Steps In Writing A Business Plan

We wrote a complete guide to show what your business plan should detail and how to write it. For example, if your business operates in a very niche space, you don't want to use niche and complex language that no one will understand if your plan will be reviewed by lenders or investors who don't have much knowledge of your space.

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When showing your financial outlook, project your vision out over at least five years.

Clearly state the logic behind your projections, and you can also tie this section back to your previous section on raising capital if applicable.

But if your business is newer and not yet profitable, be clear and realistic with your projections.

For example, if your sales have been increasing at a steady 5% every quarter, you don't want to suddenly assume 50% sales growth per quarter for no reason.

A well-written business plan can help convince investors or lenders to finance your business.

After you complete the 11 worksheets, you will have a working business plan for your startup.

Research industry norms and look up how comparable businesses have performed.

Include income statements, balance sheets and cash flow statements for multiple years if possible.

Alternatively, you can explore a lean startup plan, which are onepagers and detail your business only at the highest level.

This is most appropriate for businesses that are likely to change quickly or are on a very, very short timeline. We'd recommend putting together an organizational chart if there are multiple stakeholders to not only show who's involved but to also show how everyone brings something to the table.