Nine Steps to Writing a Business Plan

A business plan is one of the most basic steps to ensuring that you have all the pieces in place to either successfully launch a new venture or move forward in an existing one. A well-defined business plan is the framework for any operation. From a mom-and-pop business to a Fortune 500 company, a business plan defines goals for the future.

Nine key areas of a business plan

1. Define a goal that clearly states your purpose. A mission plan is the most basic part of a business plan.
2. What is the demand for your business? This examination requires actual data rather than a gut feeling.
3. Frame your goals. Your goals will be related to revenue or preparing a new product/service for release. Think big, but be realistic.
4. What makes you different? Why is your company unique? What are you doing differently or better than the competition? Why will consumers choose your business over others?
5. Show your knowledge of the market where you will be competing. Who are your competitors, and how do they go about business? What trends are on the horizon and how are you poised to take advantage of them?
6. Who makes up your customer base? You have to be able to provide a defined view of the demographics that you envision making the bulk of your sales to in order to use the most effective marketing techniques to reach those groups.
7. Provide your marketing goals. It is essential to devise a marketing plan. You need to not only lay out how much product you plan to move, but how you will go about that.
8. Define your marketing strategy. How are you going to reach your marketing goals?
9. Have an exit strategy. No one likes to plan for the worst, but should the worst be a reality, how do you close up shop while retaining as much of the business' value as possible?

If you need help

Writing a business plan is not a skill everyone has. While it can be pricey, professional business plan writers can either provide a complete business plan for internal or external use, which can save you time and money over the long run. If you just need help getting started, many websites offer templates that are free or inexpensive and easy to use.