{"id":7223,"date":"2023-10-31T15:06:39","date_gmt":"2023-10-31T21:06:39","guid":{"rendered":"https:\/\/www.blockadvisors.com\/resource-center\/?p=7223"},"modified":"2024-04-19T09:08:48","modified_gmt":"2024-04-19T15:08:48","slug":"how-to-write-a-business-plan-step-by-step","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/build-your-business\/how-to-write-a-business-plan-step-by-step\/","title":{"rendered":"How to Write a Business Plan Step-By-Step"},"content":{"rendered":"\n<p><strong>QUICK ANSWER:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A business plan outlines your business\u2019s goals, services, financing, and more.<\/li>\n\n\n\n<li>Business plans vary in length and complexity but should always include an explanation of what your business will do and how it will do it.<\/li>\n\n\n\n<li>Business plans serve as a guide for business owners and employees and are key to boosting investor confidence.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Whether you\u2019re a serial entrepreneur or just getting your first small business idea off the ground, creating a business plan is an important step. Good business planning will help you clarify your goals and objectives, identify strategies, and note any potential issues or roadblocks you might face.<\/p>\n\n\n\n<p>Not every business owner chooses to write a business plan, but many find it to be a valuable step to take when starting a business. Creating a business plan can seem daunting and confusing at first. But taking the time to plan and research can be very beneficial, especially for first-time small business owners.<\/p>\n\n\n\n<p>If you want to learn how to create a business plan or if you feel you just need a little business plan help, read on!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-business-plan\"><strong>What is a Business Plan?<\/strong><\/h2>\n\n\n\n<p>A business plan serves as a comprehensive document that outlines your business\u2019s goals, services, financing, leadership, and more details essential to its success. Think of the plan as the who, what, and why of your new business:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/10\/How-to-write-a-business-plan-1024x536.jpg\" alt=\"A small business owner learning how to write a business plan\" class=\"wp-image-7227\" style=\"width:350px;height:undefinedpx\" srcset=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/10\/How-to-write-a-business-plan-1024x536.jpg 1024w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/10\/How-to-write-a-business-plan-300x157.jpg 300w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/10\/How-to-write-a-business-plan-768x402.jpg 768w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/10\/How-to-write-a-business-plan.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p><em><strong>Who<\/strong><\/em><em> <\/em>are the major players in your business?<\/p>\n\n\n\n<p><em><strong>What<\/strong><\/em><em> <\/em>goods or services do you offer and why are they important?<\/p>\n\n\n\n<p><em><strong>Why<\/strong><\/em> are you in business and why should customers choose you?<\/p>\n\n\n\n<p>Business plans can range in complexity and length, but, at their core, all plans explain <em>what<\/em> the business will do and <em>how<\/em> it will do it. A business plan serves as a guide for business owners and employees and should boost investor confidence. Some important advantages of business plans include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shows investors you have an in-demand product or service, a solid team to achieve business goals, and the potential for growth and scalability.<\/li>\n\n\n\n<li>Increases the likelihood of securing a business loan, locking in investments, or raising capital. <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/raising-capital-for-a-startup\/\" target=\"_blank\" rel=\"noreferrer noopener\">&gt;&gt;Read: A Guide to Raising Capital as a Small Business Founder<\/a><\/li>\n\n\n\n<li>Helps recognize partnership opportunities with other companies.<\/li>\n\n\n\n<li>Identifies and defines competitors within your given industry.<\/li>\n<\/ul>\n\n\n\n<p>Looking for an examples of a successful business plan? Check out the <a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/write-your-business-plan\" target=\"_blank\" rel=\"noreferrer noopener\">SBA\u2019s business plan page<\/a> for walkthroughs of different business plan outlines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-write-a-business-plan-10-simple-steps\"><strong>How to Write a Business Plan: 10 Simple Steps<\/strong><\/h2>\n\n\n\n<p>Starting with a blank page is undoubtedly intimidating. So, begin with a structured business plan template including the key elements for each section. Once your outline is complete, it\u2019ll be time to fill in the details. Don&#8217;t worry, you&#8217;ll know how to write a business plan in no time. We\u2019ve broken each section down to help you write a business plan in a few simple steps.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-brainstorm-and-draft-an-executive-summary-for-your-business-plan\"><strong>1. Brainstorm and Draft an Executive Summary for Your Business Plan<\/strong><\/h3>\n\n\n\n<p>This will be the first page of your business plan. Think of it as your business\u2019 written elevator pitch. In this high level summary, include a mission statement, a short description of the products or services you will be providing, and a summary of your financial and growth projections.<\/p>\n\n\n\n<p>This section will be the first part people read, but you may find it easier to write it last. Writing it after building out the rest of your plan may help you condense the most important information into a concise statement. You\u2019ll need to streamline your thoughts from the other sections into a one page or less summary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-create-a-business-description\"><strong>2. Create a Business Description<\/strong><\/h3>\n\n\n\n<p>In this next section, describe your business. Add more specific details than the executive summary. You should include your business\u2019s registered name, the address of your business\u2019s location, basic information about your <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/business-entity-101\/\" target=\"_blank\" rel=\"noreferrer noopener\">business structure<\/a>, and the names of key people involved in the business.<\/p>\n\n\n\n<p>The company description should also answer these two questions:<\/p>\n\n\n\n<ol class=\"wp-block-list\" style=\"list-style-type:1\">\n<li>Who are you?<\/li>\n\n\n\n<li>What do you plan to do?<\/li>\n<\/ol>\n\n\n\n<p>Explain why you\u2019re in business. Show how you are different from competitors. Tell investors why they should finance your company. This section is often more inspirational and emotional. Make sure you grab the reader\u2019s attention. The goal is to get them to believe in your vision as much as you do.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-large-article-cta\" class=\"wp-block-create-block-hrb-large-article-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-large-article-cta--image\" style=\"background-image:url(&quot;https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/09\/HMC_Graphic.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-large-article-cta--copy #ffffff\"><h3 class=\"main-heading\">What business structure is right for my company?<\/h3><p class=\"main-copy\">Answer these six questions to help you find your fit<\/p><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.blockadvisors.com\/business-formation-incorporation-services\/?app_method=HELP_ME_CHOOSE_ENTITY\">Take the Quiz<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-outline-your-business-goals\"><strong>3. Outline Your Business Goals<\/strong><\/h3>\n\n\n\n<p>This section should serve as an objective statement. Explain what you want to accomplish and your timeline. Business goals and objectives give you a clear focus. They drive your business to success, so dream big. Include objectives that will help you reach each goal. Don\u2019t forget to make your goals and objectives <strong>SMART<\/strong> \u2013 that is, they should be:<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>S<\/strong>pecific | <strong>M<\/strong>easurable | <strong>A<\/strong>ttainable | <strong>R<\/strong>elevant | <strong>T<\/strong>ime-bound<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-conduct-and-summarize-market-research\"><strong>4. Conduct and Summarize Market Research<\/strong><\/h3>\n\n\n\n<p>Next, outline your ideal customer with some research. Do the math to estimate the potential size of your target market. Make sure you are choosing the right market for your product, one with plenty of customers who want <em>and<\/em> need your product. Define your customer\u2019s pain points. Explain your expertise in relation to the market. Show how your product or service fills an important gap and brings value to your customers. Use your findings to build out a value proposition statement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-conduct-a-competitive-analysis\"><strong>5. Conduct a Competitive Analysis<\/strong><\/h3>\n\n\n\n<p>In a similar way, you\u2019ll also want to conduct and include a competitive analysis. The purpose of this analysis is to determine the strengths and weaknesses of competitors in your market, strategies that will give you a competitive advantage, and how your company is different. Some people choose to conduct a competitive analysis using the <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/build-your-business\/small-business-planning\/\" target=\"_blank\" rel=\"noreferrer noopener\">SWOT method<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-outline-your-marketing-and-sales-strategies\"><strong>6. Outline Your Marketing and Sales Strategies<\/strong><\/h3>\n\n\n\n<p>Your marketing sales strategy can make or break your business. Your marketing plan should outline your current sales decisions as well as future marketing strategies. In this section, you should reiterate your value proposition, target markets, and customer segments. Then, include details such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A launch plan<\/li>\n\n\n\n<li>Growth tactics and strategies<\/li>\n\n\n\n<li>A customer retention plan<\/li>\n\n\n\n<li>Advertising and promotion channels (i.e. social media, print, search engines, etc.)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-describe-your-product-or-service\"><strong>7. Describe Your Product or Service<\/strong><\/h3>\n\n\n\n<p>By this point, your products or services have probably been mentioned in several areas of the business plan. But it\u2019s still important to include a separate section that outlines their key details. Describe what you\u2019re offering and how it fits in the current market. Also include details about the benefits, production process, and life cycle of your products. If you have any trademarks or patents, include them here. This is also a good time to ask yourself, &#8220;Should my plan include visual aids?&#8221;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em><strong>[<\/strong><\/em><a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/starting-your-own-business\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em><strong>Read More Must-Have Tips to Start Your Small Business<\/strong><\/em><\/a><em><strong>]<\/strong><\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-compile-financial-plans\"><strong>8. Compile Financial Plans<\/strong><\/h3>\n\n\n\n<p>Financial health is crucial to the success of any business. If you\u2019re just starting your business, you likely won\u2019t have financial data yet. However, you still need to prepare a budget and financial plan. If you have them, include <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/finance\/what-is-an-income-statement\/\" target=\"_blank\" rel=\"noreferrer noopener\">income statements<\/a>, <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/finance\/balance-sheets\/\" target=\"_blank\" rel=\"noreferrer noopener\">balance sheets<\/a>, and <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/finance\/what-is-cash-flow\/\">cash flow statements<\/a>. You can also include reporting metrics such as net income and your ratio of liquidity to debt repayment ability.<\/p>\n\n\n\n<p>If you haven\u2019t launched your business yet, include realistic projections of the same information. Set clear financial goals and include projected milestones. Share information about the budget. What are the business operations costs? Ensure you are comprehensive when considering what costs you may need to prepare for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-build-a-management-and-operations-plan\"><strong>9. Build a Management and Operations Plan<\/strong><\/h3>\n\n\n\n<p>Identify your team members. Highlight their expertise and qualifications. Outline roles that still need to be filled now to establish your company and later as the business grows. <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/hiring-employees\/\">Read More: 8 tax steps to take when hiring employees &gt;&gt;<\/a><\/p>\n\n\n\n<p>Include a section detailing your logistics and operations plan. Consider all parts of your operation. Create a plan that provides details on suppliers, production, equipment, shipment and fulfillment, and inventory. This shows <em>how<\/em> your business will get done.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-create-an-appendix-a-place-for-additional-information-and-documents\"><strong>10. Create an Appendix \u2013 A Place for Additional Information and Documents<\/strong><\/h3>\n\n\n\n<p>Lastly, assemble an organized appendix. This section can contain any other relevant information a reader might need to enhance their understanding of other sections. If you feel like the appendix is getting long, consider adding a table of contents at the beginning of this section. Appendices often include documents such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Deeds<\/li>\n\n\n\n<li>Licenses and permits<\/li>\n\n\n\n<li>Receipts<\/li>\n\n\n\n<li><a href=\"https:\/\/www.blockadvisors.com\/resource-center\/build-your-business\/business-bank-account-vs-personal-account\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bank<\/a> statements<\/li>\n\n\n\n<li>Contracts<\/li>\n\n\n\n<li>Resumes of key employees<\/li>\n\n\n\n<li>Equipment leases<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-create-a-business-plan-the-bottom-line\"><strong>How to Create a Business Plan: The Bottom Line<\/strong><\/h2>\n\n\n\n<p>A business plan helps you identify clear goals and provides your business direction. Many small business plans are 10-20 pages in length. But as long as the essentials are covered, feel empowered to build a plan that works for you and your company\u2019s needs. Creating a business plan will help you identify your market and target customers, define business aims, and foster long-term financial health.<\/p>\n\n\n\n<p>We\u2019re ready to help you get your business started on the right foot today, and help you find long-term satisfaction as you pursue your business dream. Writing a business plan can be exciting. But if the steps to starting your business are feeling overwhelming, Block Advisors is here to help. Make an appointment today &#8211; our experts can assist you with <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax prep<\/a>, <a href=\"https:\/\/www.blockadvisors.com\/small-business-bookkeeping-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">bookkeeping<\/a>, <a href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">payroll<\/a>, <a href=\"https:\/\/www.blockadvisors.com\/business-formation-incorporation-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">business formation<\/a>, and <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/\" target=\"_blank\" rel=\"noreferrer noopener\">more<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><a href=\"www.blockadvisors.com\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"436\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1024x436.jpg\" alt=\"Block Advisors by H&amp;R Block logo\" class=\"wp-image-6406\" style=\"width:250px;height:undefinedpx\" srcset=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1024x436.jpg 1024w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-300x128.jpg 300w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-768x327.jpg 768w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1600x682.jpg 1600w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1536x655.jpg 1536w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1200x511.jpg 1200w, https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo.jpg 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>QUICK ANSWER: Whether you\u2019re a serial entrepreneur or just getting your first small business idea off the ground, creating a\u2026<\/p>\n","protected":false},"author":1,"featured_media":7226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1236],"tags":[],"class_list":["post-7223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-build-your-business"],"acf":[],"yoast_head":"<title>How to Write a Business Plan in 10 Steps | Block Advisors<\/title>\n<meta name=\"description\" content=\"Learning how to write a business plan is a critical step for small business owners. 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