How To Write A Simple Business Plan

Below are the steps for creating a generic simple business plan, which are reflected in the template below.

1. Write the Executive Summary

This section is the same as in the traditional business plan - simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company.

2. Add a Company Overview

Document the larger company mission and vision.

3. Provide the Problem and Solution

In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.

4. Identify the Target Market

Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas.

5. Write About the Competition

In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.

6. Describe Your Product or Service Offerings

Get down to brass tacks and define your product or service. What exactly are you selling?

7. Outline Your Marketing Tactics

Without getting into too much detail, describe your planned marketing initiatives.

8. Measure Success

Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.

9. Include Your Financial Forecasts

Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting.

10. Identify Your Financing Needs

This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Additional:

The first step in starting a simple business is to identify your market, which will help you determine the goods or services you need to offer. Doing market research includes conducting surveys, looking at competitors and analyzing consumer data. Once you know your market, you need to create a business plan that defines your goals and strategies for achieving them. Your business plan should include strategies for marketing and sales, financial projections and operational processes.

Next, you need to determine what type of legal structure your business will take. The most common structures for small businesses are sole proprietorship, partnership and corporation. Choose the one that provides the right legal protection for your business and financial needs. The right legal structure is also key to securing financing.

Once your legal structure is determined, you will need to obtain business licenses and permits as required by local, state and federal regulations. It is also important to conduct intellectual property protection such as copyrights, trademarks and patents.

Then research potential target markets and locations. Consider the type of customer you're looking for and any other special requirements for operating your business (such as local zoning laws). You should also consider possible suppliers of materials, distributors and partners that might be used to bring your product or service to market.