Business plan is your business guide. It is where you will plan how your business will operate and become successful. Before you do your business plan, you will need to do a feasibility study. When you are done with the feasibility study and you know that your business has potential of growing, you can now do your business plan.
Aside from knowing the components of a business plan, you may want to find a free business plan template.
We will give you here below a simple outline of a free business plan template. Before that however, let us give you the components of a business plan. We may also give you a few pointers on what to put in each for the component of a business plan.
Components of a Business plan
• Executive Summary
• Business Description
• Market Strategies
• Competitive Analysis
• Development and Management Plan
• Financial Factors
Here is a short guide on how you will fill in the components of the business plan in your free business plan template.
1. Executive summary – this section in your free business plan template need to give information of your business concept such as products, services and your market. It may also need to include your value proposition, financial features and current business position.
2. Business description – this is the details of your business. Aside from describing your products, services and your market, you will also need to explain the structure of your market and where your business is in the whole spectrum of your business industry.
3. Market strategies – this part of your free business plan template, you will define your market, the industry you are in. What are the strategies that you will take to make sure that your business and your products are able to compete well?
4. Competitive analysis – this is important part of the free business plan template. In this section you will have to understand your competitor and the market as well. Know who your competitors are, what strategies they take and how you will be able to offer your products differently from them.
5. Development and management plan – this section is where you will draw the plan. What improvements are necessary? How do the management and the other areas of your business help in making sure your business success? How you will manage your business to reach your business goals.
6. Financial Factors – this is where money matters are discussed. Do you have funds to sustain your operations? Do you need additional funds for your operation? Where are you getting additional funds and how will you spend those additional funds?
Properly writing your business plan will help you make sure that your business will run smoothly. Of course, it is not a perfect world, even if you have a well-written business plan; there is still a chance that your business will not be as successful as you have planned.
However, it is important to follow your business plan because it is your guide and if revisions are necessary, do those revisions in order to make sure that the future of your business becomes brighter.
Do you need help? Contact a business consultant here because they have the expertise and the knowledge of running businesses whether online or offline.