Every successful business starts with entrepreneurial spirit, an unstoppable idea, and… of course, a killer business plan! So if you have got those first two steps down, it’s time to get started thinking about how to formulate the roadmap you’ll need to reach your destination and have as smooth of a journey as possible. From who is behind the wheel, to how to tackle speed bumps, you’ll have to forge a path to making all those big, small business dreams come true. So, buckle up and get comfy, because we are racing through weSure’s top tips on how to create a business plan.
Brainstorm
With so much passion all in one place, it can be tricky to get started on boiling it down to the basics. Start by sitting down at your computer or a trusty notebook and jotting down everything you know you will need to include. Try to keep distractions to a minimum to stay zoned in. Yes, that means resisting any burning temptations to doom scroll! If you get stuck, no need to panic. Go for a walk at a nearby park to brainstorm or sit down with a close friend to explain your ideas. Focus on getting the creative juices flowing to make sure that you’re ready to lay it all out on the page.
Write
Ready to get writing? Check out all of the nitty gritty details you’ll need to include by perusing the National Small Business Administration’s Guide on how to create a business plan. Once you know what your plan needs to encompass, figure out how to format it. Make it easy on yourself with a roadmap for writing your business’s roadmap. We like the Forbes Business Plan Template. If you have all of the tips, guides, and maps you need to start, it’s time to hit the road. Ready, set, write!
Vision
Before you start crafting your business plan, you’re going to want to make sure that the vision you have for your business is 20/20. Create a summary that represents what you see as your company’s purpose and mission. Write down what you plan to do, where, with whom, and who will care. Then, share who you can help and why you can do it better than anyone else out there.
Description
If you can’t wait to brag about your future business, this is the place to do it! So be professional, but don’t hold back. Your goal is to show any reader that you know how to create a small business. So, write down all of the advantages that make your company strong and unique. You can start with expanding on your vision by sharing what your business has to offer. Does it solve a problem? Who can you serve? What is your product or service all about? Do you have anyone special on your team? Show your reader that you have thought this through and know exactly how your business can make an impact.
Strategy
Time to reveal your secret weapons. How are you going to make sales? Explain what ways you can make money and how you are going to sell. For example, are you just selling products, or do you intend to take advantage of affiliate or advertising opportunities too? Are you all about e-commerce or do you have a physical store in an up and coming locale? Of course, you’ll also need to explain how you plan to reel in customers too. Aim to include a marketing plan and the cost you’re willing to spend to promote your business.
Financing
Let’s talk numbers. Chances are, you’re going to want some extra money to get your business going. If that sounds like you, you’ll need to prove you understand the financial aspects of how to create a small business in order to get funded. You’ll want to explain in your business plan how much you’re going to request, what you will use it for, and your terms. For example, how and when will you pay off the debt? Or, do you prefer to accept equity instead? If you have additional costs such as expensive equipment, share that too. Align your request for funds with specific projections that show how your business is doing now and what you expect to happen financially over the next five years or so.
Substance
We know you’re truck loads of fun, and we are sure your business is too. But make sure to keep the business plan solid and serious. Always keep in mind who will be reading it. For example, a banker is probably going to have a hard time valuing your business based on your claim that it is going to be the “best” or most “amazing” of its kind out there. So, keep it concise. Focus on the details that really matter and save the sparkling adjectives and any overestimations for all that bragging you’ll have to do when your business takes off.
Support
Better than telling all about how great your business will be, prove it. Consider including research on your competitors and conducting a market analysis to show how well you understand your future customers. We recommend using statistics and an appendix with documents that can support your points or claims. Feel free to get fancy by including graphs or charts to make your structure and points clear. Remember, without all of the practical details and verifiable facts, it is tough to show you know how to create a small business that can go the distance. So, be sure to make sure it looks and sounds as great as you do!
At weSure, we know that owning a small business can mean you will face roadblocks along the way. Learning how to create a business plan might just be the safest part of your entrepreneurial journey. That’s why we are here to make it as easy as possible to keep your business covered when accidents happen. Our vision is to cut out the complications and make things super simple, so you can choose the coverage you want and leave off what you don’t. It’s as quick and easy as a pit stop! To learn more, explore what we cover and the businesses we cover. Or, if you’re ready to hit the gas, click here to get a quote faster than you can go from 0 to 60.
