How to Write a Business Plan: 9 Elements To Include

80% of small businesses never make it past their first year, and one reason for this is a lack of planning. Having a successful business plan in place before launching your start-up increases your chances of success considerably - not because you'll follow the plan to the letter, but because it forces you to think deeply about what you're trying to accomplish for your end-users and how you'll go about doing that.

A business plan is a written document that defines the goals and objectives of your business and how you will achieve them. It's used to communicate with others, like investors and lenders, about your vision and how you will achieve it.

A well-written business plan can be your road map to creating success for your small business. Similar to how you would map out a road trip, you need to understand where you are going and the steps it will take to get there - even through you might have to take a detour or two along the way.

There are many business plan examples on the internet today, and they're not likely to be an exact match for your needs. That said, there are fundamental building blocks you need to include in every solid business plan. Here are just a few key elements:

• ? Executive summary. As its name suggests, it is an overview of your business concept, including your mission statement.
• ?? Company description. This includes the details of your company, such as who your customers are, the results of your SWOT analysis, and your USP.
• ?? Objective statement. Identify your short- and long-term goals as well as your strategy on how to achieve them.
• ?????? Management and organization. Who runs the business, and what is each person’s involvement? Also, what is the legal structure?
• ?? Products and services. What are you selling to your customers, and how does it work? If you have intellectual property, include it here.
• ???Sales and marketing. How will you reach the eyes of your target customers to effectively sell your products/ services? What strategies will you use?
• ?? Funding request. If you need money to start, this section outlines how much you’ll need and for what over the next five years (at least).
• ?? Financial projections. This is where you estimate your sales, income, expenses, and other business collateral, or anything that can easily be sold to satisfy a debt (equipment, real estate, inventory, etc.).
• ?? Appendix. This section includes all other miscellaneous documents that may be needed for patent applications, contracts, permits, etc. It will more often be used by those seeking loans.

Your goal with a business plan is to show your investors, partners, colleagues, and yourself that you have a keen understanding of the market, your strengths, your weaknesses, and any opportunities and threats on the horizon.

Go forth and conquer your market!