Have you ever put together a detailed, results-oriented business plan from start to finish? If you’re a business world novice but you want to ensure that your first start-up attempt goes as well as possible, knowing the basics of fleshing out your own company plan can be enormously useful. Although you may think of business plans as long, needlessly complex, and time-consuming to assemble, the truth is that you may be able to painlessly put together your own plan by following certain phases in the right order. From writing up an executive summary to doing your first round of market research and more, here’s how you can begin putting your personalized company plan together in three detailed phases.
1. Flesh Out a Detailed Executive Summary
You may not have thought about including details related to the company’s executive branch in your plan, but this information can prove crucial to determining the scope and structure of your fledgling company. Be sure to flesh out a complete executive summary and include important points such as:
- The estimated starting size of the company
- The legal structure of the business
- The company’s primary goals
- Expected lineups of products and services
- General approaches to branding and advertising
2. Conduct Exhaustive Market Research To Help the Business Stand Out
Market research is one crucial business tool that can help you find simple ways for your business to stand out and attract more of the industry market share. Before you write out the ways in which your company is different from its competitors, you’ll have to do your homework to find out more about:
- Competitors’ marketing strengths
- Areas of your niche that are more or less crowded at the moment
- Marketing angles that could help you stand out
3. Create a Marketing Plan and Pinpoint Sources of Financing
Having an advertising plan and adequate financing or funding can make or break even the best-planned up-and-coming businesses. In your plan, make sure to include:
- Potential advertising channels
- A general branding approach
- Sources of financial backing
- Potential loans
- Estimated monthly and yearly expenses
When you’re working on your inaugural business plan, it can be easy to get lost in the details, feel the process is taking too long, or even become overwhelmed. If you’re experiencing these difficulties, knowing the three phases to follow can help. Make sure you write up an executive summary, conduct exhaustive market research, include an advertising plan, and pinpoint potential financing or funding sources for your business to write your first fully-baked, detailed company plan as painlessly as possible.
