How to Create a Business Plan: Step-by-Step Instructions”:

                   How to Create a Business Plan: Step-by-Step Instructions”:

Preparation of business plan is one of the most important requirements when it comes to converting your business idea into success plan. Whether it is a new business, or you are looking for funding for an existing business, a business plan acts as the guide to success. Use the following instructions in order to learn how to develop a solid business plan step by step.

Step 1: Executive Summary

The executive summary is also that first section of your business plan but usually it is created after the rest sections. This section gives a brief description of your business idea and objectives of the business. It should include:

- Business Name and Location: Pronounce your company name and the locations it serves.

- Mission Statement: State what business you are in and its primary mission and objectives as well as the key beliefs and guiding principles of the organisation.

- Business Objectives: List your vision and your mission.

- Product/Service Overview: Summarise what you are selling or marketing.

- Market Opportunity: Emphasise the specifically appealing market, and the market that you are about to conquer with the help of your product.

-Financial Highlights:  Learn how to give a summary of your financial estimates.

                Step 2: Company Description

Here, provide the reader with an elaborate profile of your company by responding to the following questions. Include:

- Business Structure: Indicate if you are a sole trader or proprietor of the business, a partnership business, a corporation or an LLC.

- Ownership and Management Team: Highlight the main personalities in your business, their positions, and what you know they know about the business.

- Business History: Depending on your company, you may wish to give a historical background of your business and highlight the accomplishments that has been made thus far.

- Location and Facilities: Explain what city and state your business is situated in and which physical properties belong to the company.

Step 3: Market Analysis

A proper market analysis shows the stakeholders that the manager knows the industry and market of the organisation. Cover these key points:

-Industry Overview:  Describe the contemporary and prospective scenario of the industry you are operating in.

- Target Market: Create your target customer profile by demography and consumption pattern.

- Market Needs: Find out the gaps that your business organisation seeks to fill.

- Competitive Analysis: Categorise your competitors, learn about them and their pluses and minuses.

- Market Trend:  Outline current market trends and dynamics having relation to your business.

 Step 4: Organization and Management

Talk about the structure of your business and qualifications of the managers. This should include:

-Organizational Structure: The organisational chart of the hierarchy and the roles includes:

- Ownership Information: Name the business and show the owners and their proportions.

- Management Profiles: This section should comprise detailed descriptions of your management team and how they add value to your business.

- Advisor: If any, tell them of any advisory boards or consultants if any.

 Step 5: Products or Services

Explain briefly the nature of your business and who it is that you are in business for. Include:

- Product/Service Description: It is recommended that the amount of detail given about your products or services should be extensive.

- Unique Selling Proposition (USP): Describe how is your product or service unique from competitors out there.

- Lifecycle: Explain how your product/service is developed, marketing and sales strategies currently and in the future.

- Research and Development: Explain how your current research and development programmes will affect your products and services.

 Step 6: Marketing and Sales Strategy

Your marketing and sales plan describes how your business is going to bring and retain customers into your business. Include:

- Marketing Plan: Pricing, promotion, and distribution are some of the marketing strategies you should describe.

-Sales Strategy: Describe your sales plan and your sales procedure.

- Customer Retention: It very essential to describe how you are going to retain the customers.

- Budget: In your plan, it is required to present the approximate numerical values of budget dedicated to the specific marketing and sales initiatives or campaigns.

 Step 7: Funding Request

If you’re in need of financing, make your needs known by including this section. Include:

- Funding Requirements:  Describe how much money you want and how you are going to utilise the resource.

- Funding Sources: If there is any, detail any possible source of finance – loan, investors or grant.

- Future Funding: Describe any funding requirements likely to be required depending on growth forecasts.

 Step 8: Financial Projections

Ensure that you present concrete detailed financial forecasts to show how financially profitable the business is bound to be. Include:

- Income Statement: Forecasted profit and loss for the next three to five years had to be included.

- Cash Flow Statement: Projection of your cash flow in the same period.

- Balance Sheet: You are required to prepare a projected balance sheet.

- Break-Even Analysis: Determine the total number of units sold over which costs would equate or be equal to the total revenues earned.

 Step 9: Appendix

It has all the extra details that you want to include in your business plan but are not necessarily essential. Include:

- Resumes of Key Team Members:  Be sure to include comprehensive vitae of people in your management team.

- Product Images: Add picture or images of your existing products.

- Market Research Data: Include any other market research which you have done to support your analysis.

- Legal Documents: Attach any and all pertinent legal papers such as incorporation papers or patents, policies or procedures.

             Final Tips

- Be Clear and Concise: Avoid the usage of technical terms and as much as possible, keep everything simple in your business plan.

- Use Visuals: Avoid long paragraphs, instead, use bulleting points, subheadings and whenever possible try using charts tick box etc across the report.

- Review and Revise: Note well that every business should have a living business plan which should be revised time to time as the business expands.

Creating a business plan may sound like a much complicated process, but it is not when you have followed the process given here in order to make sure that you have the right business plan to help your businessarnation to succeed.

If you follow these steps, you’ll be ready to write a business plan that guides your company to get investor funding, rally its employees to the cause, and successfully plan how the firm will grow in the future.