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8 Simple Business Plan Format Steps Lead to Your Own Business in 2022

If you are starting a business or on the verge of expansion of business, you may need to prepare a business plan format to present to co-partners or banks to avail loan.

Now, I’ll describe the whole format by which you can easily prepare your business plan for your business. These steps will help you to plan your business in just some hours.

Business plan format in 8 simple steps

Step # 1: Prepare executive summary:

In this step, you just have to prepare a summary of your idea/business/company. Here is an objective that will lead you to prepare an executive summary.

  • Objectives of the company
  • Vision and Mission of the company
  • Success parameters where you might be dependent on loans, secured finance, top talent people, quality of products and services, and timelines in which you need to deliver your products or services.

Step # 2: About your Company:

In this step, you have to mention the company’s ownership, etc. following are some bullets/objectives that would have to cover in this step.

  • Owners of the company
  • Assets of the company
  • Liabilities of the company
  • Funding for working capital requirements
  • Where are your offices and divisions located?

Step # 3: Products and Services: You should indicate the following parameters as part of this segment.

  • Description of services and products
  • Competitive analysis report
  • Marketing strategy for products and services
  • Advertising or promotion of products, services, or websites including advertising on social media sites.
  • Technology movements and how it affects your products or services
  • e plans for products and services

Step # 4: How is the market:

Here you have to cover comparisons between your products and the market’s products. This is an essential part to format your business plan. Here is the list of items which you should cover.

  • Market segmentation
  • Products / Services Analysis
  • How to distribute products/services
  • Who are your competitors?
  • What are the products/services sales trends?
  • Who helps to market your products or services? List of franchisees or affiliates.

Step # 5: Business Strategy:

In this step you have to make your strategy that how you develop, what would be the price of the product, and how will you promote your product.

  • Marketing and promotional strategies
  • Distribution channel strategies
  • Pricing formulas and strategies
  • Promotion strategies
  • Sales strategies

Step # 6: About your organization:

Here you have to cover the entire company structure, key people, etc. Here is the quick list.

  • Structure of the organization.
  • Management team in place
  • Key talented people in your company

Step # 7: Financial plan:

In this step, you have to mention what how your business will look like in the financial term.

  • Important factors to consider
  • Financial indicators
  • Break-even point analysis
  • The Projected revenues
  • Projected costs for the year
  • The Projected Profit and Loss account
  • Projected cash flows (Cash in and cash out)
  • The Projected Balance Sheet
  • Projected financial ratios

Step # 8: Index of the summary steps indicated above:

Here is what it looks like.

  1. Executive Summary
  2. About the company
  3. Products and Services of the company
  4. How large is the market segment you target?
  5. What is the Business Strategy?
  6. Organization / Management structure and key people
  7. Financial Plan indicates projected P&L and Balance Sheet

 

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