5 Crucial Steps for Writing an Impressive Business Plan

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5 Crucial Steps for Writing an Impressive
Business Plan
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Every successful business has one thing in
common. The owners started with a business plan!
As they say, Those that fail to plan, plan to
fail! Here, you will find 5 crucial steps you
should follow to create your business plan.
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Do your research. Analyze recent feasibility
studies and market researches. That way, you can
obtain facts and figures you can use when writing
your business plan.
Adhere to industry standards in terms of
developing financial projections and sales
forecasts. Make sure that your calculations will
sit well with your target audience, most
especially with bankers, lenders and prospective
investors. Unrealistic projections are the
biggest tip off to potential funding sources that
you dont really know or understand the industry
you are in. They will probably deny your request
for financing based on this fact.
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Come up with a mission-vision statement. This
should serve as the heart of your business plan.
Develop a clear yet specific statement that will
summarize the main goals of your company.

• You can use the following questions as your
  guide when writing your vision-mission statement
  
• Why have I chosen this kind of business?
• What are my goals or aspirations for building
  this enterprise?
• What inspired me to start this business?
• What specific needs or demands of the local
  community do I wish to address?
• Aside from the obvious financial gains, what are
  my other motivations for starting this business?
• Keep in mind that the answers to these
  self-assessment queries can help you come up, not
  just with an excellent mission-vision statement,
  but also with a winning business plan.

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Make an action plan. Once youve created a
mission-vision statement, what you should do next
is to determine how you will achieve your
business goals. And this is where the details of
your business plan should come in.

• Make sure that you will offer insights about the
  products or services you wish to offer or
  distribute the type of business structure you
  wish to employ who your target clients or
  customer are your marketing and advertising
  plans.
• What is your unique selling point that will put
  your business ahead of the competition?
• What problem will you solve better than anyone
  else?
• Know also what kind of equipment and commercial
  space you need your manpower requirement etc.

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Pay close attention to the financial aspect of
your business plan. After all, this is where you
can get the full-attention of your target lenders
and investors. But what should you include in
this portion?
First and foremost, you need to specify the
financial requirements of the shop or store you
wish to open for business. You need to develop a
list of all the costs and expenses you will incur
to finally launch your dream enterprise. Then,
come up with a loan proposal that contains the
specific amount you wish to borrow, the purpose
that the lump-sum will serve, and how your
business can gradually pay it off. And dont
forget to include in this portion sales- and
profit- projections that will highlight the
capability of your enterprise to generate
sufficient profit and eventually settle its
future obligations.
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Write an executive summary. After writing your
plan, it is highly-recommended that you summarize
the main points made in your business plan. The
executive summary should contain a brief
background about your enterprise and the reasons
why you have written the document.
Business Plan
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