If your target market is too broad, it can be a red light for investors. For example, if your product is perfect for people with money to hire landscape architects, listing “anyone with a garden” as your target market might not go over so well. The executive summary lays out all the vital information about your business within a relatively short space; typically, one page or less. It’s a high-level look at everything and summarizes the other sections of your plan. It’s more than the old cliche, “A failure to plan is a plan to fail. ” In fact, a wealth of data now exists on the difference a written business plan makes, especially for small or growing companies.
In addition to big numbers that encompass the total market, drill down into your business’ addressable market; meaning, local numbers or numbers that apply the grand total to your specific segments. By getting specific, you’ll illustrate expertise and generate confidence.
After looking at this sample, you’ll have a better understanding of the data and research you need to do for your own business plan. The Small Business Administration offers several free business plan templates that can be used to inspire your own plan. Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan. Then, as the business matures, it can expand on its original business plan with a new iteration of the above document. The business plan linked above was created here at HubSpot, and is perfect for businesses of any size — no matter how much strategy they still have to develop. Sell your business story with the help of this business plan template.
A properly written business plan can be shared with trusted people to get their advice. Mid-year is a good time to refocus and revise your original plans. Why not have the best second half you possibly can, right?
List every cost your business incurs, and make sure that you’re assigning those costs to each product or service that you sell. If you’re just starting out, your business may not yet have financial data, financial statements, or comprehensive reporting. However , you’ll still need to prepare a budget and a financial plan. The same is true with your market analysis when you estimate its size and monetary value.
Stay up to date with the latest marketing, sales, and service tips and news. Above all, keep getting feedback from your advisors – official and unofficial ones. With their help, you’ll create the perfect business plan that takes you where you want to go. This is where you describe your company and the product or service that it will sell. This must be brief, to catch and hold people’s attention. A good business plan will keep you on track and focused, even as day-to-day work becomes a distraction.