In 2021, nearly 5.4 million individuals filed applications to become entrepreneurs. While this new endeavor is a mix of excitement and uncertainty, the idea of being your own boss is worth it. However, you'll need to put your business plan on paper to help define the start-up, especially if you're planning to seek financing. Here are several business support tips for putting this important document together. 

How to Write a Business Plan

1. Outline the Executive Summary

A business plan defines what your company is all about. It provides a detailed description of your product or service, who your potential customers are, other managers, and a summary of the new firm's financial assets. The executive summary also includes how much funding is needed to start your company. Banks and other lenders will typically request the document, which should ideally be no more than two pages, during the loan application process. 

2. Include Market Analysis

As a new entrepreneur, it's vital to know who your potential customers are. A detailed market analysis report describes who you plan to sell your products and services to. From their age and education to whether they are homeowners, the more information you can provide on your targeted market, the better the focus on how you can serve it. It's best to also include companies in the area that offer similar products and services. This will help differentiate your business to lenders about how your firm will stand out from competitors.

3. Discuss Products & Services

While a business plan describes your clientele, it also needs to explain your firm's product or service and how it will benefit customers. Additionally, if you have patents pending or other market advantage items, they should also be included. As with the market analysis, it's best to incorporate what competitors are currently offering and how your company can be a more viable solution. If you're seeking financing for your start-up, list any metrics or milestones achieved thus far since lenders like to see some early progress when reviewing business loan applications.

Overall, the business plan is generally tailored based on the company's makeup. Agents of Delaware specializes in providing professional and customized business support to new start-ups. Based in New Castle, the agency has extensive experience with business plan preparation, which can help entrepreneurs secure financing. They will walk you through the entire process of putting together a plan that captures your vision. Count on the team for friendly and accessible business support. To get started, call (302) 544-4267 for a complimentary consultation. Their complete lineup of services is also available online.