How to Write a Business Plan Step by Step

By Elizabeth Macauley
Published: July 14, 2021 | The Hartford Small Biz Ahead

1. Executive Summary

Your executive summary explains who your company is and why it will be successful. In this section, you’ll want to briefly explain your product or services and company’s structure.

If you’re writing your business plan to ask for financing from investors, you’ll want to include high-level financial information. You can also mention your growth plan and then elaborate on it later to provide more in-depth details.

The executive summary is also the place to outline and explain your company’s goals. This helps document your business’ direction. Keep in mind that this section of your business plan shouldn’t be over two pages in length. You’ll want it to be a quick read for someone who doesn’t have time to look through the whole report.

2. Company Details

This section of your business plan should start by outlining your industry. So if you own a store, you’ll want to discuss your retail environment in detail. You can also highlight any expertise or experience you have within your industry. So, if you own a jewelry store and have years of experience making items, be sure to highlight that.

When discussing your industry, include details about your competitors. You’ll want to mention their products and services, but it’s okay to keep it brief in this section. You’ll elaborate more about competitors in your marketing section of the plan.

3. Description of Products or Services

Your lineup of products and services is one of the most important aspects of your business. So, in this section of your plan, you’ll want to include a detailed description of them. Be sure to specify how each will benefit your customers and why they need them. You’ll also want to detail:

• Cost
• Features
• Distribution
• Target market
• Competing products

4. Market Analysis & Strategy

Before you write your business plan, you should conduct thorough market research. This will include what your customers’ needs and preferences are. This will help you define your target market. And once you know who your clients are, you can conduct your research by…[More]

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To read the full article by Elizabeth Macauley, visit: How to Write a Business Plan