12 Tips to Write Your Business Plan

1. Do this before writing your business plan

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If you dive right into the planning process you’re more likely to waste time and become overwhelmed. Before you start, consider why you need a plan and organize your thoughts on a single page.

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2. Understand what makes a great plan

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There are certain factors that make a great business plan. This includes the plan fitting your business needs, being realistic, and addressing assumptions. Here are a few other traits that can truly elevate your plan.

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3. Focus on crafting a compelling message

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Many small business owners use their plan to convince others that their business idea is worth investing in. To do this successfully, you need to consider how the plan will be read and what can make it engaging.

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4. Know why business plans fail

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A big reason why businesses fail is ineffective planning. Knowing what causes business plans to hinder business growth or be rejected by lenders can help you write a better plan and become a better business owner.

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5. Avoid these common planning mistakes

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Simple mistakes can lead to a mediocre or ineffective business plan. Skipping planning altogether is the biggest, but several others connected to your financials can sink your idea before it ever gets off the ground.

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6. Don’t forget to spend time formatting

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You may have a killer business idea, detailed market research, and captivating descriptions that will grab the attention of anyone who reads your plan. But none of it matters if your plan appears dense and overly complex…

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7. Use the right tools and resources

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Take the time to explore any tools or resources that can help you write a business plan. Aside from this guide that you’re already reading, here are a few of our favorites that you should check out for yourself.

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8. Know all the ways to use your plan

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You likely have a single goal in mind for your business plan, like applying for a loan or making your idea official. Stay focused but take note of the many other ways to get immediate and long-term use out of a plan.

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9. Disregard these planning myths

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There are numerous misconceptions about business planning that have developed over the years. These range from what your plan should include to if plans are truly valuable—and you should know why they aren’t true.

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10. Try writing your business plan in one day

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Did you know that you can get all of the components of your business plan down in just a single day? All it takes is a little prep work, knowledge of what to include, and a focus on keeping things simple.

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11. Participate in writing a business plan month

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There’s never a wrong time to write or update your business plan. However, if you want the inspiration of writing alongside thousands of other entrepreneurs, why not participate in “Write a Business Plan Month.”

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12. Ask these questions before hiring a business plan writer

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Working with a business plan writer allows you to spend more time on the other startup steps. But the wrong writer can lead to wasted money on an unusable business plan. So, be sure that you ask the right questions.

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