What is a Business Plan?
Well, writing a business plan is basically the first essential step to start up a successful project. It is of great importance in business activities. Business planning is necessary for financial success, for the prosperity of the company or enterprise. Indeed, the simplest definition of a business plan can be the following one- it serves for summarizing all the key aspects of starting a business. In fact, it should be a so-called roadmap or a guideline that includes financial and operational goals, a clear strategic planning, a detailed budget plan as well as analysis of various business matters.
Surely, to create a plan of business, you ought to be prepared and provide a comprehensive outline. This may help you structurize all the necessary data and strongly develop your analytical skills. When you would like to start writing a business plan, you will definitely need to find out the main purposes and objectives that it should include. The reason for writing a business plan may differ - you may want to set up a new firm from scratch, launch a pilot project or boost the speed of your current business growth, etc.
Nevertheless, there are several common aims which are recommended considering while writing a business plan. Certainly, while striving for creating an itemized business layout, you should make in-depth market research as well as get closely acquainted with some existing peculiarities of your business.
Actually, any business plan should be effective and perspective enough. So that you should study all the points to descry in your business document.
So, all these valuable features may simplify the process of writing a fine business plan, especially for starting a small business, as there are a lot of further points and peculiarities that are connected with different business types. It is recommended studying this topic profoundly.
Professional Business Plan Writers
Well, it is a great option to use business plan writing services if you need some professional help. Despite the difficulty and the aim of the task, it will be done in the proper way. Anyway, the result will completely meet your expectations. We hope our knowledge and skills could be useful to you. We are always ready to start collaborating.
Main Types of Business Plan
Please, keep on reading, as there is a huge amount of valuable information below. We are going to briefly describe the most common types of business plans. Let us present some of them.
Strategic Business Plan
The aim of making such business planning is usually to realize the overall objectives that are being analyzed in order to comply with all the market and stakeholders` requirements. In addition, you may want to observe the future ways of business development so that you are aiming at the long-term plan writing. It helps you define the strategies and models of managing the business processes. You can also write a 5-year business plan or any other to look at what and where the business may be in the future.
Operational Business Plan
Well, as for the operations plan, it is really vital for the employees, employers, and investors. Here you are going to detaily explain all your company work- goals, timeline, procedures, etc. This type of planning may be really helpful, as it usually provides an overview of deadlines and tactics. In comparison with the strategic business plan, which strives for outlining the mission of the business, the operational type aims at the steps to fulfill your business mission.
Investor Business Plan
As we know, a plan of business usually serves as a springboard towards the establishment and business development. If the company would like to raise capital, your business plan should be a tool to attract investment. This investor-oriented business planning is a special document that ought to be professionally written to include the opportunities to collaborate with venture capitalists, angel investors, etc. In this case, the investor business plan has to contain some specific information and all the particular data to ensure the investors.
Start-up Business Plan
The contemporary business world always needs bright ideas and perspective vision. It can be said that the start-up plan is quite a detailed scheme of all the business aspects, such as analysis of the market, promotion strategies, product development, budget, etc. You should make a comprehensive research of your needs and objectives. While speaking about a start-up business plan, it should be noted that it also requires a special business plan format in order to be valuable enough.
Internal Business Plan
While creating an internal plan of business, we recommend focusing on the next ideas. At first, start with defining a mission statement for the business plan, concentrate on the practical functionality of the business. Moreover, try to identify actual and future opportunities. If you are concentrated on the whole business aspects, you may need a broader plan. Whether you would like to construct an internal plan for a single project or department, it is recommended being explicit and including the information purposefully.
Feasibility Business Plan
So, this type of business planning is usually created for the initialization of the business viability. Whether you are going to launch a new product on the base of an established business or you are an individual entrepreneur, a feasibility plan may be an integral part to help you attract the investors. Thus, you should outline the idea and show that it will definitely thrive. Provide detailed information on your product or service, making in-depth research. Summarize all the facts and make the appropriate conclusions. Make a profound conclusion, trying to prove that your idea is feasible, lucrative and worthwhile.
Growth Business Plan
You should always review the current situation of your business and continue developing it. So that realizing the realistic actual performance of the business may be a strong tool in defining the future strategies of its growth. Consider revisiting the progress and identify all the strengths and weaknesses. In order to write a development plan, you may need to make a road map to the following business stages.
Definitely, you ought to make your business work dynamically and evolve progressively. A growth business plan is supposed to correlate to the core business decisions as well as metrics, strategic steps, and milestones. It should be noted that as any of the business plan types that are mentioned above, the growth business plan needs to contain some key concepts and peculiarities.
So, as you can see, any type of business plan should have its format, proper content and many other essential requirements in order to be successful and correct. It is advised to study all the available material on the business plan types if you want to find out the detailed guidelines according to your assignment. And now we are going to briefly describe some general aspects of organizing a business plan.
Common Structure of Business Plan
It is interesting to know about the main parts, sections and business plan format. So, different types of business plans may be of various lengths, structures, and formats. It depends not only on the type, however, on many other aspects, such as the purpose of the business plan, its application, whether it is a full-length plan of business or a brief variant, etc. In this case, the structure may vary and include a different number of sections. It is commonly thought that there are often the next parts, such as these ones:
- Executive Summary;
- The legal company description;
- Product/ service information;
- Industry analysis;
- Marketing and sales plans;
- Operational plan;
- Management and organization;
- Key management bios;
- Personnel plan;
- Intellectual property and key assets;
So, this is mostly one of the full versions of the business plan format. In this article, we are going to briefly present the general ones. You may also learn that a lot of additional materials can be added to a business plan. For instance, diagrams, schemes may attract the reader`s attention and simplify understanding. So, keep on studying this topic further, please.
Well, here an introduction is usually a general overview of the plan. You should not add all the details here. Note, please, an introduction differs from the executive part. It may contain the business description, objectives and the reasons why this business is a good one to launch. You might summarize all the facts provided, as the business plan introduction should sum up all the parts of the business plan.
As for the executive summary of the business plan, it is usually presented as an overview. This part should prepare the readers for the following content and summarize the crucial points of the plan. It is quite similar to the organizer that ought to be precise and accurate.
Information about Your Business
This part is connected with the description of your company. It usually comes after the executive summary and contains the essential details about the company. For instance, you may include the data about your company location, the size of your business, the market area, the goals to accomplish, etc.
In this part of the business plan, we are going to decide if the chosen area is feasible to start working in. That`s why it is really vital to carry out a profound business area insight and collect all available data about the current market condition. Note that industry analysis can help you evaluate the chances of success. In this case, try to be reasonable and make a thorough research.
Marketing and Sales
Marketing and services business strategies may outline the perspectives of reaching the necessary level and get target customers. Whether you would like to create a product, you should find out the proper sources for advertising and selling it. This section might be needed to boost brand recognition as well as study all the tools to attract the buyers effectively.
Well, the operations section defines the operation of the business, such as its location, equipment, etc. Besides, you may operate different kinds of business so that you may include the data on the suppliers, the manufacturing process description and much more. You may also keep in mind the expenses that your business needs to operate currently and further. There is a tip to divide this operating part into 2 subparts: Stage of Development and Production Process Section.
As for the financial section, it usually means the determination of all the financial sides of the project. You should count if the idea is viable and focus on the figures. You can compose it with the help of the information on the three common financial statements, such as the next ones: the cash flow projection, the income statement and the balance sheet. You ought to analyze all these elements and provide an explanation. Correct calculations may help you check the feasibility of a new project and consider all the risk factors in advance.
Nevertheless, it is a recommendation for studying all the available sources to define the necessary parts and format of your individual business plan, depending on your needs and purposes.
Plan of Business Writing Tips from Experts
Here below we are going to present several useful recommendations for making a successful plan. We hope you can find them helpful enough.
- Get closely acquainted with the competition on the market. Try to identify your niche and clients.
- Try to prove each of your steps with concrete facts so that you can know any aspect in detail.
- If you would like to start up a business with a big team, try to build a strong dedicated team. Motivate each other and follow your common goals. You may also try to ask for professional expert help. Sometimes you can find an experienced person and offer teamwork and mutually beneficial cooperation.
- A plan of business is more an official document, so usage of the expressive adjectives or superlative forms is not usually applicable. In any case, try to justify your opinion.
- You should fulfill the expectations, so it may be better to underestimate and exceed the performance. Thus, try to be reasonable and logical.
- Study the different business planning formats in detail and choose the right for your needs. You may also ask for some help if you are making a business plan for the first time or you just want to specify something. Note that the business plan is a special type of document so that it should be organized correctly.
- Of course, you should take into account the whole procedure of the official business registration. Find out all the information on taxation system and other compulsory specifications for running different types of business in various countries, search for all the requirements for getting your business going, such as finding the working space, creating the logo and the company name, etc. You may define this in a short-term plan. Consult with the professionals if needed.
- Thoroughly analyze the financial side. Try to avoid emotions and think properly. You should decide whether you can afford running such a business now without any help or, maybe, you might need to have at least a part-time job to maintain the habitual way of living. Be realistic, count all the possible expenses and weigh each argument scrupulously.
Business Plan Writing Example
Well, you also need to make a cover letter whether you are going to present your business plan to somebody for a particular reason. So that you ought to study the format in detail.
In our case, this is a brief fictional fragment of an executive summary section of a pet service company (Lovely Animals Inc.).
It should be precise and not too long (approximately, no more than 2 pages). Let us imagine this variant. Note that we do not edit it according to the format requirements, it is fictional and only for a quick overview.Section (what number? It usually goes after the Introduction, however, it may vary so that check it, please): Executive Summary (a possible scheme) for Lovely Animals Inc.
Our company offers superior services for pets, including an opportunity for pet lovers to leave the pets in a pet hotel in reliable hands during the vacation period. We ensure the pet owners that we provide qualified and certified services.The Company and Management
Lovely Animals Inc. is headquartered in (city) and incorporated in (city). The company is owned and ruled by (Name(s), surname(s)). (Names, surnames) have got extended experience in the sphere of pet care.
The management of Lovely Animals Inc. consists of co-owners (names, surnames) and a board of advisors in order to provide a management system.
The advisors are:
- Name, surname, the post
- Name, surname, the post
- Etc. (here we are listing the members of the board of advisors)
Our clients are pet owners who would like to leave their pets for a particular period of time, while they are on holiday or at work. Lovely Animals Inc. offers a variety of pet services, including the following ones:
- Pet hotel with all the conveniences
- 24- hour care
- Medications by professionals (if needed)
- Emergency treatment (in case of the disease)
- Etc. (you may add any other functions)
Across (the name of the country) it is defined as a growth in the pet service market area over the last (how many?) years because of the rising number of pets. Our company has conducted a thorough study and we have found out that (how many?) out of (how many?) pet owners would rather decide to leave their pets at the private hotel in case of the departure.Our Competitive Advantages
Whereas there are actually (how many?) businesses that offer pet care in (the name of the city), only (how many?) of these provide a hotel for the pets.
Lovely Animals` marketing strategy is to concentrate on the quality of the services that we render. For instance, all the employees are insured and qualified. Dog owners will definitely be satisfied to see their pets happy and relaxed.Financial Projections
According to the pet care market size and our defined niche, our sales projections for the first year are (the sum of money). We project a growth rate of (how many?) % per year for the first (how many- 3, 5, etc.) years.
The co-owners` salary will be (the sum of money). On startup, we will have (how many?) professional staff to offer pet services and expect to hire (how many?) co-workers more this year once financing is provided.
We have already got (how many?) contracts with clients and we plan to build our client base through (what types of advertising?).Start-up Financing Requirements
We are striving to receive an operating line of (the sum of money) to finance our first-year growth. The co-owners of the company have invested (the sum of money) in order to meet working capital requirements.
So, note again, please, this is a brief overview of a fictional executive summary of the business plan. You should study the information further and find out all the necessary requirements for the business plan format, editing, etc., depending on the business plan type.
Finally, we are always ready to help you write an effective business plan, as it may take a particular amount of time and it can be quite a challenging task. So, we provide solutions for any type of business planning. We will cope with the assignment of any difficulty and help you create a perfect project plan. Have a nice day!