Writing a thorough and concise business plan may seem like an incredibly daunting task but this is necessary for any start up to create before they even think about making profits and hiring staff. It can be a chance for you to really understand and make sure others understand, what it is you are setting out to achieve. Here are five top tips for you to think about when you start creating your own business plan.

Research

One of the first activities you should undertake is research. Make sure you understand the market you are about to enter fully. Market research is a key part of any business plan and it should show there is a justification for your business within your market.  You need to consider the current size of the market and the rate it’s going, as well as analysing what your competitors are doing and what they have found to work and what they have failed at.

Be thorough

You need to cover all the key areas of a business plan but in a concise and readable manner. This is what some people struggle with, they think if they just fill the plan with information, that’s all the really need to do. But you need to have a balanced view of the market and of your business in order for the reader to make a decision based on all the facts. You have to think of all the questions the reader is likely to ask and make sure you answer them in the plan. Triple check for spelling mistakes and make sure your assumptions are realistic and the whole document is professional. This has a reflection on your business style and an unclear plan won’t go down well.

Think about your Audience

Before you think about writing the plan, think about who you are writing it for. Is the purpose of the business plan to secure funding or is it to communicate your objectives to your directors? You should tailor the plan for each different reader group as they will each have specific requirements. Is it to communicate the future plans for the company? The writer should tailor the plan for different audiences, as they will each have very specific requirements. For example, a potential investor will seek clear explanations detailing the proposed return on their investment and time frames for getting their money back.