I’ve started 4 businesses in my life and avoided writing a business plan until I started my current business, “MeetGeraldine”. The benefits of writing a business plan has been invaluable! We grew our team, our business received a large sum of funding in 2015 and our financial projections have helped us understand where we are and what needs to be done to reach our yearly growth goals.
This process is also helpful for entrepreneurs that have been in business for years and are ready to take it to the next level!
Here are some business plan writing tips that I hope will help bring ease to your process:
- If you are in a partnership or considering a partnership, it’s best to write the plan together. It will serve as a blueprint for your business and can also reveal whether or not you are on the same page as far as your plans.
- Take it one step at a time. Business plans have standardized sections and you should create your plan accordingly. Start with the part that inspires you the most so you get motivated to push forward.
- Find as many free resources online and at your local library for your research information.
- Ask a third party- a friend that is knowledgeable about business or your local SBA chapter or Business Development Center to look it over for you to for feedback and/or see what questions they have for you.
- Once you have done your financials, make sure they are in line with the rest of your business plan. For example, if you are showing an increase in sales one month, check to see that the written sections explain why and how you are going to do this.
Need help understanding the sections of a business plan? Register for the 9 Week Business Plan Workshop, classes are offered twice per year.