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 Business Plans - Why They're Good For You! Submitted By: Emma Mitchell Many people panic at the thought of writing a business plan; it sounds very formal and can be a daunting prospect. The fear of knowing what to include and what template to use (there are so many!) can be stressful. As an entrepreneur with a creative flair for new ideas, writing a business plan is likely to feel completely alien to you - dull and far removed from the reality of actually running a business. Well, here’s the thing, a business plan is as much for YOU as it is for the audience you are presenting it to. Writing a business plan will provide clarity and vision to help you achieve your goals. It will ensure you’ve actually thought about every aspect of you’ve your business; your competitors, target audience, distribution, marketing and other fundamentals that could help or hinder your success. You could consider writing two business plans, one with a formal tone and one with a more passionate feel to it (the latter being specifically for you). Either way, remember the real goal of a business plan is to demonstrate you are an entrepreneur fully equipped to take on the world with your business, you’re more than a dreamer you’re a doer.A business plan is a statement of intent; of your goals and missions, of the competition and industry you are entering, of your business strategy. The style and format of your business plan should be tailored to the audience you are writing it for. If you are going to a bank for funding, then you should stick to a formal business plan (summarized at the end of this article for you). If you’re pitching to a business angel, you may wish to adopt a slightly different approach. Angels want to hear and see passion from you about your idea/business proposal, so you should think about how you could incorporate this into your business plan and make it a true reflection of you and your goals.Remember, a successful business on paper doesn’t necessarily translate into a successful business in real life, so don’t worry too much about producing the perfect business plan. The key elements to include are:-A full financial modelA marketing plan; including strategy, competition and product positioning People management (including you)Click here for the rest. |
 
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