Business Plan Writing For Early Stage Businesses
Too many new business owners and would be entrepreneurs think that business pan writing is something that is beyond their skills or abilities. When writing a business plan for corporate finance there are a few important points to remember.
While it’s true that not everyone is a wordsmith, or an accountant, who can create great text, and flawless financials, business plan writing really is something you should have a very big, very hands on role in doing.
Think about it this way – who else but you knows exactly what you want your company to be? What you want to do and where you want to go? You’re the only person out there who knows everything about your idea, which makes you the only person truly qualified for business plan writing for your business!
If you are worried about the writing or numbers portions of the business plan writing process, it’s easy enough to hire a professional to clean up your prose, and go through your spreadsheets, or you could use business planning software or templates to ensure a professional result.
There are plenty of options out there that will give you a professional result – just don’t abdicate the business plan writing totally. It’s a great learning experience, and it’s a given that a plan you prepare will be more in depth and personal than anything you pay someone to do for you.
Things to Do Before You Start Business Plan Writing
If you thought business plan writing was a matter of sitting down in front of your computer, and just writing whatever pops into your head, then you’re in for a nasty surprise. There’s plenty of work and research that happens before business plan writing starts, and you’ll need to put in some effort before you start to make sure your plan turns out the way you want it to.
Here are a few of the things you should do before you settle down to business plan writing:
Learn about the basic format and layout that all business plans adhere to. There are certain sections and information that goes into every plan, regardless of what type of company, and for what purpose you are writing the plan. Find out about the specifics for your type of business, and your business stage. Different types of business require additional information, and you’ll write slightly different plans for start-ups, mature companies, business growth, and other stages of your business life. Research your market, investigate your competition, think about pricing, and do as much research as you can about your potential business area. The more you know, the better prepared you’ll be for business plan writing. If you’re unsure of your abilities, hire a freelancer to clean up your writing, find yourself templates or sample plans, or invest in business plan software.
Once you’ve got all your information ready, and a plan for creating a professional business plan, you should be ready to get down to the business of business plan writing, and have more confidence doing it.
What You Gain from Business Plan Writing
If you still think of business plan writing as a chore, then it’s probably time that you found out what the benefits of business plan writing are, and what you will gain from writing your own business plan.
The first benefit of business plan writing is that it forces you to think harder about your business idea. You’re forced to consider all the risks and rewards, your budget and all kinds of other things that you might not have thought of while you have the rose coloured glasses of early entrepreneurship on!
If you’re applying for finance or investment, business plan writing also helps you to crystallize your thoughts, and really get to know the nuts and bolts of your business idea, which prepares you for the meetings and presentations to come.
Finally, there’s the sense of accomplishment you’ll get from successful business plan writing. It may just be the first concrete thing you do to get your business started, and putting the final touch to your business plan is something that will give you the confidence boost we all need to keep going during the early, uncertain days of your venture.