Write Your Business Plan summary

So you've got a great idea for a business. That's a good start, but if you want to turn your idea into a successful business, you'll need a business plan.

A business plan acts as a blueprint, spelling out the important elements of your future company, like its purpose and its products, a marketing strategy and overall financial goals. A business plan is also an essential tool in raising funds and gaining support for your venture.

You need to clearly state your objectives and your financial situation, however, before you sit down to write your business plan.

Take some time to think about the future. What do you want to achieve? Identify clear goals so you can start working toward them.

Know that if you are unclear in your goals and your strategy to achieve them, your business plan won’t be worth the paper you printed it on. You can't outline your idea for a booming business but then articulate a strategy of slow, stable growth – it just wouldn't make sense.

Your team benefits from a clear business plan too, as it explains clearly what they’re all working toward. What’s more, your employees will support your company more avidly when goals are set.

Financial matters too are a crucial part of any good business plan. How will you secure funding? And what sort of funding are you willing to accept?

A new business has a few options when it comes to funding, such as securing bank loans, looking for money from friends and family, or seeking venture capital. It’s important that you determine which option is right for your business.

Venture capitalists, for instance, often insist on making management decisions. Sometimes VCs will even put one of their members on your board of directors, with an eye to protecting their investments. Think about it: how much control are you willing to give up?

You also have to consider your costs. If you raise money through a stock offer, for example, you might get a lot of cash but also you’ll deal with high commissions and fees as well as complicated paperwork.

Take some time to think about the level of complexity you’d be comfortable with, before you dive in!