By AJ Beltis

Nowadays, it seems like a new company is starting every hour.

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. On average, a new business competes with 25 competitors to stand out and thrive in its industry.

Aspiring business owners who go in blind without a clear, actionable plan for marketing, hiring, finances, and operations are destined to face significant challenges. This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we’ll walk you through the process of filling out your business plan template, like this free, editable version:

Download a free, editable one-page business plan template.

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it’s a mandatory step to take if you want to turn your business dreams into a reality.

That’s why we’ve crafted a business plan template for you to download and use to build your new company. You can download it here for free. It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you’ll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Featured Resource: Free Business Plan Template

Building a Successful Business Plan

In the next section, we’ll cover the components that make up a business plan, such as an executive summary and company description. But before we get to that, let’s talk about key elements that should serve as building blocks for your plan.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it’s solving and how it’s different from what’s currently out there. They also want to know why now is the right time for your type of product or service.

Too often, business plans are too idealistic and not realistic enough. While having a vision is important, your plan needs to be rooted in research and data.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?

• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you’ll be equipped to answer the question: why …read more

Source:: HubSpot Blog

Author: Aaron