4 crucial components of a solid business plan | Free Malaysia Today

Do you want to start a business? A business plan is the first thing you need to start a business. From starting your business to managing it, a business plan guides you through the steps. A proper business plan is a roadmap that tells you how to structure and run your business. From funding to managing new customers, an effective business system solutions can do wonders for you. It is not important to learn about a business plan format. One must make a plan that meets the business requirements. Generally, business plans are of two types- traditional startup or a lean startup. Traditional businesses are common than lean startups. They have a standard structure and requires you to consider every detail. Lean startups focus only on key points of your business. Making such a business plan takes only an hour. In the article, you will learn how to write a start up business plan.


Steps to writing a business plan

If you are detail-oriented then you will love the traditional business plan. It is not important to stick to a proper business plan outline. Rather you can divide the plan into sections that meet your business needs. 

How to write a Powerful Executive summary? - Free PowerPoint Templates

Executive summary-Your readers need to know what your company is about and what services it provides. Hence, summarizes about your company missions and its future goals. Include details about your company employees, location and team. You must not forget to add financial details as well.


Company details-This should include a detailed introduction to your company. Mention the problems your company solves. List the areas and customers your business wishes to serve in the future. Explain to people how your business will withstand the competition in the market. 


Market AnalysisNow that you are going to hit the field, knowing the market condition is important. Good knowledge of the industry and its performance is important here. You need to see how other businesses are performing in the market. Understand what successful people do and how they have made their business work.


Management and Organization-Your readers need to know how your business is structured. You need to mention the legal details here. Let people know whether your business is a private limited, LLC or something else. 


Service-This is what attracts the customers mostly. People must know what your company offers. You must share your product life cycle and its working. Even if you are into research related to your product mention it.


Funding requests-Here you need to mention your funding requirements. You need to explain how much fund you need and how you will utilize it in your business. Whether you need debt or equity you need to be specific about it. You may need funds to buy materials or cover some bills. You must mention in details about the business requirements. 


Projections-Your final aim should be to convince your clients that your business will be a stable one. By using graphs, charts or presentations you can explain the point clearly to people.


Now that you have an idea about writing a start up business plan, get started with it. You can consider making an appendix to provide supporting files and documents involving softwarelike multi business system