If you are interested in starting your own business, you should carefully consider writing a business plan. This is a vital step in starting a successful business; is a roadmap that describes how you plan to maintain and grow your business. According to the US Bureau of Labor Statistics, 90% of businesses fail in the first 4 years. Even if you don’t need financing to start your business, you should write a plan for yourself. This will allow you to see if your ideas are realistic and if you can make a profit.

Preparing a business plan can be an especially complex, stressful, and time-consuming process. Whether you are planning to write this yourself or hire someone, there are several things you need to know. Learning what components are involved in a business plan and where to find help will make this process less stressful and significantly easier.

Write a business plan yourself

While no two plans are exactly alike, the following are the necessary components that all plans need:

Company Summary: This is your mission and the vision you have for your business, the values ​​of the company, the products and / or services you plan to offer and how the company is organized. You should also include more details about the unique qualifications of the company to serve your target audience.

Industry analysis: This is where you evaluate your company’s competition; you can compete How big is the target market? What is the financial situation of your target customer? What are the forward-looking industry trends? Is the industry thriving? All of these questions need to be answered, which requires a lot of research.

Customer needs: What are the needs of your target customer? This is one of the most important aspects of business success. Meeting customer needs is the only way a business can be successful; So it is extremely important to fully understand the lives of potential customers.

Marketing and sales strategy: A marketing and sales strategy is a particularly important part of this plan. This section should be easier to write after completing the industry analysis. Knowing everything about your intended customers should make it easier to put together a marketing plan. This section should include the marketing and public relations techniques you intend to use, as well as things like cold calling, website advertising, etc.

Financial review: This should be written at the end of your plan and is key to determining if your business idea is feasible. Basically, a financial review begins with a sales forecast; followed by an expense budget and a cash flow statement.

If you think you can write a business plan yourself, there are many companies that offer free resources to help you every step of the way. Also, you should consult with an attorney and an accountant when preparing to start a business. Unexpected legal problems can arise that could put you out of business very quickly.

If you are not sure if you can write a plan yourself, you may need to hire a consulting firm or professional plan writer. There is a big difference in what each one will do for you; so it is extremely important to understand the difference.

Consulting firm

Business plan consultants have access to statistics and databases; which means they can offer financial advice and valuable feedback and recommendations on your chosen industry. They are highly qualified in all aspects of business and business planning. A business plan consulting firm will do the research and then help you plan your strategy.

Professional business plan writers

If you have done all the proper research on all aspects of the industry you intend to enter, the costs, the competition, and the leads, then what you need is a business plan writer. A business plan writer will use their insight and research to write a business plan using compelling language and the correct structure.