What to Include in a Business Plan

A business plan is a blueprint for your business. 

This document outlines your goals, strategies, and financial projections. It's an essential tool for any entrepreneur who wants to start or grow a business. 

A well-written business plan can help you attract investors, get loans, and make informed decisions about your business.

But creating a business plan isn't something you can do overnight. If you're not sure what to include in a business plan, you've come to the right place. 

In this article, we'll go through all the necessary steps to write the perfect business plan. If you follow the business plan template provided in this guide, you will be that much closer to reaching your goals.

What's Included in a Business Plan?

Whether you're just starting out with your business or looking into ways to grow it, a business plan can be a powerful tool. 

A business plan helps clarify your goals and explains how you intend to achieve them. It serves as strategic guidance. 

It can help you scale your company, secure funding, and better under stand your business.

A comprehensive business plan includes several key sections. They provide a detailed overview of your business, its goals, strategies, and operational plans.

There are no set rules on how to write a business plan, but there are some key elements you should include. 

Here are some things to include in a business plan:

1. Executive summary
2. Business description
3. Market research
4. Competitor analysis
5. Products/services sections
6. Marketing strategies
7. Business strategy
8. Financials
9. General information
10. Future milestones
11. Conclusion 

Your business plan shouldn't be a generic document. You should tailor it to your business, market, and industry.

Your business plan should reflect your business's unique personality.

Let's go over each section in detail.

Executive Summary

Every business plan should start with an executive summary. It's like an introduction to your business plan. 

An executive summary is a brief overview of the entire business plan. It can include the following elements:

• Key highlights
• Mission statement
• Business concept
• Products/services description
• Market opportunity
• Financial summary

The summary should list basic information about your business. This includes its name, location, team, and leadership. 

If you have yet to start your business, you should write about your goals and primary focus. 

If your business has already been established, you can outline key information about its history. Briefly mention your milestones and challenges.

You should also explain the current state of your business. If necessary, mention your specific funding requirements and their purposes.

Remember, your executive summary shouldn't be too long. It should provide enough details about your business, but it should still be concise. 

Even though this section will be the first thing investors see when they read your business plan, it's a good idea to write it last. 

Business Description

This section should provide an overview of your business. This includes its history, mission, and vision for the future.

Your business description should contain two sections: information about the company and your team. 

When it comes to the first, you should prepare a detailed description of your business. Include its history and unique market value.

This section should also answer the following questions:

1. Can you present a clear mission and vision statement?
2. Do you have a list of specific, measurable short-term objectives?
3. Have you identified the critical success factors for your business?
4. Are you ready to perform and present a SWOT analysis?

The second part of your business description should focus on your team. Go over your personnel, including their goals, contributions, unique skills, and salaries. 

This is also a great opportunity to describe your business's organisational structure.

Market Research

Market research is an essential part of your business plan. This step allows you to create an effective business strategy. 

Market research leads to:

• Informed decision-making
• Risk reduction
• Effective marketing
• Competitive advantage
• Business growth 

It's important to showcase your knowledge of your industry. This shows you are ready to launch your business and be prepared for the challenges ahead. 

This includes doing research on your market size, including potential trends and changes.

Analysing your market also involves familiarising yourself with your target audience. These are consumers who are likely to do business with you, whether by buying a product or signing up for your services. 

Customer demographics can include information about the characteristics of potential customers. For example, age, gender, income, education, and location.

This helps businesses tailor their products or services to meet the specific needs of their target audience.

Doing market research isn't easy, which is why many businesses hire a professional. 

Competitor Analysis

You need to know who your main competitors are. This analysis is crucial for developing effective business strategies and staying competitive in your industry. 

When analysing your competitors, you should gather information on their:

• Background
• Business models
• Marketing strategies
• Strengths and weaknesses
• Market positioning
• Products or services
• Target market
• Key personnel 

Start this part of your business plan by identifying your main competitors. This includes your direct and indirect competitors.

Include details about your industry and how competitive it is in the first place. 

This section will be of special interest to potential investors. They will want to know what sets your company apart from other businesses in the same industry. 

Products/Services Sections

The next section of your business plan should focus on what your business has to offer. This includes your products or services. 

Each product or service you offer should be explained in detail. Talk about their benefits, features, and specifications. Be sure to include unique selling points. If you are selling products, you can list where they come from. 

If you have developed a pricing strategy, make sure to include it in your business plan. Explain how you determined your pricing and how it aligns with the perceived value.

Make sure to explain how your distribution channels will work. Describe how your products/services reach customers.

You can also include any positive customer feedback or testimonials. Showcase how your offerings have benefited existing customers.

Include visuals such as product images, diagrams, or illustrations. They can help readers better understand what you are offering.

Marketing Strategies

This section is one of the most important parts of your business plan. Here, you can focus on:

1. Marketing channels and strategies
2. Target audience
3. Digital marketing
4. Performance measurement
5. Budget and resource allocation for your marketing efforts

Your business needs an effective marketing strategy to thrive. 

This is your chance to describe specific promotional strategies or campaigns.

Identify and describe the channels through which you'll reach your target audience. Include online and offline channels. This includes social media, content marketing, traditional advertising, etc.

You can also include your digital marketing strategy. Discuss strategies for SEO, social media, email marketing, and other digital channels.

Include a section on performance measurement. Here, you can discuss your key performance indicators (KPIs).

Finally, discuss your budget and how you plan to allocate your resources for your marketing efforts. 

Business Strategy

In this section, you should be able to explain your business model and how revenue is generated. 

You need to have a detailed operational plan for your business plan to be successful. This should include the following sections:

1. Key suppliers and their roles
2. The production process of your products
3. The facilities and equipment you will use
4. Shipping and fulfillment 
5. Inventory management 

Take your time to identify the key resources, activities, and metrics for your business. These are all important aspects of your business plan.

You should be prepared to discuss your plans for future growth and expansion.

Financials

The financial aspects of your business plan can be the most important if you are looking to take out a loan. The same applies if you are interested in potential investors. 

Financial institutions will be most interested in how you plan to finance your business and how you will earn revenue. 

This is what your financials page will be about. It focuses on the following areas:

• Financial statements
• Financial analysis
• Financial needs and funding
• Financial projections 

Your financial statements should include your income statement, cash flow statement, and balance sheet. 

If your business has any other financial needs, make a note of it. 

It's also important to discuss potential sources of funding. For instance, loans, grants, investors, etc. 

You should have a defined plan of how you are going to approach those financial opportunities. This section should include pitch materials and financial projections. 

General Information

This section allows you to add details that you haven't been able to mention so far. 

Some businesses use this section for legal matters. Take the time to research the legal and compliance requirements for your business.

You can also use this section to talk about potential risks. First, name all the potential risks of running your business, and then explain how you would handle them. 

Future Milestones

This section is useful for outlining your plans for the future. It helps convey your strategic vision and long-term plans for the business. You can talk about your short-term and long-term goals.

You can also mention:

1. Upcoming events
2. Financial targets
3. Market expansion
4. Product/service development
5. Operational efficiency
6. Brand recognition
7. Technological advancements

By clearly articulating your future milestones, you demonstrate to stakeholders that your business has a strategic vision. It shows your plan for growth and a proactive approach to achieving long-term success.

Conclusion

Every business plan should have a conclusion. This section lets you summarise your entire business plan. 

This section should be short and to the point. You can use it to summarise key points, reiterate your mission, and highlight milestones. 

You can also use this section to express gratitude by thanking your audience. It doesn't matter whether they are investors, lenders, partners, or internal stakeholders.

Finish off with your contact information. 

How Launch Crew Consulting Can Help You Write a Business Plan

You might find this process overwhelming and time-consuming. Instead of going through all this work, many new businesses decide to hire professional business plan writers.

This is where Launch Crew comes in.

We're a professional business plan agency with plenty of experience in various industries. We have the expertise and knowledge to develop personalised business plans for all kinds of businesses. 

We will write a business plan for you that will pave your way to success and brand-new opportunities. What's more, it only takes us two weeks to write your business plan.

If you have any questions about our services, feel free to reach out to us.