Here at K2 Analytics Las Vegas digital marketing, we’re on a mission to support local Las Vegas businesses and startups because we believe in supporting local! That’s why we want to share the knowledge and information that we believe could help get your small business off the ground from taking the first steps to starting a small business and writing a business plan, all the way through helping you market your business and products. Join us as we take you through the pro tips for writing a business plan that will set you up for success from the get-go.
According to Forbes, there are a few things that you will need to do if you want your business plan to be as successful as possible.
- Be concise.
- Be realistic.
- Be conservative (this is extra important).
- Use great visuals.
Now those are easier said than done, but how can you implement those 5 ideas into your business plan? Here’s how.
Get to the point. Quickly.
One of the fundamentals of business writing is to be as clear and concise as possible. This is important to remember in your business plan because you need to consider that when you are presenting it, your audience will not have all the time or patience in the world. Being straight to the point is going to ensure that your audience (investors and business partners) do not get lost in all of the fluff.
You may be hyped on your idea for a business, but you need to be grounded at all times. Especially when you are presenting challenges and opportunities associated with your business idea.
There will be a part of your business that is dedicated to outlining the challenges, barriers to entry, and market competition. It can be really easy to be overly optimistic and confident that you can overcome everything but it’s important to let your business idea stand on merit and not on passion.
Do you have a million-dollar idea? Or more realistically is it a hundred-thousand-dollar idea?
Your business plan should include projections for what you have concluded (based on research) that your business idea can generate in terms of reach and revenue. Now, we all want to be the next Google, Apple, or Facebook but the reality is that many of us will be small businesses at best. And that’s ok.
Just be sure to be conservative in your business plan when presenting goals, targets, and projections. It is much better to under-promise and over-deliver. This goes hand in hand with being realistic in your business plan.
Use Great Visuals
When you write a business plan, you want to be sure to include visual elements that will help investors and prospects really understand the impact of your ideas. Using data and analytics is a great way to back up your idea with concrete facts and figures.
Take the time to make sure that your visuals make the points that you need them to.