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"How to Write a Great Business Plan?"

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You got your great business idea, you got the right partners to start the job, and you got your excitement building up. Now, either to secure investors or simply to build a guideline for the business, it's time to write a business plan!

A business plan is a lot more than a simple formality. It will act as a roadmap for your business, especially when the going gets though. Even when a pivot is necessary later on, your business plan can still help in a lot of ways.

However, writing a business plan can be a daunting task, especially for the first-timers. Thus, the following article will try to explain some of the important sections of a business plan, and how to write it properly.

Let's start with the first and arguably the most important one: the executive summary.

1. Executive Summary

Executive Summary is important because it tends to be the first (and could be the only) thing many readers read. There are two ways to approach the executive summary. Some advisors will advise for a long summary which can be a full business plan on its own. However, most modern business plans have shorter executive summaries, 1 or 2 pages long.

When writing a short executive summary, make sure each and every word matters. You should explain who you are and what's your overall plan as clear as possible. If you have charts or graphics that might support your claims or back up your forecasts, put it in the executive summary.

2. Business Description

Start with a short description of the industry your planned business will be in. Discuss the present condition, as well as some forecasts for future possibilities. Discuss current competitions and developments which may either benefit or disrupt your business.

3. Market Strategies & Competitive Analysis

The market strategies should be the result of an extensive market research. Doing the market research itself will be highly beneficial to familiarize yourself with your potential market.

How will you approach your target market? How will you communicate your product/service values to your target market? Those are some of the questions you must answer in this section.

4. Development Plan

How are you planning to develop your business? How long will it take?

How much budget will it need? Development stage of a business can be delayed multiple times, hence the importance of a proper development plan and timeline.

5. Management Plan

How are you planning to run your business? Who will be the core management team? You may also want to put operational expense and capital plan in this section.

6. Finance

Finance-related data and planning are usually put on the very last end of the business plan. However, it doesn't diminish its importance to the overall business plan. On the contrary, the financial plan will be an essential section especially if you're looking for an inspector.

A good financial plan on a business plan should include capital planning, feasibility study, financial projection, and operational expense plan.