How to Write a Business Plan

A business plan helps turn your idea into something you can evaluate, explain and build. 

It doesn’t need to be complicated. At its core, your plan should answer a few important questions: What does your business do? Who will buy from you? How will you reach them? What will it cost to operate? How will you make money? 

At ASSETS, we help entrepreneurs work through these questions as they start and grow their businesses. A business plan can help you organize what you know, identify what you still need to figure out and decide what to do next. 

Not sure how to turn your business idea into a plan? ASSETS can help you work through your customers, finances, goals and next steps. Schedule a free Discovery Call.

What Should a Business Plan Include? 

A basic business plan should explain your business, customers, competition, products or services, marketing strategy, operations, finances and goals. Your plan can become more detailed as your business grows or if you need it for financing. 

Here’s where to start.

Describe Your Business 

Start with a clear explanation of what your business does. 

Consider: 

Someone unfamiliar with your idea should be able to understand what you’re building, who it’s for and why customers would choose it.

Research Your Competition 

Look at businesses offering similar products or services. What do they sell? What do they charge? Who do they serve? What do customers value about them? 

Then look for opportunities to offer something different or better suited to your customers. Competition doesn’t mean there isn’t room for your business. It can show that people are already willing to spend money on what you want to offer.

Describe Your Products or Services 

Explain what you plan to offer, what you’ll charge, how customers will purchase from you and what it costs to provide each product or service. You don’t need to launch with every idea you have. Start with what you need to serve customers, learn what works and generate revenue. 

Plan How You’ll Reach Customers 

Think about how people will discover your business. Your marketing might include social media, referrals, email, a website, advertising, events, partnerships or networking. You don’t need to be everywhere. Focus on the channels your customers are most likely to use. Then make the next step clear. How will someone make a purchase, schedule an appointment, request a quote or contact you?

Think Through Your Operations 

Consider what needs to happen behind the scenes to deliver your product or service. Where will you operate? What equipment and supplies will you need? Will you need employees or contractors? What licenses, permits or insurance are required? How will you accept payments and manage your finances? 

Working through these details can uncover costs and responsibilities you haven’t considered yet.

Know Your Numbers 

Estimate how much it will cost to start your business and what you’ll spend each month. Determine what you’ll charge and approximately how many sales you’ll need to cover your expenses and work toward profitability. 

Your financial plan may include: 

Your estimates won’t be perfect. The goal is to create a realistic starting point that you can update as you learn more and begin generating sales. 

Need help working through your business plan? ASSETS offers business training and resources to help entrepreneurs work through their ideas, customers, finances and next steps. Explore ASSETS business training and resources.

Get Help Building Your Business Plan 

You don’t have to work through every part of your business plan alone. 

ASSETS offers business training and support for entrepreneurs across Central Pennsylvania. We can help you strengthen your business idea, better understand your customers and finances, and determine what steps to take next. 

Whether you’re developing your first business plan or preparing for your next stage of growth, you can build those skills with support from ASSETS.