Writing a convincing business plan for that idea or business you have that will attract investors at the first glimpse can go from simple to complete nightmare. However, this process of business development should not be a thing to be feared so much. There are important things that must be put in place if you want the process to be simple and yet get you the desired result that you want.
A business plan is as important to the business as air is to the human body; you cannot avoid it if truly you want to achieve success.
Every business needs a business plan; small, medium or large enterprise. You still need it because without a business plan you are running full speed into a war zone without an outline of what to do.
Many a time, the business plan often contains where you plan to go in the selected business. How you intend to achieve your set goals and visions with minimized risks and stress.
The process should never be rushed. In fact, you should avoid jumping into writing a business plan for the sake of “just having a one”. You must go through the hard process of gathering every needed piece of information about the cool business you intend venturing into.
If you do not have a deep-rooted understanding of the market that you are about to join, then there is every tendency that your business plan will be a faulty one. The result of this is ill-equipped to guide that will completely fail you in getting you to your goals.
How You Can Write a Great Business Plan That Can Attract Investors
Test Your Idea, Before Diving Heads in into It
As a newbie who has seen or heard of the success, a lot of investors attain in their chosen fields. You will most certainly be tempted to jump right into the business. Please do not try this; rather you should make sure that you get quality firsthand information and experience from key players in the niche. Also, from competitors and prospective customers in the industry.
Why should I do this?
Because it provides you with the opportunity to completely understand through the experience of such people what it truly feels like owning such a franchise. When you possess such a great arsenal of knowledge, you will be better equipped to write a great convincing business plan that can never be overlooked.
Ensure You Study Your Market Very Well
You need to study the market that you are about to enter into before you even write your standard business plan. That is why the importance of market research can never be overemphasized.
While you are conducting your market study, you will be exposed to things to expect from the market during your course of staying in business.
If you fail to do a good market analysis, you will be going in blind and caught unaware (risk being destroyed) by the market dynamics.
Another benefit of market analysis is that it helps you determine:
- The hottest trends that can grow the market in the future,
- how attractive the market is
- How fast the market is growing.
Share the Plan; don’t just keep the Plan Only to Yourself
We all fear that if we show our business plan to people, they might try implementing it behind our back. This might happen and may not happen that is why you should allow only trusted people go through and scrutinize your business plan.
One of the primary purposes for this is to allow room for corrections in areas that you might have missed out on. Only individuals who possess some knowledge or experts in your industry should be given your business plan to go through. You will certainly be shocked at the benefits this approach will give to you.
Be as Simple, Clear and Concise as You can
Every bit of detail you can provide are usually welcomed in writing a good quality business plan. Though that doesn’t mean you should abuse it by going overboard.
You must make sure that you are concise and clear enough to cover all areas that need to be covered. You make sure that an executive summary of your market niche. Your SWOT analysis, competitors, how you plan to overthrow them, opportunities that will bring about growth, your advertising strategy should also be made clear and your business strengths and weaknesses are included. It must also include factors that can affect your goals negatively in the business.
Make Sure To Put Your Plan to Effective Use
The business plan is not written so that you can just dump it in one corner of your table. In fact, it should be put to immediate use as this will prevent it from becoming useless. So what are you waiting for? Put it to good and proper use!
The plan should not be to start your business only; it should be written in a way that you can refer back to it to clear things when it seems as though you are confused or your business is going through difficult times. It must serve as a point of reference to clear things for as long as your business exists.
You should be quick to consult your business plan whenever you feel like you are missing an important step or a key ingredient to achieving your specified goal or targets. Your business plan functions, in the same manner, a compass does to a sailor on the high sea- Direction.
Its original purpose is to get you back on track whenever you feel that you are losing track of the original purpose of your business establishment. This tool has proven to be very effective in achieving success in many businesses. A lot of many business owners who still run their business attribute their business longevity to a good business plan.
Conclusively, If you plan to start your business soon and you desire to write a great business plan that investors cannot say “No” to. Then, you must follow each of the tips that I have listed above.
ABOUT THE AUTHOR
Balogun Owomide has a huge passion for spreading motivation, business and personal finance. I often write about How to make money, a finance blog on topics ranging from motivation, startup ideas, to small business financing and loans, business plans, marketing and franchise opportunities. You can reach me on Facebook at Balogun Owomide.