How to Write a Business Plan

By Elizabeth Macauley
The Hartford Small Biz Ahead
Originally Published: January 18, 2021 | Updated: May 18, 2023

Every business owner needs to establish a direction for their company. Luckily, you can do just that by creating a business plan. It serves as a roadmap for how to structure, run and grow your operation. It helps you:

• Plan for the future
• Establish clear goals
• Find weaknesses you can address

It can even help you get funding or express your business idea to investors if you’re trying to start a business. But how do you create a business plan? To find out, read through the steps below:

How to Write a Business Plan Step by Step

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…[MORE]

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To read the entire article by Elizabeth Macauley at The Hartford Small Biz Ahead website, visit: How to Write a Business Plan