How to Write a Business Plan according to William D King
A powerful, thoughtfully computed business plan can set the right pitch for your business. Without this, you can lose the vision and may find it difficult to proceed with your next steps in business.
A well-constructed business plan indicates that every component in your business is calculated and under control.
Business plans can also be crucial for external correspondence, such as finding an investor, applying for bank loans, or collaborating with a partner says William D King.
As crucial as this document can be for our business, writing a business plan is a work of art. It should be a unique and lucid representation of your business.
Read through this article to learn the simple steps that will guide you with how to write a business plan:
1. Choose Your Format
A business plan can either be in the form of a Traditional or Lean Startup. The key difference between the two is; the traditional plan is more detailed and most commonly used, while the lean startup is one-pagers and only highlights the most important details of your business.
If you’re a new entrepreneur, Traditional Format can be your option. Businesses that are constantly changing or have short timelines mostly opt for Lean Startups.
2. Start With an Executive Summary
An executive summary delivers the gist of your business plan. It can most certainly be a turning point for the reader to either believe in your project or reject it! Make sure you sell your plan well.
You can include the following points stated by William D King in your executive summary:
- Business name
- Structure of Employees/ Hierarchy
- Your location
- Business Background
- Products/ Services you offer
3. Business Description
A business description needs to be comprehensive and should cover all relevant details of your business. You can talk about your target market. What makes your business unique? Or your expansion plans. Set the right tone to convince the reader to believe in your plan!
4. Market Analysis
Any reader would expect you to know your competitors in the market. Give an insight into where you see your business operate in the market and benefit from the available opportunities.
This section can also mention any noteworthy trends you might have discovered during your research. You can also state some of the marketing strategies you might use to create an impact at the launch.
5. Legal Structure of Your Business
In this section, you mainly highlight the operational structure of your business. Make sure you explain the importance of each member in your business. It’s ideal for illustrating the design in the form of an organizational chart.
6. Describe your Product
Here’s your place to shine. Be as authentic as possible and skillfully describe what you’re selling/ offering. This section has to cover all the relevant details of your product, from its characteristics to pricing, market competitiveness, target market, and marketing strategies.
This section should cover the financial analysis of your business, if you’re new to the market, illustrate realistic trends of growth of your product within the existing market. It’s ideal for adding graphs and charts, as they are easier to comprehend in this subject.
These are the seven basic steps to writing a Traditional Business Plan. If you want a stepwise guide to writing Lean Startup Business Plan, you can visit William D king ’s Website.