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How to write Business Plan in 24 hours
“More than 30% of the small businesses do not survive the first 3 years of operations if they do not have a business plan. 50% of new businesses die within five years. Businesses who do not have a business plan 25% of the them will die within two years of startup.”
Source: According to business plan statistics 2023 by webinarcare.com
Business plans don’t have to be a time-consuming process. You’re an entrepreneur, so you don’t have time for that. A plan only takes a little preparation and a method that guides you through the process.
Here, in this article, we’re gonna do just that. You’re not just going to learn what’s in a business plan, you’ll learn how to put one together so you can finish it quickly.
In a day, can you write a business plan?
Yes, you can write a business plan in one day. I’ve seen people not only make plans, but start businesses in a weekend during Startup Weekend events. When you have a good sense of what business you want to start or what business you already run, you can definitely write a business plan in a day.
You’ll use the methodology I’ll share with you to write a plan in a day, but first, here are some tips:
Make sure you know why you’re writing a plan
You can get a business plan in all shapes and sizes. Depending on the purpose and audience of your plan, you will need to include some sections and skip others.
You can skip all the stuff about company history and team members if you’re writing an internal business plan to figure out how to expand. Investors, on the other hand, want to know who’s behind your business if you’re writing a plan for them.
Points don’t count if you’re long
There’s a general rule of thumb about business plans: the shorter, the better. Write the bare minimum. Unlike a school paper that has a minimum word count, this isn’t one for school. The point of a business plan is to get your ideas across as simply and directly as you can.
It’s okay to be intimidated
It’s important to remember that most business owners and entrepreneurs don’t have an accounting or business degree. It is not uncommon for them to have a good idea and the tenacity to turn it into a business. It doesn’t take any special knowledge or advanced degree to write a business plan. You just have to know your business.
In one day, create a business plan
In one day, you can write your business plan by following these six steps.
1.Research the market before you write
Your market analysis section is probably the most important part of your business plan.
Here’s where you’ll explain who your customers are and why they need and want your product.
A business would not exist without its customers, which is why this section is so important. Getting to know your customers is the key to success, so don’t skip this step.
Knowing your customers will make writing this section of your business plan easier. You’ll want to tell us who your ideal customers are, what they’re looking for, and what their key demographics (age, gender, economic position, job position, etc.) are. You might also want to look at the psychographics of your customers – how they think and what they want.
If you haven’t already, consider your customers before writing your business plan. It’ll make the writing process a lot faster. Plus, knowing your customers and their needs is key to a successful business. The famous investor Marc Andreesen calls product-market fit when your product or service meets your customers’ needs.
By focusing on repeat purchases, you’ll ensure that your customers become long-term customers.
2.Break down your business plan into sections
Building a business plan is similar to building a house: you have to lay a solid foundation. Start your day by creating an outline for your business plan so that you have a strong starting point and understand all the components you’re going to need.
A business plan is divided into four sections:
- An executive summary
- Description of our products & services
- Analysis of the market
- Plan for marketing & sales
- Management & Organization
- Projection of finances
Subsections in each section can be customized to meet your needs.
You’ll want to describe your supply chain in your Product Description chapter if you sell widgets that you buy from suppliers. Your Sales Plan chapter needs to describe your distribution plans if you’re selling your widgets in stores. If you’re planning a restaurant, distribution and supply chain won’t be as important and location and marketing will be more important.
An outline and template for a complete, detailed business plan are available for download.
3. Check out some business plans
Now that you’ve got your business plan outline, it’s time to review some examples. It’ll give you an idea of the kind of language people use in business plans.
It isn’t a good idea to copy a business plan from an example. Because every business is different, this is never a good idea. Nevertheless, knowing how a completed business plan looks is very helpful.
Over 500 business plan examples are available in our library.
4. Start with what you’re familiar
Now that you’ve done all the prep, it’s time to write your business plan. You don’t have to start at the beginning and work systematically.
Make sure you start with the sections you know. The most common way to describe a product or service is to describe it briefly. You’ll probably know the most about that section. After that, move on to the next section you’re comfortable with.
You’ll get the ball rolling and get the simple stuff out of the way with this method. Getting stuck early will not discourage you from tackling the harder sections.
The executive summary should be the last thing you write. It’s important to finish everything else before you write an executive summary, since it’s a summary of your whole plan.
5. Write up a simple Financial Plan
Business plans are incomplete without a financial plan, which outlines how much capital you will need to invest in the company. Most business planners prepare a financial model for this purpose. By purchasing a financial modelling template from any reputable website, you can save time and add assumptions according to your research
Make a sales forecast
Your sales forecast is the best place to start. Using what you know and what you hope for, make your best guess about future sales. Creating a sales forecast from the bottom up is the key. Make an estimate of how many prospects you’ll reach in a month and what percentage of them will buy from you. Check out this guide for more info on sales forecasting.
Budget your expenses
Then you can start looking at your expenses. I don’t mind if you don’t know the exact numbers. Make your best guesses for expenses like rent, insurance, payroll, marketing, etc. Getting more detailed figures and learning more about your business will help you refine your forecast. Check out our income statement guide for more details.
Make sure you understand your cash flow
From there, you’ll want to make a cash flow forecast so you’ll always have enough money to run your business. Business planning software makes this easier, but it’s a bit more complicated. Software can streamline your forecasting process if you want to finish it in one day. Furthermore, it won’t require you to deal with spreadsheets or custom formulas.
6. Get your plan reviewed by someone
It’s easy to speed up the planning process when you work with a business partner. It’s easier to write a plan in a day if you take a “divide and conquer” approach.
You can also find a friend or family member who’s willing to read your work as you go if you don’t have a partner. When you ask someone to help you review your plan, you’ll not only get valuable feedback, but also make your commitment to writing real. With someone else working with you, procrastination and putting off plan writing will be harder. Planning is always easier with a partner or helper, just like going to the gym.
It’s also a good idea to have someone look over your plan to catch mistakes and inconsistencies. Especially if you’re writing your plan out of order, it’s easy to make mistakes as you go back and forth. Having someone read your plan as you write it will help you make sure it’s cohesive when you’re done.
Write a business plan in an hour
Instead of spending a whole day writing a plan, start with a Lean Plan. It takes only 30 minutes to complete a Lean Plan, and it is a great tool for refining strategies and exploring ideas.
As businesses refine their business concept and strategy, they should start with a Lean Plan and expand to a full business plan.
Need Help?
It is our goal at Myinvestorchoice.com to create a great compelling business plan within 24 hours, in response to special requests from our clients. Our company ranks number one on Upwork for preparing business plans with a very good reputation. Visit the business plan section and download the brochure
The more you go back and forth, the more likely you are to make mistakes as you write your plan out of order
You can design your own website. The easiest way to make sure your website can accomplish all of these goals is to hire a pro. You’ll have more time to run and grow your business.
Please download your brochure for your business plan below – Myinvestorchoice is ranked the number 1 Agency on Upwork for preparing business plans
