Preparing a business plan is not easy, but with the right approach, you can create one that sets you up for success.
This video covers key tips and strategies entrepreneurs use to build strong business plans.
This video is part of the small business video series, where you can learn more about starting up, building a business plan, and finding funding.
Business Plan Tips
There are many ways to write a business plan, but these proven tips will help guide you:
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Don’t be long-winded
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Show why you care
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Provide details and evidence
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Understand your purpose
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Know your audience and market
Keep It Clear and Concise
Avoid filler content. Focus on meaningful details that add value.
Most strong business plans are under 20 pages. Longer plans can sometimes do more harm than good.
Show Passion and Purpose
Make it clear that you care about your business. Let your enthusiasm show through your writing.
Provide Evidence
Support your ideas with details.
Example:
Instead of saying “social media marketing,” explain:
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Which platforms
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Target audience
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Strategy
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Messaging
Understand the Purpose of Your Plan
Ask yourself:
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Are you seeking funding?
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Looking for a partner?
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Planning to sell the business?
Your plan should clearly align with your goal.
Know Your Audience and Market
Understand:
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Who your customers are
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Where they are located
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How to reach them
This ensures focused and effective marketing.
Additional Tips
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Avoid industry jargon (explain everything clearly)
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Don’t be afraid to be unique
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Know your financials
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Understand your shortcomings
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Have others review your plan
Getting feedback from others can uncover weaknesses and improve your plan.
Common Business Plan Mistakes
Avoid these common errors:
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Not having a business plan
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Unrealistic expectations
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Overhyping your business
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Not understanding your model
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Including too much unnecessary information
Be Realistic
For example, if one employee can serve 20 customers per day, projecting 50 is unrealistic and can damage your financial projections.
Remember the Crucial Components
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Executive Summary
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Products/Services
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Market & Audience
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Growth Strategy
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Marketing Plan
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Funding Needs
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Financials
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Appendix
Final Thoughts
A business plan is one of the most important steps in starting a business.
It helps you:
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Prepare for challenges
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Identify risks
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Plan finances
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Improve your chances of success
Proper planning allows you to fix issues before launching.