How to Create a Business Plan

Updated: May 19, 2020



A good business plan can help at each stage of a business. It creates a strategic roadmap on structuring, growing, and operating a business. In some cases, an operating plan may also be needed, to lay out tactical aspects of business, such as specific timelines and processes of the operations.


If you are starting a business or if you are an existing business thinking about getting a loan or an investment, having a business plan is a smart choice.


READ HOW TO APPLY FOR A BUSINESS LOAN


Traditional business plan outline includes:

  • Cover Page

  • Executive Summary

  • Company Description

  • Management and Operations

  • Services or Products Lines

  • Market Analysis

  • Marketing and Sales

  • Financial Statements and Forecasts


Executive Summary


This section of the business plan summarizes everything in your business plan. This section should be brief, but it will include important aspects of each topic in your business plan, such as basic information about the company, the management team, products and services, the target market. This section should also include the company’s mission and high-level financial information and funding request if you plan to ask for financing. Also, write to convince the reader that your business is ready to succeed.

Always keep in mind that the business plan is meant to answer the four W’s of your business: Who, What, Where and Why.


  • Who is the company and their management?

  • What is the problem the business solves?

  • Where is the company operating?

  • Why should the business get the reader’s attention (Loan, Equity, Sales)?


Company Description


This section includes basic information about who the business is.


  • Company Name

  • Legal Structure- date and place of registration

  • Business goals

  • Industry

  • What problem the business solves?

  • Who the target customers are?

Management and Operations


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