Don’t be afraid to write a small business plan

It frightens many start-up entrepreneurs because they do not know how and why to write it. There is another category of newcomers who believe that a business plan is not needed at all, and you can start without it. The business plan is a document that contains the main information about your business. That is information about its products and services, its production, sales markets, marketing, organizational structure and financial efficiency. The business plan prescribes all the main aspects of your future entrepreneurial activity. From this definition, you can define one of the main functions of a business plan:
  • Allows you to work out your business idea as fully as possible
  • It is very convenient to monitor the progress of your project
  • You will understand which professionals need to be involved in your business.

The paper allows you to work out your business idea as fully as possible. Thanks to the business plan, you will understand what needs to be done to implement it. The paper will determine the strengths and weaknesses of your business and conduct a financial analysis. Also, the business plan provides an opportunity to assess the risks, problems that may arise, limitations.

Structure what you know

The paper helps to perfectly structure what you know and understand both about your business and the chosen field in general. With the business plan, it is very convenient to monitor the progress of your project. A ready business plan can be called a business guide.

The start of the business with this paper will be much easier. Having worked all its structural elements, you will perfectly understand:
  • How to act when the business starts?
  • How to promote it?
  • How much money do you need?
  • How soon you will earn.

You will understand which professionals need to be involved in your business. The value of this item is not even discussed. You will already have clear requirements for team members, a set of necessary competencies. Moreover, you can approximately estimate the cost of such employees in the labor market. You need a business plan not only for you. If you are going to attract investments under your idea or take a loan, then the paper will be needed for a potential investor.

The structure of the small business plan

The business plan consists of seven main parts:
  • Resume of the project. Here you should briefly talk about your business, product, the amount of requested investments, and the terms of their payback and the projected profit
  • Business analysis. This is the description of your chosen niche. Show the main trends, forecasts in development, new products and events, which can be beneficial or, conversely, negatively affect your business
  • Marketing plan. The way you are going to promote your business in the chosen market, and differ from others. It also includes a description of your target audience, its needs, as well as the issue of pricing
  • Competitive analysis. In this part you will talk about the strengths and weaknesses of your competitors. Show how you will compete with them, and what can be a barrier to entry into the market you choose
  • Production plan. Show the description of your product, its structure, as well as all the key stages of the production process. Give the detailed indication of the costs that must be incurred for this. Also indicate how long all this takes and how this product will allow your business to achieve its goals
  • Operating plan. Here you must tell how your business will be arranged and how it will work. Show all that concerns the logistics of business, as well as the structure of management, units, posts. Schedule the list of specialists who will be involved in the development, creation and promotion of your product
  • Financial plan. Specify the amount of investment that is needed to implement the project, broken down by different expenditure categories. Also you will have to plan all your incomes and expenses for 1-3 years. A potential investor must see how you are going to use and return the invested funds.

The resume – the most important part of the small business plan

Very often investors read only this part. And if you manage to laconically, accessible and clearly put everything here - you have a chance to interest the investor. The summary should not exceed 1-2 pages. First of all, you should include a description of the business, as well as the product or service. It is important to clearly explain what to whom and how you will sell, and what is your competitive advantage. Tell investors about the main characteristics of the product, its uniqueness, the distinctive qualities that will make it possible to succeed

After that, you can specify the amount of the investments that you need to start a business, clearly describe what money is for, how you will use it. If you already have one or another source of funding, be sure to tell investors about it. Also, indicate how and when you will return the invested money. Give the information about your company. This is legal information, information about the owners and key employees that you managed to attract. Ideas will not attract money without a team. If you have already achieved something in your business or you have something that guarantees your success, show it in the plan. Do not be shy and tell investors about it - then you will have more confidence.

If you skip the resume section, open the business plan with the goals and objectives of creating a business. A consistent description of the goals is given where the main task is the benefit of your stormy activity. It is clear that the owner expects the profit, the consumer, on the contrary, is not ready to give away his savings simply because you want to see the benefit. Usually, the main points are described here, if they were not previously indicated in the first paragraph, such as the legal form of business, the availability of own funds, staff potential, marketing cut, evaluation of competitors.

The main thing is to do everything on time

Writing a plan is a long and time-consuming process, so it is given for several months. But not all the people start to work on the plan when it is needed. The consequences of this - the eternal catastrophic lack of time, constant fatigue, stress, nervous overexertion and even failure to meet delivery deadlines. To prevent this, at the very beginning of the work, it is necessary to draw up a to-do list and clearly adhere to it.

The authors of the business plan are not light-hearted students of junior courses. They are adults who, apart from the plan, have many other concerns. No matter how tight your daily schedule may be, look for a little time to work on your plan. This is for your own success. Try not to postpone everything for later, haste in writing scientific work can negatively affect the quality of work and the clarity of the presentation of thoughts.

The proper distribution of cases will help to overcome procrastination. Every person has a working day formed from a number of different formats. Some of them are easier to perform, others are more difficult. You need to start a working day from those things that are given to you harder. Do them while you are fresh: this will require some habit, but with time it will get easier. You put easier things for the end of the day.

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