How to Write an Effective Business Plan 

Nearly all business experts agree on one thing: the importance of drafting a business plan. Yet plenty of companies plunge into the competitive arena without a formal plan. Why? We’ve heard plenty of excuses posing as reasons.

A lot of new businesses are carried away and figure their passion and optimism are enough to build a successful company. Others say they were just too busy to develop a formal business plan. But operating without a plan can prove even more time-consuming in the long run.

The time you invest in your business plan will pay off many times over. Some of the most obvious benefits you can gain from business planning include:

  • An opportunity to test out a new idea to see if it holds real promise of success

  • A clear statement of your business mission and vision

  • A set of values that can help you steer your business through times of trouble

  • A blueprint you can use to focus your energy and keep your company on track

  • Benchmarks you can use to track your performance and make midcourse corrections

  • A clear-eyed analysis of your industry, including opportunities and threats

  • A portrait of your potential customers and their buying behaviors

  • A rundown of your major competitors and your strategies for facing them

  • An honest assessment of your company’s strengths and weaknesses

  • A roadmap and timetable for achieving your goals and objectives

  • A description of the products and services you offer

  • An explanation of your marketing strategies

  • An analysis of your revenues, costs, and projected profits

  • A description of your business model, or how you plan to make money and stay in business

  • An action plan that anticipates potential detours or hurdles you may encounter

  • A handbook for new employees describing who you are and what your company is all about

  • A résumé you can use to introduce your business to suppliers, vendors, lenders, and others

Take our word for it: Time spent putting together a solid business plan is time well spent. In fact, the more time you spend, the better prepared you’ll be. But don’t be overwhelmed at the prospect. The basic components of a business plan are fairly simple.

Here's What You Get: 

All this information contained within:

  • How to Put Together Your Own Company

  • How to Market Your Product or Service 

  • How to Estimate Start-Up Costs/Expenses 

  • How to Develop a Business 

  • Helpful Resources 

  • How to Choose a Location

  • How to Prepare Financial Information 

  • Sample Annual Budget 

  • Sample Business Plan Outline 

  • Sample Cover Letter 

  • Sample of a Complete Business Plan