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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Secrets to Writing a Successful Business Plan summary
Hal Shelton
A Pro Shares a Step-by-Step Guide to Creating a Plan That Gets Results
17 mins
What is The Secrets to Writing a Successful Business Plan about?
The Secrets to Writing a Successful Business Plan (2014) is an expert’s guide to crafting a strategy that works. These blinks explain everything you need to know about this process in a detailed, easy-to-follow structure.
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The Secrets to Writing a Successful Business Plan
summarized in 8 key ideas
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Key idea 1 of 8
A business plan is a multi-purpose tool for refining any idea.
Most people have heard of business plans but don’t know a ton about them. So, what exactly are these tools of entrepreneurship?
Well, a business plan is basically a brief write-up that lays out the basic elements of a soon-to-be company. There are a few things to keep in mind before you sit down to write a business plan, and the first is knowing when you need one.
For instance, say you’re forming a new business – like opening a hair salon, buying an existing motorcycle shop or launching a start-up based on your own unique idea. Every one of these actions requires a business plan that details how operations will take place.
But what does a business plan really do?
Essentially it helps structure your project, confirm its feasibility and crunch the numbers on its projected profits. So a business plan is more than a mere formal, administrative document. In fact, writing one should be a creative process that helps you flesh out your business idea.
It’s this process of thinking that will help you determine how likely your chances of success are and whether your idea is financially sound. Not just that, but in your business plan you’ll set reasonable goals, go over your benchmarks and put the finishing touches to your concept. This exercise is necessary because the time you invest here will help you identify and avoid any potential errors, thereby boosting your chances of success.
And finally, it’s important that you clearly state your value proposition. You can think of this as your elevator pitch. That is, imagine you step into an elevator only to find Mark Zuckerberg. Now you’ve got 15 seconds to win him over to your idea by answering the questions, “which problems are you solving?”, “how are you better than the competition?” and “why will you succeed where others have failed?”
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Who should read The Secrets to Writing a Successful Business Plan?
- Business students eager to learn the secrets of a successful business plan
- Anyone who’s thinking about going into business for themselves
- Established entrepreneurs who are struggling to get the financing they need
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