For many people a business plan is a fairly mysterious document and you may wonder if it’s really, truly necessary for the kind of business you want to start? What type of information should it contain? How many pages should it be? Does it have to be detail-oriented or high level? The answer to the first question, universally, is yes; an idea has no real value until a business plan is written.
A place to lay out and structure your ideas, determine the viability of your project, set up an action plan, figure out how much everything will cost, identify the competition and even establish your financing and marketing strategies, a business plan is a document that can help you gather all of the important information regarding the set up of your business. If you plan on applying for grants or funding, selling your project or you’re looking for partners, a business plan is the first thing they’ll want to see.
There is, of course, a cornucopia of online tools available to help you write a business plan but none of them will be able to help you determine what purpose it’ll serve and who it’s destined for; two fairly fundamental questions when it comes to writing effective copy.
Knowing what the business plan is for will help you list all of the necessary information and knowing who’s going to read it will help you decide what to focus on, in more or less detail. “What” and “who” are thus the two determining factors when writing your plan.
And don’t neglect the quality of the document either; make sure it’s free of typos, spelling and/or grammatical mistakes, something that could give readers a bad first impression of you, and your business. Having it revised by a professional will help ensure that it’s up to par, and show that you’re serious. Having it professionally edited also costs a lot less than you might think, and the benefit is priceless: you might as well stack all the odds in your favour, right?
So whether you’re just getting started or working on the final touches, you don’t have a moment to waste. A well-structured and written document is like a foot in the door that will help you on your way to a successful business. Ready, set, go; it’s time to get typing.
Check out CCE's course Creating Your Business Plan, part of the new Diploma in Entrepreneurship!