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2 Business Plan to Start Your Business

First things first

Crafting a business plan doesn’t just help you create a blueprint of your business goals and expectations, it’s also an opportunity to reflect on how you’re going to meet those objectives. Before you jump into writing your business plan, there are several things you can do to better create a business plan that best sets your company up for success.

1. Be honest with yourself

According to Hull, entrepreneurs need be realistic when it comes to planning their businesses. This means addressing both opportunities and challenges your business might face, for instance, by identifying the best and worst case scenarios. “If you’ve got a strong idea, let it stand on its merit,” he wrote.

2. Be concise

A business plan should get straight to the point. You should avoid any fillers and get rid of any fluff. “Even if it sounds nice, fluff gets you nowhere and wastes space. Plus, no investors want to read a long business plan,” Hull wrote.

3. Be creative

Just because a business plan shows you’re serious about your business doesn’t mean it can’t be fun. One way to make your business plan more entertaining — and thus grab more attention and be easier to follow — is to add a creative element.

“Whenever possible, and without overdoing it, use visuals in your business plan. Graphs, charts, and images can help bring your concept to life. Plus, it breaks up the text and helps a plan flow better,” Hull wrote.

Simple business plan template

Generally, there are two types of business plans: one-page business plans and comprehensive business plans. If you have a more complex business that needs to hash out market analysis, financials and other strategic details, read ahead for expert advice on how to create a comprehensive business plan.

For other businesses, however, particularly those that just have an idea they want to try out or are not quite ready to delve into the details, a one-page business plan will do the job.

A one-page business plan has everything you need to concisely capture your business and what it will take to run it, all in a single page. The idea is to create a business plan as quickly as possible, so you can spend the rest of your time actually launching your company.