Companies who write a business plan are more likely to improve over the following year compared to companies that don’t.
We’ll go over the 9 key components of a business plan and how to write your own from start to finish.
Next we’ll get into the different mediums you can use to write your business plan (), then provide a business plan template that covers each component to include.
A traditional 20-30 page paper business plan is generally only needed when requested from a bank or investor.
Try it free for 60 days and then expand your one-page plan into a full business plan using the same process plus over 500 sample plans for inspiration. A business plan takes all the key considerations of your business, from your 1-sentence pitch to your revenue model, and puts it in a single neat document.
Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Even though your business plan is something you’ll reconsider constantly (such as, when competitors come and go), it’s not always necessary to put it down on paper.This is a bite-sized description of your business that explains your unique approach AND leaves the reader’s mouth watering.Here’s an example from a winner of Geek Wire’s 2012 one-sentence pitch competition: The rest of your executive summary should briefly explain your company’s story and introduce your specific products/services/locations.If you want a fast and easy way to make a business plan, check out Live Plan.It walks you step-by-step through building a one-page business plan using prompts, definitions, and video and text tutorials.Here’s all the common ways entrepreneurs write business plans today: Regardless of the medium you choose, or whether you’re writing a one-page or full-length business plan, there’s 9 key components all business plans include.While all of these should be considered, you may emphasize, skip, or move around some sections depending on your particular situation: The first part of your business plan is a brief summary of your business: Start it off with your 1-sentence pitch.If you’re selling a physical product, you can take a different approach and simply display your product with arrows pointing to all the unique features.Other ideas include a “before/after snapshot,” which illustrates how consumers went about a problem before and after the introduction of your product.Along with describing your target customers, you should outline the other businesses that exist in your space.Although every entrepreneur dreads to reveal their potential challenges, comparing yourself to competitors drives the point home on what makes you unique and advantageous. It’s incredibly rare for a business idea to be so unique that there are no existing competitors.