You’ve got your idea, you’re excited about it and now it’s time to take the next step: writing a business plan. This can be an intimidating process, but if you follow these 14 steps, you will ensure that your plan is compelling.
| Takeaways |
|---|
| 1. Crafting a solid business plan is crucial for turning your business idea into reality. |
| 2. Follow a step-by-step guide to write a comprehensive business plan in 9 simple steps. |
| 3. A well-crafted business plan can increase your chances of attracting investors and securing funding. |
| 4. Learn the secrets of creating a business plan that investors will actually read and find compelling. |
| 5. Continuously refine and adapt your business plan to stay ahead of the competition and seize opportunities for growth. |
1. Cover All Your Bases
Cover all your bases! Make sure you have a good understanding of the business plan competition rules, what the judges are looking for, and what they expect to see in your business plan. You should also be familiar with other competitors in your field.
Make sure that you cover everything from start-up costs and time frames, to past success stories or failures of similar businesses.
If you want to turn your business idea into a reality, it all starts with a solid business plan. Learn how to craft an effective plan in our comprehensive guide on how writing a business plan can turn your idea into reality. Success begins with a well-thought-out strategy.
2. Do Your Homework
Before you can start the competition, you have to do some homework. Researching the competition and its judges is essential to success. It will give you a better idea of what they are looking for, which will help during your pitch and presentation.
Do research on the venue of this event as well as any other information that may be helpful such as:
- What kind of audience will be at this event?
- How much money are they willing to invest in one business plan?
- Who are their sponsors?
3. Get Help From An Expert
The key to a winning business plan is getting outside help from an expert. While you have the best knowledge of your own business, another expert can likely offer you information and insight that you would never be able to find on your own.
You should look for someone with considerable experience in the field, as well as an extensive network of contacts who could be beneficial to your company. In addition, look for a company whose clients are in similar industries as yours; this will give you access to their clientele and improve your chances of securing funding.
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4. Set A Deadline For Yourself
Now that you’ve identified your goals and set a deadline, it’s time to get started.
Write down the dates of your competition and make sure you can stick to them. You’d be surprised how many people start working on their plans too late, only to have their submission come due in two days. Don’t let this happen!
Give yourself time to brainstorm ideas for what you’ll write about in your business plan (this will help convince you why it’s important), but also set firm deadlines so that nothing falls through the cracks. If a topic isn’t working out for some reason, go back to step three and try something else until something clicks for you but don’t let one idea drag on forever!
5. Know The Scope And Key Components Of A Business Plan
A business plan is a document that describes your business and its future. It’s a roadmap for your business and a plan for how you will achieve your goals. It’s also a tool to help you make decisions, and it can be used to help you get funding from an investor or bank.
A good plan will include these key components:
Executive Summary (1-3 pages) – A brief overview of the entire plan that provides an overview of each section of the plan
Company Description (1-2 pages)-Describe where the idea came from, what makes the company unique, who are major competitors in this space, and what market share they have taken so far you get the idea! This section should also include any financial projections (revenue/profit).
Market Analysis (2-3 pages) – Describes how big this market is today and how big it could become over time in terms of revenue growth potentials and profit margins; includes information on competitors such as revenues earned by each company.
Identifies gaps where there might be opportunities for new entrants into this market space with innovative products or services; compares industry average costs with those incurred at ABC Corp.; lists features that differentiate ABC Corp.’s product offering from competitors’ offerings;
Discusses reasons why customers would choose ABC Corp.’s offerings over other vendors’ offerings within the same industry segmentation
6. Make It Concise And Easy To Read
In the previous step, we talked about how to make your business plan easy to read. You want to make it as easy as possible for people to get through your business plan so don’t use unnecessary words, and don’t be afraid of using simpler language.
But what if you can’t shorten a certain section of your plan? Or what if you need more space than what this template allows? If that happens, it might be time to consider getting an editor.
An editor can help you make sure that not only are the most important parts (the narrative) concise and clear but also that all of the details in between are presented in a way that makes sense.
Seeking funding for your business? A well-crafted business plan can significantly increase your chances. Discover the key elements that attract investors in our article on how a business plan can help you get funding. Show potential backers the value of your venture.
7. Find Good Research And Data To Back Up Your Plan
When you’re writing your business plan, it’s important to have good data to back up your plan. Here are some tips on how to find that data:
Use third-party research. You can find a lot of information about external factors in the industry or economy by looking at third-party research reports and statistics from authoritative sources like government agencies.
For example, if you want to know how many people in your area will be buying coffees in the next year, look up employment figures from the Bureau of Labor Statistics website and combine them with population demographics from another source like the U.S Census Bureau’s American Community Survey (ACS).
Use credible sources for industry data and information about competitors’ financials or performance numbers; these types of information should come from reputable sources like other companies within your same industry or even news articles written by journalists who regularly cover business topics related to yours (but don’t use “bloggers”).
8. Avoid Overrelying On The Competition
You should know about the competition. This will help you understand how your plan is different from others and what needs to be tweaked for it to stand out.
However, don’t get too caught up in worrying about what the other plans are saying or doing. The competition is just one aspect of your business plan that can be optimized, and more important than anything else is your work your hard work on creating an amazing business plan with a great idea and great execution!
9. Be Honest And Realistic About Challenges You Face
Do you know what’s best about being an entrepreneur? You get to set your own rules. So, if you want to be a bit of a rule-bender and break some “rules” of the business plan competition, that’s fine by me especially if it helps you win!
This is where being honest and realistic about challenges you face can help. Don’t be afraid to admit when you don’t know something or when there’s something else happening behind the scenes that will affect your company.
This gives judges insight into how real life works, which makes them more likely to support your cause. They might also appreciate how hard it is for entrepreneurs like us!
To attract investors, you need a business plan that stands out from the rest. Unravel the secrets of writing an attention-grabbing plan in our guide on how to write a business plan that investors actually read. Make your pitch irresistible to potential stakeholders.
10. Know What Judges Are Looking For In A Business Plan
Your business plan should be clear and concise, with a logical flow. It should be organized, well-written, and well thought out. The judges are looking for a good business plan that is realistic and achievable.
The judges want to see your understanding of the market you’re going into; they want to see that you have done some research on what competitors are doing; they want to see that you have thought through how your product or service will differ from theirs;
They want to know if there is a demonstrated demand for what you have in mind, and they want to know if there is a successful track record of similar products or services out there already (or coming soon).
They don’t need an MBA-level dissertation on every single aspect of starting up but they also don’t want something half-ass like an undergraduate term paper on why McDonald’s sucks because it’s too expensive!
11. Get Feedback From Others On Your Business Plan
The best way to get feedback on your business plan is to ask someone who knows the industry and isn’t afraid to tell you the truth. There are many ways to do this:
Ask a friend or family member who works in an industry related to yours, but not as closely related. Sometimes people have great ideas, but they aren’t experts in their field and can easily miss key points that need more detail or explanation.
Seek an expert in a specific area of your company (e-commerce, marketing). You could also reach out to other entrepreneurs with an experience like yours for advice on how they got started and what challenges they faced along the way but beware that their answers might be biased because they already have a vested interest in making their businesses succeed!
12. Edit, Edit, Edit Multiple Times If Necessary!
Editing is the most important part of writing a business plan. However, editing can be time-consuming and tedious. But don’t let this discourage you from doing it! Your goal is not just to get a good grade on your business plan your goal is to present a great document that will help you win over judges and investors alike. So take some time to consider these editing tips:
Edit, edit, edit multiple times if necessary! It’s better to do too much editing than not enough because there’s no such thing as being done with editing until every word on every page has been carefully considered and reworked into its best version possible.
This means going through your text multiple times (and even then probably still having parts that could use further work), reading aloud or out loud while typing so you know how they sound when they’re read aloud or spoken aloud (this helps with making sure everything sounds right).
If something doesn’t make sense when read aloud or spoken aloud, then change it so that it does make sense when read aloud or spoken aloud! Don’t settle for anything less than clarity in your document; clarity matters, especially in a business plan competition where judges have very limited time available for reading contestants’ submissions carefully.
13. Don’t Be Afraid To Trim The Fat
If you’ve ever spent time with a writer or editor, they’ll tell you: if something doesn’t add value to your story, cut it.
This is especially true in business planning competitions where there may be hundreds of submissions and not enough judges to read each one. The judges don’t have time for fluff or repetition (unless of course, it’s intentional). So if a section is redundant or isn’t useful for the reader, trim it!
Ready to take your business plan to the next level? Our article on business plan writing tips: this is where it gets good offers valuable insights to refine your plan and outshine the competition. Elevate your business strategy and seize opportunities for growth.
14. Make Your Presentation Visually Appealing With Charts And Graphs
You want to make your presentation as appealing as possible to the judges. The best way to do this is by using charts and graphs! Charts and graphs can help you present data in a more organized, professional fashion that’s easy for the judges to understand.
Here are some reasons why you should use charts and graphs:
- They make your presentation memorable
- They make it easier for people to understand what you’re talking about (and therefore more likely they’ll remember it)
Conclusion
The business plan competition is a great way to get your company started. It’s an opportunity to get feedback and advice from industry experts on how to improve your business plan. The competition is open to everyone, so there’s no reason not to enter if you think it would be beneficial for your company!
Further Reading
Bill Carmody: How to Crush Your Competition: Learn valuable insights from Bill Carmody on gaining a competitive edge in the business world.
How to Crush the Competition: Discover effective strategies to outperform your rivals and thrive in your industry.
How to Create a Business Plan to Crush Your Competition: Kevin Anye shares practical tips on developing a business plan that helps you stay ahead of your competitors.
FAQs
What are the key elements of a successful business plan?
A successful business plan includes a clear mission statement, a thorough market analysis, a well-defined target audience, a competitive analysis, and a detailed financial plan.
How can I gain a competitive advantage over my rivals?
To gain a competitive advantage, focus on differentiating your products or services, continuously innovate, build strong customer relationships, and keep a close eye on your competitors.
Is it essential to understand my competition?
Yes, understanding your competition is crucial for strategic planning. Analyzing your rivals’ strengths and weaknesses helps you identify opportunities and potential threats to your business.
How can I stay updated on my industry trends?
Stay updated on industry trends by following relevant publications, attending industry conferences, participating in webinars, and networking with professionals in your field.
How do I ensure my business plan stays relevant and adaptable?
Regularly review and update your business plan to reflect changes in the market and your business environment. Stay agile and be ready to adjust your strategies when necessary.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.
