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How to write a Business Plan

Writing a Business Plan is an excruciating task yet can be very fruitful in the long run. Following are the tips to build A BUSINESS PLAN You Always Wanted.
Reading Time: 3 minutes
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Table of Contents

Small is Big

When it comes to writing a business plan, the rule of short and sweet works the best. Business plans work best when they are short, crisp, and concise. If you want to have someone to read your business plan you obviously don’t want them to go through the excruciating task of reading 100-pages. Furthermore, the business plan goes through several alterations and additions over a period of time. Remember the KISS: Keep it short and simple.

kiss principle

Know thy Audience

The rule of KISS is relevant when it comes to choosing the right language and tone in your business plan. Your plan should be written in a language that is lucid and fluid. Make sure that if you are not using any jargon that the intended audience does not understand. For example, if you are developing a machine that counts the number of calories as you walk, make sure you do not use any fancy terms or any scientific terminology. Your investors may not understand complicated terminologies.

Know thy Competitors

It is essential to first undertake a market survey of the kind of business you want to enter. Know the big sharks in the industry that you have shortlisted to enter. Make a list and write each of their names with corresponding phone numbers. To make your survey more detailed and the endeavor more meticulous, make a list of big-time as well as small-time businesses operating in the area you wish to start your enterprise. Also, make a list of services they offer corresponding to the rates at which they offer their product or services.

Moreover, it is very important to note what would you offer as an individual or an enterprise that will make your product stand out in the market. As a new-bee or a novice in business, what is it that you are planning to offer which will be different from what is already available in the market? What makes you not only different but better than others. Know the strong points of your competitors so that you are braced up to face competition.

Actions speak louder than words

If you claim that your product will take the market by storm, you have to support your claim with facts. Enlist the features of your product as well as its benefits.

Put yourself in other’s shoes

Be logical, analytical, and realistic. Think like a banker or an investor and write what they would expect.

Together everyone achieves more

Remember TEAMWORK helps you scale heights. Even if you have a humble team of only two members (You and your partner), it doesn’t matter. Your team members might be located on the other end of the country and may or may not be directly involved in your field. For instance, you have a web hosting company, one of the team members might be a photographer, another might be a content writer or you might also appoint a copy editor. It is important to consider that you need to draw parallels between what they’ve done in the past with their skills and what you would need t make your venture succeed.

Describe your Facilities

Mention the area and location of where you intend to carry out your business and other important details like whether you are buying the place or renting it etc, the machinery involved.

Discuss Payout Options

All investors want to know when they can get their money back and at what rate of return.

Write why your idea will work

Have others done something similar before you and have a success story to narrate?  Show why your idea or plan will click and pay fruitful returns to those involved.

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