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How to Write a Business Plan: Six Tips for Success

Aug 17, 2007
Writing a business plan can be an overwhelming task. Here's how to make that task a bit easier.

1. Don't try to write the business plan in one day or even in one week. Break the task into smaller chunks and set a realistic timetable to complete those tasks. 30 days is a reasonable amount of time. It helps to have a written task list with projected start and finish dates for each task. As you complete the task, note the date. The task list is to keep you on track and not meant to be a straight jacket.

2. Start with the section you feel most comfortable with, this is one instance you don't have to begin at the beginning. Most entrepreneurs don't have any hesitancy writing about the historical background of their company. Or perhaps writing about the needs your products fill for customers would be a task that would get your business plan off to a good start. What's important is to actually start writing and stop procrastinating.

3. Base your marketing on research. It might seem easier to say that the market of your company is $5 billion a year and you expect to obtain a 1.56% market share, but that's meaningless. Define your market and how you will reach your market. The market might be huge but you can only reach a small portion at a time. Attack that market segment where you have the best chance of success.

4. Spend quality time writing your business plan. Don't put it off until you're exhausted from all the other tasks in your day. If the morning is when you're raring to go then designate one hour every morning to write your business plan. Don't let interruptions eat into that one hour. Put your phone on answer, don't look at email, or cruise the Internet. You'll be amazed at how much you can accomplish in that one hour if you stay focused.

5. Give your business plan a rest. After you've completed a section let it rest for a day or two, then go back and review what you've written. You'll be surprised at how much you can improve your business plan if you come back to it when you're fresh.

6. Have a few trusted people review your business plan. If they understand what you're doing and your strategies are clear, great. However, if they don't "get it" then you have some work ahead of you.
About the Author
Receive a complimenary business plan template. Send an email to businessplan@(nospam)businessplan-basics.com remove the (nospam). You will also receive our newsletter at no charge. Dee Power has written several books including Business Plan Basics Contact her through Capital Connection
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