in days, not weeks.
And in fact, if you follow the right steps, you can finish your plan in HOURS.
Watch this free presentation to discover how you can finish your business plan in 8 hours (or less)!
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