{"id":1296,"date":"2023-07-26T11:15:00","date_gmt":"2023-07-26T11:15:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=1296"},"modified":"2023-08-31T10:01:17","modified_gmt":"2023-08-31T10:01:17","slug":"business-plan-2","status":"publish","type":"post","link":"https:\/\/businessyield.com\/business-plan\/business-plan-2\/","title":{"rendered":"BUSINESS PLAN: How to Write a Business Plan [with Sample Pdf]","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

A business plan can be likened to the heart and life-wire of a business. Without it, a business cannot survive some inevitable setbacks. Anyone who is serious about their startup<\/a> or expansion needs to have a well-crafted business plan that depicts their modulus operandi. Without much ado, we will show you how to write a business plan, the essential information and components to be contained in it, and provide a sample business plan written by Businessyield Consults<\/a>.<\/p>\n

You can download the sample later on as a guide to help you write a good plan for your business.<\/p>\n

Before we start on how to write a business plan, we need to find out what a business is.<\/p>\n

What is a Business Plan?<\/h2>\n

A client with whom I was working argued that a company does not need a plan. He sighted instances of companies he knew that did not have a business plan. After proper evaluation, we found out that he did not really know what a business plan was.<\/p>\n

Now let us break it down.<\/p>\n

A business plan is a document with every crucial detail of the business operation and growth plan. As a result, it covers what you are going to sell or produce; the structure of your business, your vision, how to sell the product, how much funding you need, information on financial projections; and basically everything your business needs to thrive. Doesn’t this sound like just a written-down plan? That is a business plan, simply put!<\/p>\n

It actually guides you through each stage of starting, managing, and expanding your business.<\/p>\n

The mistake most people make whenever a business plan is mentioned is that they think a professional business analyst needs to write it. That is actually true, but not entirely.<\/p>\n

Insofar as giving it that professional touch makes it more comprehensive, it doesn’t dissociate the fact that you can craft out a guide that you can follow to run your business.<\/p>\n

The Benefits of a Business Plan<\/h3>\n
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There are numerous benefits<\/a> you, as an entrepreneur, can gain from having a business plan. First, think of it as a GPS. It helps steer your business in the right direction. Also, business plans can help you get funding or bring on new business partners. Investors want to feel confident they will see a return on their investment. Your business plan is the tool you will use to convince people that working with you or investing in your company is a smart choice.<\/span><\/p>\n<\/div>\n

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In addition, having a business plan does not guarantee success in business. Absolutely not! But great planning is often the difference between success and failure.<\/p>\n<\/div>\n

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What a great business plan does is help you succeed. It sets the stage for your entrepreneurial success.<\/p>\n

See Also: how to choose a business name<\/a>. You require a business name before writing a business plan.<\/p>\n

Download 500+ business plans instantly<\/a><\/strong><\/h5>\n

Who is responsible for writing a business plan?<\/h2>\n

Any individual or a group of individuals who start a business is responsible for writing a plan though one can choose to hire a business consultant<\/a><\/strong><\/p>\n

It\u2019s important to remember that this is not a document for internal use only. On the contrary, it is a promotional document that will undergo constant updates and changes. As your business grows and market condition changes, the business plan also undergoes changes.<\/p>\n

Keep in mind who you are writing to (investors, customers). In other words, write your business plan in an easy-to-read language without difficult words and terms.<\/p>\n<\/div>\n

Basic Components of a Business plan<\/h2>\n

Did you know that a business plan can just be written to source funds?<\/p>\n

So, whether you\u2019re writing a business plan to raise money and grow your business or just need to figure out if your idea will work, every business plan needs to cover 7 essential areas, and each of these components is important and should not be left out.<\/p>\n

Here\u2019s a quick overview of each topic. We have an in-depth analysis of each in the sample business plan you will get later on in the post.<\/p>\n

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#1. Executive Summary:<\/h3>\n

The executive summary is an overview of your business, vision, and plans. It comes first in your plan, and is ideally only one to two pages. Most people write it last, though this is because it is the summary of other components of a business plan.<\/p>\n

An executive summary is meant to cover the following;<\/p>\n