5 Tips for a Great Business Plan

 

business plan tips

Feb 28,  · Writing a business plan can help you determine if your idea is feasible and provide direction. Business plans should avoid fluff, be realistic, and include visuals. 5 Tips Author: Patrick Hull. Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. Jan 15,  · Expert Advice: 10 Tips to Craft a Strong Business Plan A business plan writing expert weighs in what to include and what not to include to create a winning business plan. Next ArticleAuthor: The Staff of Entrepreneur Media, Inc.


Expert Advice: 10 Tips to Craft a Strong Business Plan


In this edited excerpt, guest contributor Kaye Vivian, an expert in writing business plans, offers advice on how you can improve your business plan content and presentation. Know your competition. Be prepared to name them and tell what makes you different from and better than each of them. Business plan tips do not disparage your competition.

Know your audience. Have proof to back up every claim you make. If you expect to be the leader in your field in six months, you have to say why you think so. If you say your product will take the market by storm, business plan tips, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate the experience needed.

Be conservative in all business plan tips estimates and projections. If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative—for example, a 10 percent market share is much more credible.

Be realistic with time and resources available. If you're working with a big company now, you may think things will happen faster than they will once you have to buy the supplies, write the checks and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make.

Being realistic is important because it lends credibility to your presentation. Always assume things will take 15 percent longer than you anticipated, business plan tips.

Therefore, 20 weeks is now 23 weeks. Have a strong management team. Make sure it has good credentials and expertise. Consider adding an advisory board of people skilled in your field, and include their resumes. Document why your idea will work. Have others done something similar that was successful? Have you made a prototype?

Include all the variables that can have an impact on the result or outcome of your idea. Describe your facilities and location for performing the work. If you'll need to expand, discuss when, where and why. Discuss payout options for the investors. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

Form over substance. Empty claims. If you make business plan tips statement without supporting it, you may as well leave it out. You need to follow-up what you say in the next sentence with a statistic, fact or even a quote from a knowledgeable source that supports the claim. Rumors about the competition. If you know for sure a competitor is going out of business, business plan tips, you can allude to it, but avoid listing its weaknesses or hearsay.

Stick to facts. Superlatives and strong adjectives. Overestimating on your financial projections. Sure you want to look good, but resist optimism here. Use half of what you think is reasonable.

Overly optimistic time frames. Ask around or do research business plan tips the Business plan tips. If it takes most business plan tips six to 12 months to get up and running, that's what it'll take yours. If you think it'll take three months to develop your prototype, double it. Remember to be conservative in your time predictions, business plan tips.

Serious investors want facts, not gimmicks. Amateurish financial projections. Spend some money and get an accountant to do these for you. This article is included in Entrepreneur Voices on Elevator Pitchesa new book containing insights from both sides of the board room to help you craft the perfect pitch. Project Grow Expert Advice: 10 Tips to Craft a Strong Business Plan Business plan tips business plan writing expert weighs in what to include and what not to include to create a winning business plan.

Next Article -- shares Add to Queue. The Staff of Entrepreneur Media, Inc. Entrepreneur Staff. January 15, 6 min read. More from Entrepreneur. Dustin's experience and expertise can help you monetize your message, build a marketing strategy and connect with influencers.

Book Your Session. Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and business plan tips you need to get your business off the ground—or take it to the next level.

Join Now. Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more. Learn More. Start Your Own Photography Business, business plan tips. Entrepreneur Voices on Careers Buy From. Entrepreneur Voices on Careers. Entrepreneur Voices on Elevator Pitches.

Start Your Own Business. Latest on Entrepreneur, business plan tips. Entrepreneur members get access to exclusive offers, events and more. Login with Facebook Login with Google. Don't have an account? Sign Up. First Name, business plan tips. Last Name. Confirm Email. Confirm Password. Yes, business plan tips, I want to receive the Entrepreneur newsletter.

Are you sure you want to logout? Logout Cancel.

 

7 Steps to a Perfectly Written Business Plan

 

business plan tips

 

Feb 28,  · Writing a business plan can help you determine if your idea is feasible and provide direction. Business plans should avoid fluff, be realistic, and include visuals. 5 Tips Author: Patrick Hull. Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. Jan 15,  · Expert Advice: 10 Tips to Craft a Strong Business Plan A business plan writing expert weighs in what to include and what not to include to create a winning business plan. Next ArticleAuthor: The Staff of Entrepreneur Media, Inc.