The 5 W's of Writing a Successful Business Plan

Getting down to business writing a business plan

You have a unique product or service offering and the only thing between you and achieving your dream of making it big is a solid business plan. Like many entrepreneurs before you, you’re the expert on your product or service, but do not know where to start in transforming the ideas in your head into a pretty package that will get you seed money to start your business.Lucky for you, you probably already possess the skills to accomplish this daunting task. It's pretty simple.  It needs to contain all the same elements your elementary school papers did, only with an entrepreneurial twist; who, what, where, when, why, and how.

Start by asking "who"?

Perform market and competitive research to describe and quantify who your customers, suppliers, competitors, and substitutes are. Also define who you will recruit to be on the team that will successfully carry out your business plan.

Next step:  Define "what"? 

Explain what unmet needs your customers have and what your product does to meet them. Use facts to depict what advantages your product has over the competition and what share of the market you expect to gain with this advantage.  Identify what message you will deliver to what audience at what time to maximize your revenues.

Then describe "where"? 

Understand your industry’s environment by defining where your business will operate and what risk factors may impact your sustainability. This will help you to understand industry trends, regulations and potential barriers impacting your business plan. It will be equally important to identify where your potential customers will be coming from, where they do their research and where you can efficiently deliver your solutions to them.

When is this going to take off?

Provide a clear timeline defining when you will begin attracting customers, when you expect your business to break-even, when it will become profitable and when investors can expect a return on their investment.

Explain "why"?

Communicate why potential lenders should invest in your business by providing a clear vision, mission statement, objectives and measurable goals that tie back to a viable product or service, scalable financial plan and attainable ROI.

Finally, clarify "how".  

Show lenders how you will carry out your plan by providing details on your operations. Be sure to include how you plan to develop your human capital, policies and procedures, quality assurance, compliance, customer service, sales, and marketing processes. Don’t forget to provide explicit details on how investors can get involved in financing your company and how they can expect to be paid back.

It's as easy as that! In essence, writing your business plan is no more difficult than writing a high school paper. With some research and good writing skills, you’ll deliver a business plan that will be irresistible to any wise investor!  Get started now by clicking below to download our free business plan template. 

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I'd like to know any creative business plan writing tips or resources you've found useful. Please share them with our audience in the comments section below.  I look forward to hearing your feedback!