How to make a business plan when you don't have a business degree
Are you like me and though that it takes a college degree to write a business plan? Fortunately I was wrong, there is an easy way to go about doing this.
As you know, a business plan is essential for any new business venture. But what exactly goes into a business plan? And how do you make sure you cover all the important bases?
Here’s a quick rundown of the key steps involved in creating a business plan:
STEP #1 KNOW YOUR AUDIENCE
Before you even start writing your business plan, it’s important to know who you’re writing it for. Are you targeting potential investors? Bankers? Partners? Customers? Each group will have different needs and expectations, so make sure you tailor your plan accordingly.
STEP #2 DO YOUR RESEARCH
Once you know who your audience is, it’s time to start doing some research. What does the market look like? Who are your competitors? What are your customers looking for? Answering these questions will help you formulate a solid business plan.
STEP #3 DEFINE YOUR BUSINESS
What exactly is your business? What products or services do you offer? What is your unique selling proposition? What differentiate you from your competitors. Answering these questions will help you organize your thoughts and focus your plan.
STEP #4 CREATE A MARKETING STRATEGY
How are you going to reach your target market? What kind of marketing mix will you use? What is your budget? Your marketing strategy should be well thought out and aligned with your overall business goals.
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STEP #5 WRITE YOUR EXECUTIVE SUMMARY
This is arguably the most important part of your business plan. This is where you’ll give a brief overview of your business, your products or services, your marketing strategy, and your financial goals. Make sure this section is clear, concise, and easy to understand.
STEP #6 FLESH OUT THE REST OF THE PLAN
Once you’ve written your executive summary, it’s time to start fleshing out the rest of the plan. Include detailed information about your company, your products or services, your target market, your marketing strategy, and your financials.
STEP #7 GET FEEDBACK
Once you’ve completed your draft business plan, it’s important to get feedback from people who can provide an objective perspective. Ask friends, family, mentors, or colleagues for their thoughts and suggestions.
STEP #8 MAKE REVISIONS
Based on the feedback you receive, make necessary revisions to your business plan. Remember, your goal is to create a document that is clear, concise, and easy to understand.
STEP #9 FINALIZE YOUR PLAN
Once you’re happy with your revised business plan, it’s time to finalize it. Print it out or save it as a PDF and keep it handy for reference.
CONCLUSION
Creating a business plan may seem like a daunting task, but if you break it down into smaller steps, it’s actually quite manageable. And remember, your business plan doesn’t have to be perfect – it just needs to be good enough to get the job done.
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