Date: 2017-04-04 20:30
The last piece of advice I have for formatting your business plan is to get a second pair of eyes. When you’re the only one working on your plan, you can become blind to some of the errors that you might have made.
What is your sales forecast? How much money do you need to get started? How much of your own money do you intend to contribute? How much do you need from outside sources? Remember, this is just a summary, so keep each point as brief as possible by leaving out any detailed explanations, and using bullet points and short paragraphs.
If you're new to business planning, it can be really helpful to see some samples before you start writing your own plan. That's why LivePlan includes an extensive library of real sample business plans. Here's a full list of sample plan categories.
Do not expect that all of your plan's initial assumptions will be correct. Instead, look at your business plan as an ongoing assessment that you will frequently review and change to conform to actual operating experiences. For example, your cash flow projection should be updated frequently to ensure ongoing liquidity (not running out of cash).
For instance, if one of your goals is to have a certain number of new clients or customers by the end of the year, your objectives might include creating a customer referral program, revamping your website and blog, or hosting an online competition to gain a greater following on social media.
&ldquo I recommend drafting on paper first, but make sure you review what you write as you go,&rdquo says Lang. &ldquo If you have a good concept you&rsquo ll be surprised how rapidly the ideas and notes flow from the pen.&rdquo
Boyer suggests gathering smart critics and having them tear your plan apart. Once you&rsquo ve addressed the issues they&rsquo ve brought to light, you can let them have another go at it. You can repeat this process until most of them are confident in your plan.
Learning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.
If our sample plan isn't exactly what you are looking for, explore our free business plan template. Or, create your own custom business plan easily with LivePlan.
For instance, rather than describing the type of food you plan to serve in your restaurant, you could include a menu, and instead of explaining how your product works, you could include a series of images showing what it does.