SHARE:
Plan It
Business Plan Components and Tips
5 Tips for a Better Business Plan
1) Choose a flexible format. Business plans should be easy to change as new facts emerge and early ideas are rejected in favor of better ones. Use 8.5" x 11" paper and package your plan in a binder that allows you to add, subtract and revise as needed.
2) Be thorough but concise. Tell your business story clearly and concisely. Potential investors want hard facts not flowery language.
3) Do your homework. Business plans are primarily used to entice investors, so prove that you’re worthy of their consideration: identify your target market; tell how your product or service is unique; and provide details about your competitors’ strengths, weaknesses and estimated market share.
4) Turn features into benefits. Potential investors want to know “What’s in it for me?” So focus on benefits rather than features, and use facts to back up your claims. Instead of “ABC product is priced significantly less than its closest competitor, XYZ,” try this: “By pricing ABC product 20% below XYZ, we’ll turn a quicker profit and you’ll recoup your investment within six months.”
5) Make it personal. Introduce your management team. Describe their previous accomplishments and show how they will bring their talent to this new venture.
Writing a business plan is not as difficult as it sounds, and there is no need for you to “reinvent the wheel.”
You can access the list of business plan components and individual articles describing what to cover within each topic at sba.gov/writing-business-plan.
For personalized help with your plan, classes and consultants are available through the Florida Small Business Development Center Network at FloridaSBDC.org.
- Free Downloads
