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"DONE DEAL - The ProVen VCTs are managed by Beringea, a specialist venture capital fund manager which has been established for nearly 25 years."
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How to Write a Great Business Plan
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If you’re a small business owner, you should treat your business plan like it is your own personal Constitution. It is the plan that dictates how your business will run, what will make it profitable, and why others should support your business in the first place. Furthermore, the entire process of writing a business plan will help you organize how you plan to make your business transform from an idea into a profitable enterprise. Not to mention, it is almost impossible to receive loans from a bank or an investment from an outside source without a thorough business plan. It is important to remember that your business plan is never totally finalized; it should grow and expand as your business undergoes transformations. Here are the steps to writing a business plan that will help your small business succeed:
1. Start With a Cover Sheet
The first page of your business plan should include a cover sheet detailing the name of your business, your business’ address, and some general principles of what your business offers.
2. Add an Overview of the Company
Your business plan needs to include an overview of the company, which should provide information about when your business was formed, your general mission, your strategy, your business structure, any relevant legal information and information about any important partnerships you maintain.
3. Describe How You Plan to Execute Your Business
This component of your business plan is arguably the most important, because it is what small business lenders will consider first. You should include information about how much money your business needs and the state of the market in which your business operates. You need to be sure to include financial projections for at least three years, and be thorough: this is one of the first factors that investors will consider.
4. What Your Business Has to Offer
Go into detail about the product you are selling. Describe how the product will be manufactured and transported, and how much inventory you plan to keep on hand. If you are considering selling other products or offering other services in the future, outline those ideas as well.
5. Your Team
Your business plan needs to go into detail about your core management team and the experience they have. This is another key point that investors will consider, because more experience means a smarter investment for them.
6. Your Marketing Strategy
Go in depth about the strategy you plan to use to market your product. Be sure to include any market research you have gathered in order to add credibility to your business. You may also choose to include real statements from existing customers you have or other clients who have something good to say about your product or service. Be sure to include any information about an online marketing strategy you plan to use for your business.
7. Your Financial Projections
Your financial projections should be one of the final components you include in your business plan, because you won’t be able to get an accurate gauge for how much money you expect to generate until you consider all the other costs that will be involved in running your business.
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