A business plan outlines goals, strategies to achieve them, and timelines. It covers market analysis, financial projections, and organizational structure. Even without funding, a well-crafted plan guides business growth.
- Use an outline with key sections.
- Learn step-by-step how to write a plan.
- Get tips for getting the most out of it.
- See examples to inspire you.
- Summarize the entire plan in one page for executives.
- Decide between a traditional plan or a lean canvas.
- Identify target customers, sales channels, revenue streams, and costs.
First Steps in Creating a Business Plan
What is the first step in a business plan?
Compelling business plans articulate clear objectives and deliverables while providing practical steps for achieving them. The first step in creating a compelling business plan is to develop a clear understanding of what you want to achieve.
- Develop a clear understanding of your business goals and objectives.
- Assess your company’s strengths and weaknesses.
- Conduct market research to understand the industry and competition.
Crafting the Executive Summary
It’s the first (and perhaps only) part of your business plan a potential investor will see. Begin your executive summary with a brief, engaging introduction.
- Tailor this to suit your audience or the type of business.
- Touch on the most critical points contained within the rest of your business plan.
- Tell readers who you are, what your business does, where you’re located, and how you’ll operate.
Using these steps to write a business plan will help you understand your market, competition, point of difference, and plan for the future. For more tips on growing teams and building a business, check out all our articles on Ideas by WeWork.