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Our business plan included an overview on why we were making the move, the issues with the current business, the benefits of moving to a new platform, the potential issues during the move, the main task, added costs, and a timeline.
But there are several compelling reasons to consider writing a business plan, even if you don’t need funding.
If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, a business plan is an excellent starting point.
Here’s what a couple of entrepreneurs said when we asked them how useful writing a business plan was for their business.
“We had a marketing background, but not much experience in the other functions needed to run a fashion ecommerce business, like operations, finance, production, and tech.
Here’s what your business plan’s executive summary should include: This section of your business plan should answer two fundamental questions: Who are you, and what do you plan to do?
Answering these questions provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment bet.
Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment.
When you’re starting a business, your to-do list is a mile long and filled with more immediately rewarding tasks, like taking product photos, creating ad campaigns, and opening social media accounts.
A good executive summary is one of the most crucial sections of your plan—it’s also the last section you should write.
The executive summary’s purpose is to distill everything that follows and give time-crunched reviewers (e.g., potential investors) a high-level overview of your business that persuades them to read further.