Writing a business plan can be a challenging task, so it pays to take the time to prepare with these 10 basic steps:<\/p>\n\n\n\n
1. Ask yourself why you are writing this business plan? Is it to raise capital or to provide guidance for your business operations?<\/p>\n\n\n\n
2. List your startup goals and where you see your business in three to five years.<\/p>\n\n\n\n
3. Clearly define the target audience.<\/p>\n\n\n\n
4. Write a table of contents so you know exactly what sections you need for your research and find supporting data.<\/p>\n\n\n\n
5. Make a list of the data you need to research. For example, you need statistics about your target audience, competitors, market, etc.<\/p>\n\n\n\n
6. List your most useful research resources, such as Hoovers, D&B, or AllBusiness.com.<\/p>\n\n\n\n
7. Make a list of your board of directors. If you are unsure about someone's eligibility, it's time to verify that they are eligible. Gather background information about each person. See Focus on Key People in Your Business Plan for more information on what to look for.<\/p>\n\n\n\n
8. Start compiling all of your key financial documents. You can later determine which documents will be used in your business plan.<\/p>\n\n\n\n