Business Plan Writing Tips
Does the very idea of writing your business plan make you want to snore? If so, it may not be a compelling document. Remember, this plan should inspire investors and partners to believe in your business and work with you to help you achieve your goals.
You don’t have to give up on your business just because writing a plan sounds boring. You only have to think about it differently. Here are some fun and inspiring tips for creating your business plan:
Get in the Right Mind Set
Before you even put pen to paper or fingers to keyboard, think about where you want this business to take you. Dare to dream big in this step. How will your business change your life? What kind of life will the income provide?
When you know how it will benefit you, think of all the other things your business will do. Will it disrupt your industry? Will your company bring happiness to your community? Again, think of your most massive goals for your company. Then, let those dream shine through in your document.
Account for Your Time
Now that you know where you want to go, think about how much time you will invest in your project. Don’t just think about the work itself, either. Consider how much time you may spend on invoicing, finding new customers, and more. When you account for all your time, you can figure out how much money you need to make to be worth it.
Consider All Costs
In addition to your time, what other business costs do you have? Think about the equipment, inventory, and marketing costs you may need. Add this to your time calculations, and you can get a good idea of how much financing you may need to get off the ground.
Repeat
Things change for all kinds of businesses, but especially for startups and freelancers. At least once each quarter, revisit your business plan and see if anything needs to change. If something in your personal life changed, you took on a new client, or you started offering a new service, it may be time to redo your plan.
You can also repeat your first step any time you want. Think about how far you want to take this business and how great it could be. You can let that dream guide you through your business plan and the everyday issues that entrepreneurs face. With these tips in mind, you can create a plan that is as smart as it is inspiring.
