Tag: Barbara Genest

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Information You Need to Know for Your Business Plan

 

There are many reasons to write a business plan. You may need a plan to borrow money, attract investors, or to validate your ideas. Plus, creating a business plan helps work out operating procedures and can put your business at a strategic advantage over other businesses.

 

To create your business plan, work on collecting the following information and documentation.

 

  • A Description of Your Business – This is simply what you do, who you do it for, why you do it, how you do it, and when you do it.

 

  • Describe the Problem(s) Your Customer Has That You Solve – Make a list of each problem you solve for your customer. Describe them fully and why they need to be solved. It can help to attach the product to the problem for reference.

 

  • Describe Your Solution – Explain how this solution solves the problem for your ideal customer. Try to write this from their perspective to ensure that you are putting the customer in a central place.

 

  • Describe Your Target Customer – You may need to describe more than one target depending on your products and services, especially if you have different levels of products, depending on their place in the customer buying journey. This is a good place for customer avatars.

 

  • Describe Your Competitive Advantage – This is all about how you are different from the competition. It may be due to price, service, innovation, operation, or something else. Some people also describe this as a unique selling point or unique selling proposition. It’s all about your place in the market and how you can leverage it to your advantage.

 

  • Describe Your Selling Process – Website, storefront, affiliates, distributors or salespeople, door-to-door, or something else? For example, perhaps you’ll set up a squeeze page with a freebie to build your list then nurture your relationship with them in email. Be specific and thorough.

 

  • Describe Your Business Model – This is a list of your revue streams and how you’re going to make money. If you have no revenue stream potential, you have no business. For example, starting a blog is not a business until you monetize it.

 

  • Describe Your Start-Up Costs – What are the funds you need to get started? List each expense and why you need it.

 

  • Describe Your Goals and Benchmarks – If you don’t set deadlines, it won’t happen, so make sure you match a deadline or benchmark to each of the goals you’ve set for your business. For example, “I will get 100 new customers each week by hosting two-hour long webinars each week.”

 

  • Describe Your Business Setup – For example, if you’re a sole proprietor who outsources to contractors, state that; if you are an employer with a management team, state so. If you plan to buy human resources, as time goes forward, mention those benchmarks so you know when this will happen.

 

  • Describe Resources You Have and Need – Make a list of the resources you have available now and how you’ll use them and a list of resources you need to buy, and when you’ll do so based on benchmarks.

 

As you work on creating your business plan, it can help to understand fully all the information and data that you need to complete a business plan that is useful for you. Use this list of information you need for your business plan to guide you as you create the plan and build your business.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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I work from home. Do I still need a business plan?

 

Home business owners often underestimate their business. If you start a home business, respect the importance and value of your home business. A home business is not a fake business. A home business can be more stable than a wage job. A home business can earn millions. Where the business is located really doesn’t matter as much as you may think. The location doesn’t define either legitimacy or potential.

 

Many people think of business plans as a document you create if you need a bank loan or investors, but the truth is, the business plan is a lot more useful than that. A business plan helps you evaluate whether your idea is feasible or not.

 

Plus, your business plan will also inform your marketing, operations, and pretty much everything you do. Not only that, but the business plan can also be used every single year as you update parts of it to make it even more accurate.

 

So yes, the short answer is that if you’re going to start a successful business that you enjoy, you need a business plan. Studies show that if you have a well-thought-out business plan, you boost your chances of success by more than 30 percent. Since most businesses that start from home either go nowhere or do not succeed, this is a big deal. Because here’s the truth, businesses don’t fail for no reason.

 

If your business fails, most of the time, it will be due to a lack of planning. More than 70 percent of successful businesses had a plan before they started. The other successful businesses usually develop a plan after the fact for the future, or else it’s hard to replicate success. Understand that a business plan that boosts your success potential is not something you will make in one day. It takes time and effort to create a quality business plan that truly sets you up for success.

 

However, as a home-based business, you can create a smaller plan where the summary and outline fits on one page with attachments (appendices and supporting documents) making up the rest of the business plan.

 

The important parts of the business plan that you need include:

 

  • Your Business Vision – Answer the question about what you are building. Include specific information, including time, expertise, and the who, when, what, why, and how of the business and customers you’ll serve. “Build a worldwide network of support for women who need to get healthy and lose weight.”

 

  • Your Business Mission – Develop your business mission statement. The mission statement needs to include your target audience, the product or service, and what makes this product or service different. “Motivate overweight and unhealthy women to become healthier by teaching them how to change to a healthy Keto diet.”

 

  • Your Business Objectives – All the goals and objectives you develop need to have a number attached to them. List everything you plan to measure, from reach, to list members, to sales, and so forth. For example, if you’re an author who wants to sell a specific number of books, you’ll state how. “Speak about once a week for a target of at least 40 speaking events this year.” “Generate revenue of $75,000 in 2021.”

 

  • Your Business Strategies – At this point, you’ll want to describe fully in chronological order each milestone and success you’ll experience over time. For example, “I want to become known as the go-to source for Keto Diet information.”

How to Pick a Niche You Can Succeed In

 

  • Your Action Plan – This is one of the most important parts of your business plan as a home-based business. This is the work you’ll do. Make a list of each thing you’ll do over the next year, at least including deliverables, deadlines, and results. “Develop a Keto Cookbook for Two by 3/21.” “Complete building of my studio kitchen by 2/22.”

 

As you can see, the point of the plan is to help you know what you need to do to build and grow your business. Without the plan, you may be very busy all the time, but your busywork may not be accomplishing anything without a plan.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Describe Your Ideal Customer or Client: Create a Customer Avatar

One of the parts of your business plan that is essential is to describe your ideal customer or client. As you get to know your customers, you’ll find answers to questions such as: Who are they? Where do they hang out? What do they want? What do they need? What are their pain points? What keeps them up at night. Where do they get their information?

 

One practice that has become popular due to the fact that it works is to create a customer avatar from the information you collect that best describes your ideal customer. When you first begin, you’re going to create one avatar that best describes your most ideal customer. You’ll use that information to inform all the products that you create.

 

A customer avatar is simply one document that succinctly describes who your customer is, how they live their lives, and what they want and need in terms of your expertise.

 

The information you need to complete a customer avatar is as follows:

 

  • List Places Your Customers Get Their Information – Make a list of websites, journals, magazines, blogs, newspapers, books, and so forth that comprise where your ideal customer likes to get their information. These are all excellent options for networking and advertising.

 

  • List Your Ideal Customer’s Goals – Make a list of your customers’ goals for the solution you are trying to sell to them. The goals have to be in line with your expertise and your offers. For example, if you’re a Keto Coach, their goals will be about succeeding on a Keto way of life.

 

  • List Your Ideal Customer’s Values and Principles – Most people make decisions based on their morals, values, and principles. It’s the way they judge if something is true or not. The more you can relate to these values and principles with your words and actions, the better.

 

  • Describe Your Ideal Customer’s Demographics – Demographic information includes things like age, race, income, education, and so forth. Include everything relevant that will help you with targeting ads and content.

 

  • List Your Ideal Customer’s Pain Points or Challenges – As it relates to your experience and offering, list their pain points and challenges. What wakes your customers up at night? If you’re a Keto Coach, maybe your customers have diabetes, but maybe they just want to lose weight. You may have more than one ideal customer, too, but you should differentiate them so you can laser target the information you provide.

 

  • List Any Objections Your Customer Might Have at The Point of Purchase – Take the time to go through and make a list of each objection your customer may have based on who they are. When you list the objections, find facts and information that can overcome the objection.

 

You’re going to have to ask and answer numerous questions to fully gather all the information you need to create a well thought out and effective customer avatar. Once you do that, you should give your ideal customer a true persona and name. You can draw a picture of them, or you can cut out pictures from a magazine or use clips online to build your customer avatar. It’s up to you, but you want the avatar document to be as specific as possible. Once you start your business and start to collect more data information, you’ll be able to create more avatars based on their buying journey.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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What Is Your Business’s Financial Outlook? How Can You Know?

As you are creating your business plan, the part about understanding your industry and business’ financial outlook can seem daunting. But the truth is, while the numbers are assumptions based on what you studied, if you do a good job, your projections should be pretty close. Let’s look at how you can know and document your business’s financial outlook.

 

  • Study Your Industry – Remember that killer technologies are always being invented that can impact your business and even end your business. This doesn’t mean you shouldn’t do it, but you should keep up to date so you can mitigate or change course as needed.

 

  • Study Your Competition – If you keep aware of your competition and what they’re doing every day, you’ll also see signs of issues in the industry or with your customers, especially if you’re in business by yourself and not a huge multinational corporation. If big businesses are worried about something, you should be too.

 

  • Project Your Expenses – Make a list of all the potential expenses you’ll have for your business—for example, website hosting, software updates, contractors, employees, supplies, and so forth. Before you make one cent, you’ll have a few expenses.

 

  • Project Your Income – After you know how many customers you can go after and how many you think you’ll convert over time, you can now project your income. You do that by figuring out how much they’ll buy per purchase, whether or not they’ll be repeat buyers, and how you’ll get more customers over time.

 

  • Know Your Break-Even Point – Your break-even point is when your basic expenses match your income. Knowing this is going to help you know where you can cut back in hard times.
  • Understand Your True Financial Needs – The business plan only includes how much you are going to make, how you’ll make it, and how you’ll spend it per your business, as a small business owner who wants to make a certain income, you can include that figure for your own needs.

 

  • Document the Potential Income and Expenses For 12 Months – Once you have the information, create a spreadsheet to enter the income and expenses you’ll have for your business over the next 12 months.

 

  • Use the Figures for Planning – Each of the numbers you generate can be used for future financial planning and business planning. For example, you can set up benchmarks that inform you when you add to your business. “When my net income is $5000.00 per month, I’ll hire a virtual assistant for $1000 a month.”

Know your number

  • Be Ready for The Unexpected – One thing that is always good to do with any financial projections is to have contingencies in place if your plans don’t work. For example, what will you do if there is a natural disaster? What if you can’t do business in the way you are used to? Can you change and how will you do it?

 

  • Monitor the Reality – While you’re making projections, understand that reality will happen as you grow your business. As reality happens, update your projections to account for that reality.

 

  • Update as You Know More – Update your projections any time you have new information that will make your numbers more accurate.

Use a spreadsheet to enter the figures you discover so that you can easily update it and change them based on new knowledge or assumptions. As you grow your business each year, your projections will become more and more accurate. This means the planning you do, based on those projections, will also become even more useful.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

 

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How Will You Find Your Customers and Clients?

 

As you research your customers, you’re going to figure out where they like to hang out, what keeps them awake and worried, and more. It might help you to know some of the processes of finding your customers and clients as you move forward with creating your business plan.

 

  • Create Products and Services They Need and Want – Before you design any products or services, you need to know who it’s for, why they need it, and how they can afford to pay for it. When providing your audience what they want, it will sell itself.

 

  • Know Where Your Customers Hang Out – The reason you need to know where they like to go for fun and work is that you can then go there too. You can run ads where they are, and you can network with them and speak at their events. The more you are around your customer, the more you’ll appeal to them.

 

  • Know Where Your Customers Like to Get Information – Which magazines, publications, and shows do your customers like to find out the facts of something? Wherever they go is where you need to go as well. Again, you can pay for ads that they’ll see where they go. You can sponsor events. Speak at events and more to get to know them better.

 

  • Optimize Your Website – Learn about search engine optimization or hire someone to build your website in a professional way that helps bring people to your marketing funnel so that you can get more customers.

 

  • Be Present on Social Media – Expanding your branding by using social media platforms is important and a good boost to your website SEO. It provides backlinks and an opportunity for you to network with and get to know your customers better.

 

  • Network and Get Referrals – Online and offline spend time wherever your audience spends time. Try to stand out, so they notice you but don’t be a salesperson at the wrong time. Give them the information but do it professionally, focusing on providing value to your customers.

 

  • Partner with Complementary Business Owners – One great thing about networking and studying your competition is you will meet some fantastic people who will want to work with you. You can find Joint Venture partners even who are your competition to work together to serve the customers better.

 

  • Form Strategic Alliances – Another way to expand your reach is to join forces with others, including your competition or anyone in your industry, to raise money for a cause you all care about.

 

  • Study Your Competitors – Always study your competition so that you can learn what they’re doing right, what they’re doing wrong, and also notice the gaps in their coverage. The gaps are where you may find the sweet spot.

 

  • Advertise – Once you know who your competitors are, who your audience is, where they hang out, and understand the point of your product or service, it’s time to start investing in paid advertising. You can boost your business much faster if you set up an advertising budget.

 

Use this information in your business plan when you talk about your customers. Showing that you know who they are and how to find them is an integral part of crafting your business plan. It shows that you can get your products or services in the hands of the people who need it most, which also shows that you can earn the money you want to earn that will enable you to live your best life.

 

 

 

 

 

 

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What Type of Business Do You Really Want?

 

As you work on your business plan, one of the things you’re going to have to figure out is what type of business you really want. The type of business you start will inform many of your choices due to legalities and simply traditional practice. Whether your business is part-time, full time, a sole proprietorship, or you decide to incorporate depends on the rest of your research and your goals.

 

Determine Your Business Entity Type

 

The simplest type of business to start is a sole proprietorship, and it is the main type most people start, especially if they start the business part-time as a side hustle or while they are still working at a full-time job.

 

Before choosing your business type or entity type, you need to know what type of business you’re starting. Then you’ll need to review the legal and financial requirements for your type of business. The entity will help you by informing operations and tax advantages and implications and other legal issues surrounding your business type.

 

There are many things to think about, such as whether you’ll keep inventory on hand or whether everything is digital or not. You’ll also need to educate yourself about income taxes and sales taxes, not to mention business licenses and so forth.

 

The best thing to do is to talk to a professional such as a Certified Public Accountant (CPA), Enrolled Agent (EA), or another business professional that understands this topic and knows how to give you good advice. You can get free help from local SCORE.ORG offices and potentially via your local community college or University.

 

Determine How Many Hours You Can Put In

 

One of the other things you need to think about, mentioned above, is how much time you want to put into your business. If you want a business that allows you to have time freedom and a more balanced lifestyle, think about this before choosing your business entity or type.

 

You can still achieve your dreams even if you only have a couple of hours a day, but you have to make sure your dream is possible first. Also, this is an excellent time to discuss being realistic as you make your daily schedule. Think about how much time you have. Don’t overschedule, which can create roadblocks that don’t need to exist.

 

Know Whether You’ll Hire Employees or Use Contractors

 

The other important thing to know is whether you’ll do everything yourself or if you’re going to hire employees or contractors. One thing is clear: people who know how to delegate end up with a much better quality of life and a more successful business. The type of business you build will inform whether employees, contractors, or a combination is best. Even if you have to do it all yourself today due to lack of funding, set up your business to know when you reach a certain profit point that is when you’re going to find someone to delegate to. That way, you don’t become reliant on the income you’re producing yourself and trap yourself into a job instead of a life-affirming business.

 

There are no wrong answers when it comes to choosing the type of business you want to run. It can be part-time, full-time, more than full time – if that’s what you enjoy and what makes you happy – that’s all that counts. But don’t mistake being busy as being productive or happy.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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How to Analyze Your Market and Why It’s Imperative to Do It

 

One thing you will notice about your business plan development is that there are lots of parts. You’ll have to do a lot of research to get the answers that enable you to create your business plan. Analyzing your Market is one of the things that you need to do to gather the right information. If you don’t go through this process, you may make decisions based on erroneous information.

How to Identify Over the Top Goals to Make Them Reasonable

 

A market analysis answers the following questions:

 

  • Who Are Your Ideal Customers? – Depending on your business, you may have several ideal target customers. Make a list of who your customers are. Describe them and give them a name so that it’s easy to know who you’re targeting with each new offer.

 

  • What Process Does Your Ideal Customer Go Through When Shopping? – In marketing, this is called the “buying journey.” It’s basically standard depending on where they are in the marketing funnel. Understand this so that you can differentiate the content you use to target them.

 

  • How Big Is Your Target Audience? – If you don’t know how many people are out there needing your solution, how do you know you can earn enough money. Pricing depends on many factors, such as how many people you can attract plus your production cost or time available to perform the services. If there are only 100 people who need what you’re offering, can you profit?

 

  • How Much Is Your Ideal Customer Willing to Pay? – Understanding who your customer is helps you also know how to price your products or services. Knowing their budgets and what keeps them up at night is enormously helpful.

 

  • Who is Your Competition and What Are Their Strengths and Weaknesses? – Understanding who and how your competition does business is also helpful. If you don’t have customers yet, you can learn almost everything you need to know by immersing yourself in studying them.

 

To get the information, you need to make good choices for your life and your business. Don’t try to skimp market research. Not only do you need to research before starting your business, but you should also continuously research your ideal customers over time.

 

While your customers may stay the same demographics, they can change their principles and values over time. Imagine creating a commercial for DOVE soap today compared to the 1940s and 1950s. Many old ads offend people today. You don’t ever want to offend your audience, so keep studying them and your market so that your communication with them fits.

 

  • Know Why You Are Doing the Research – Before you start researching, have a reason to do it. For example, if you want to find out where your ideal customer in the awareness stage finds their information, you should search for it; don’t just look at the information randomly, have a point for your research.

 

  • Stay Up to Date on Your Industry’s Outlook – One thing some business owners forget to study is the overall industry. You need to be on the lookout for killer technologies that might end the need for your product or service or otherwise change something drastic in your business. Remember, no one is still making VHS tapes. (Those used to have movies on them.)

 

  • Focus on Finding and Identifying Exactly Who Your Ideal Customer Is – You may think you know who your customer is already. If you do, it’s because you decided who they are before you even created your product. But if you already have a service or product, you may need to work a little harder finding the customer, but it is still possible.

 

  • Study Your Competition Regularly – Don’t just study the competition one time. Join their lists, get to know them. Become members of their community. The truth is, you never know when the competition might become a wonderful colleague.

 

  • Use the Data You Discover – Don’t just do all this work for nothing. Use the information you gather. Once you’ve collected the data and analyzed it make changes based on the facts. Then do it all again. And Again.

 

There is no point doing all this work researching if you’re not going to make changes and adjustments to your ideas. Once in a blue moon, your assumptions may be right, and your research confirms it, but often assumptions can be wrong, so always match your assumptions with the metrics and data that show the truth.

 

 

 

 

 

 

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What Methods Work Best to Ensure You Make Your Goals?

As you work through developing goals for your business and your happy life, you may notice that you need to change what you’re doing now. In fact, as you move along in your business, whatever is in your business plan now might change. As you gain experience, some of the assumptions you made in the past will be thrown out for the reality of what really works and what doesn’t work per your metrics.

 

Learn How to Create SMART Goals

 

The main issue with goals is that many times excited entrepreneurs don’t set goals that will work. A goal needs to be specific, measurable, attainable, realistic, and timely. If it’s not all of these, more than likely, you will not succeed. It might seem like extra work for you to focus on the minutia to set goals. However, the proof is in the pudding.

 

Did you know that, according to SCORE.org, businesses that create well-researched business plans and then use those plans to develop each goal and the steps to reach each goal are 80 percent more likely to experience success? Because of this, SMART goal setting for your life and your business will be one of the practices that pay off for you the most.

 

Write Specific Goals

 

For a goal to be specific, it needs to spell out the result and how you’re going to do it. For example, if you want to list 100 products a week on your Poshmark and 100 on your eBay platform, you have to set it up so that it can happen. “I will list 20 products each evening from 8 to 10 PM.” Describe what constitutes done, so you know when you met the goal. Remember, if you don’t set aside the time to do it, it won’t happen.

 

Make Sure Each Goal is Measurable

 

As you noticed, the specific goal above mentions numbers. It states that you’ll list 100 products within five workdays by listing 20 products each day Monday – Friday between the hours of 8 and 10 PM. Knowing this information, you also need to set up the rest of our day to ensure you have the time to devote.

 

Work Only for Attainable Goals

 

If you want to list more products because you know that getting more listings up means that you have the opportunity to earn more money, it’s important to be realistic about the number.

 

If you don’t have the funds to buy 100 products a week, you’re not going to be able to list them. If you don’t really sit down each evening to process the products, it won’t happen. Don’t make the goal so impossible to reach that it doesn’t take into consideration the reality of your life and the goals you’ve made for the rest of your life too.

 

If you really only have 2 hours, it’s possible you will not have enough time to list 20 products, so you’ll have to lower your goal so that it’s actually attainable. Also, there may be outside influences that make your goal impossible, for example, if it’s against the terms of service or somehow against the law or other rules.

 

Ensure Your Goal is Realistic in The First Place

Outsourcing: The Key to Success for The Life Affirming Entrepreneur

Don’t make impossible goals. It’s fun to dream about being a billionaire but don’t start with that goal. Start with a goal of making enough money to maintain your current lifestyle, then add to that as you go. Also, think about other aspects of your life that might make the goal, while attainable, unrealistic for you.

 

For example, if you have a chronic illness, you may need to modify some of your goals to ensure you can meet them. The easiest way to succeed is to stop trying to do things that can’t be done and do things that can be done by studying the situation to make sure it’s real and a sensible goal to set for your situation.

 

Always Assign Yourself (and anyone who works with you) Deadlines to Make Them Time-Bound

 

No goal will ever be done on an ongoing basis to see real results if you don’t set deadlines. When you set deadlines, always take the time to understand how long it really takes. Don’t try to be faster than others. Take the time it really takes to do a good job, regardless of what it is. Some people have found success using something called Block Scheduling. This is where you state you’ll do XYZ during a particular block of time.

 

When you learn good goal setting technique, you’ll be amazed at how much better you become at succeeding. It doesn’t matter what you want to do. Using SMART goal setting techniques will make a difference.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com  

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Can You Describe Your Business?

One of the things you need to do to write a useful business plan is to describe your business. It might seem simple on the surface, but you want to be careful how you describe your business so that it is crystal clear what you do, who you do it for, how you’ll do it, and why you’re the right one to do it.

 

  • Be Specific – When you choose the wording for your business description, you want to ensure that you are as specific as possible. You must use the right terms that the audience understands best to get the information to them clearly. Hint, you may need more than one description if you have created more than one client avatar, to ensure that they truly understand.

10 Ways to Get to Know Your Audience Better

  • Describe Your Customers – Your customers are your business. For this reason, it’s imperative that you can succinctly describe who your primary ideal customer is. You need to be able to describe them as if they’re a person sitting right in front of you. Include demographics and even how they look. You can even give them a basic name. It also helps to learn your customer’s buying journey so you can describe your customer at each stage of their decision-making process.

 

  • Describe Your Products – Do the same thing about each of your products. List them all and describe who the product is for what problems it solves, and how and why it will work. Do this for all your products, whether it’s a paid product or a lead magnet. One trick is to list the features of each of your products and then connect that feature to how it benefits your ideal customer that it’s meant for.

 

  • Describe Your Services – If you have services and products or instead of products, you will want to describe each service fully. One way to do this is to focus on the result or impact that the service will have for them and their ideal customer.

 

  • Describe Your Talents as Related to Your Business – Include information about your education and expertise related to what you do in your business. If you have others involved, you’ll include their information too. You can even ask them to write their own short description, especially if they’re contractors since they likely already have that ready in their own business plan.

 

  • Describe Other Experts and Tools That Will Work With You – If you have contractors, employees, or other resources that help you do what you say you will for your ideal customers. Whether it’s people, specialized software, or something else, describe what you will use to get the job done and why they’re right for it.

 

  • Why Do You Want to Do This? – Why are you the right person to do this and to create or make these solutions? This is a great time to talk about a pivotal moment in your life that made you want to do this. What unique insight and talent set you apart from the competition?

 

The more you can make this section complete, the more you can feel proud when someone wants to know about your business. The act of creating the executive summary solidifies in your mind what it is that you do, who you do it for, why you do it, and how you do it.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

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Creating Your Executive Summary Is Not Just for Investors

The executive summary is an important component of your business plan. It’s the part of your plan that is first, but it is often created last. You need all the other information collected, studied, and analyzed to create the executive summary. This summary will explain in a concise yet thorough way what you do, who you do it for, and why you will be successful doing it.

 

To complete the executive summary, include:

 

  • Information about your research – The research you conduct will inform business decisions and help you develop your strategy for achieving your goals.

 

  • Results of said research – The research produced results that need to be analyzed for the executive summary.

 

  • Suggestions about how to do business based on the research – Based on what you learned during the research, what steps will you take, when will you take them, and how will you take them?

 

Your executive summary is mostly an informative piece of writing that doesn’t need to be very persuasive other than you should point out the research methods and why they’re accurate and explain the results thoroughly.

 

It should be interesting, grab attention, and give you the info it needs to in the case of needing a business loan or angel investors. If it’s just for your use, you still want to continue creating the executive summary as if someone from a bank might read it. Try capturing your reader with a thought-provoking statistic or tell them about a quote you love that relates, or a book.

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The executive summary should be able to exist without the rest of the business plan as its own document to use when needed. However, you’ll want it to be concise and short. It’s a summary by nature, but it should give all the information the reader needs. You’ll be able to use the document in other aspects of your business to come up with content marketing ideas, to remember your mission, and more.

 

You can write your executive summary in the same way as normal article writing. Create a title for each section. You can use this order to keep it all straight in your mind as you develop your executive summary for your business plan. But remember, you should not even start writing it until you’ve collected the information for each section.

 

Start with an overview of your business; include what you do, who you do it for, why, and how you do it. Next, add information about your target market, your competition, and at least three points about the marketing strategy you plan to use. Now add in information about how you will operate the business. Will you be a sole proprietor, or will you be a corporation? Will you work in a brick and mortar atmosphere, or will you build your business solely online? You also want to include information about your projections based on your research. Give information about finances now, a year from now, two years from now, and up to five years. Be sure to include your break-even point and concrete ideas about when you’ll finally produce a profit. If you need an influx of money, this is also when you mention the type of financing you will get or venture capital you’ll seek. All your numbers should align and make sense.

 

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