By cchi@hubspot.com (Clifford Chi)

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game they coach. To have a fighting chance against any of their opponents, they need to prepare a specific game plan tailored to each of their opponents’ strengths and weaknesses. Otherwise, they’ll get crushed.

The same logic applies to business. If you want to build a thriving company that can pull ahead of the competition, you need to prepare yourself for battle before you break into a market. Because companies who can find gaps in your business model will quickly learn how to fill those gaps and solve your customers’ problems better than you can.

The business world moves fast, and it’s full of ambitious companies scrambling to gain the majority of their industry’s market share. So how do you keep up? Writing a viable business plan and following it religiously is one of the most important first steps. Learn more about what a business plan is and how it’s used in this article.

Business plans guide you along the rocky journey of growing a company. Referencing one throughout your voyage will keep you on the path toward success. And if your business plan is compelling enough, it can also convince investors to give you funding.

But how do you actually write a viable and convincing business plan?

Below, let’s review the format of a business plan and sample business plans you can use to inspire your own.

Business Plan Format

Before you get started on your business plan, you might be wondering, “Where do I start? How should I format this?”

Typically, a business plan is a document that will detail how a company will achieve its goals.

Most business plans include the following sections:

Executive Summary

The executive summary is arguably the most important section in the entire business plan. Essentially, it’s the overview or introduction, written in a way to grab readers’ attention and guide them through the rest of the business plan (which may be dozens or hundreds of pages long).

Most executive summaries include:

• Mission statement
• Company history and leadership
• Competitive advantage overview
• Financial projections
• Company goals

However, many of these topics will be covered in more detail later on in the business plan, so keep the executive summary clear and brief, including only the most important take-aways.

Here’s an example:

Check out our tips for writing an effective executive summary for more guidance.

Market Opportunity

This is where you’ll detail the opportunity in the market. Where is the gap in the current industry and how will your product fill that gap?

In this section, you might include:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is, what has caused the gap, and how you intend to …read more

  Source:: HubSpot Blog

        

  

  Author: Aaron