How To Write A Business Plan That Leaves Investors and Banks Hungry

Every business—large or small—needs a business plan that provides a crystal clear picture of how your company will operate. Your business plan might encourage investors, inspire employees, and attract customers. You’ve already worked on portions of the plan. We now need to assemble the business plan so that it makes sense to investors, bankers, and partners. Review the previous pages and create a document that answers (or leaves space for answers to) the following questions. Don’t worry if you don’t have answers to all of the questions yet. In upcoming lessons, we will deal with the missing information.

1. What will your business do?
   
   
2. What research confirms there is a demand for your business in the market?
   
   
   
   
3. Who will be your competition and what are their strengths and weaknesses?
   
   
4. What is your competitor’s pricing structure?
   
   
   
   
5. What will be your competitive advantage(s) and distinctions? (Why will customers choose you?
   
   
   
   
   
   
6. Who are your ideal customers and how are you going to market to them?
   
   
7. What is your one year marketing plan?
   
   
8. What skills or expertise do you need to hire?
   
   
9. If you are considering a partnership, what makes your partner a good fit?
   
   
10. What are your personal strengths and how do they position your company for success?
    
    
11. What are your personal weaknesses? In what areas of business are you most unsure?
    
    
12. Who are some people you might want to bring alongside to work in your areas of weakness?
    
    
13. What will be all the costs to operate this business per week and month?
    
    
14. Is your net income enough to pay you the income you wish to make?
    
    
15. What are your mission, vision, and value statements?
    
    
16. What are your one-year, three-year, and five-year goals for your company?
    
    
17. What is your primary product or service?
    
    
18. When are people most likely to be looking for this product or service?
    
    
19. Think about your primary business objective. What are some additional products or services that you might consider offering in the future?
    
    
20. How quickly do you think you could have a new product or service on the market?
    
    
21. What are some creative ways you can market your business?
    
    
22. What percentage of your net profit do you plan to invest in marketing?
    
    
23. The Strategy: Define your product, pricing strategy, and your sales goals for the year.
    
    
24. The Tactics: What is your detailed plan on how to meet your goals through each marketing avenue? Think advertising, sponsorship, events, and social media.
    
    
25. The Logistics: Where can you best devote your marketing budget?
    
    
26. .Report In: Write a 1-page summary of the above and insert it in your business plan What kinds of marketing strategies do businesses use to attract your business?
    
    
27. What strategies will be most effective when focusing your business on your target customer?
    
    
28. Advertising is the primary way to reach potential customers with your message. Which of the following do you think will be effective in reaching your audience?
    
    
    
    
    
    

• What other unique approaches to advertising will be effective?
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• If you can only do one kind of advertising, which one will you chose and why?
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• Everyone won’t be your customer. Therefore, your business should have a target customer.
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• What is your target gender?
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• What is the target age group?
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• What demographic group needs your product or service?
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• Will your company’s image or reputation matter much to this group?
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Once you know your target group, you need to determine if the target group exists in your target area. If not, you need to reconsider the business idea or location.

• What are some things you can do to market your product or service directly to your target customers?
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• What’s In A Name? A Lot. The naming of your business is more important than you might think. A non-Internet business should have a name that clearly tells the customer what kind of business it is, and the type of service it provides. If your business is Internet-based, aim for something memorable and unique. Think about some businesses in your area. What are some names that communicate with clarity? What is it about those company names that makes you want to visit them?
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• Are you planning for your company to expand into other areas or will it remain in one location?  ____ expand    ___ remain in one location If you already have a name, write it here:

Take time to address each  of these questions in your business plan. Remember , “If you don’t have time to create a business plan, you don’t need to start a business!”

These might not be a perfect business plan but if you are able address all the questions I listed here, you will leave every investor hungry to invest in your business without much waste of time.