how to make a business plan essay

How to Write a Business Essay: an Ultimate Guide

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Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

A graphic of a man sitting behind a desk, writing, with the title text: "Business Essay Writing Guide"

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

how to make a business plan essay

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

  • A business plan is a document describing a company's business activities and how it plans to achieve its goals.
  • Startup companies use business plans to get off the ground and attract outside investors.
  • For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
  • There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

  • Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
  • Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
  • Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
  • Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
  • Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

  • Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
  • Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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How to Write a Business Plan

How to Write a Business Plan

how to make a business plan essay

A business plan can seem like a daunting task, and to some people, it may seem unnecessary, but a business plan has several benefits that make it a crucial step for any business. Thankfully, you don't need an MBA or formal business education to come up with a well-rounded, comprehensive business plan that will help either get investments or help form your overall strategy. In this article, you will learn how to create a business plan, about all the sections in a business plan outline, how to write a business plan step by step guide, along with why a business plan is important, and several bonus tips.             

What is a business plan and why does it matter?

Simply put, a business plan is a document that outlines what your company is, what services it provides, the goals of your company, the people involved, and the potential financial rewards as well as requirements.  

Why write a business plan? A business plan is useful for any kind of business but especially for startups and companies beginning their journey. For a new entrepreneurial effort, business planning guides the overall strategy and clarifies strengths and weaknesses. For a pre-existing company, it can help make certain that different teams understand what the company is trying to achieve and reevaluate the direction of the company. 

If you are looking to raise capital through external sources A business plan is absolutely vital.  Any potential investors will look for a comprehensive business plan before deciding to give you their money. Here are a few reasons why spending time on a business plan is important.

  • It is an absolute requirement if you're looking for external investment
  • Studies have shown that a business plan helps a company grow faster by identifying goals, creating schedules, and providing clarity at the beginning of an endeavor
  • It helps you identify possible weaknesses and difficulties early
  • It helps any new members understand the goals of the company
  • It helps set a schedule and milestones
  • It can help you find the right partner
  • It can help you hire the right people
  • It can help evaluate problems in the company  

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How to write a business plan step by step

There are many parts of a business plan and the components of a business plan may vary based on who you are writing it for and what industry you are in but there are some sections that are usually included in every business plan template. 

Overall you can think of a business plan as having four main sections. The first section describes the opportunity you have identified. This translates into the company description, market analysis, and competitor analysis. The next section is the execution, which includes the products and services offered and the marketing plan. Followed by the management and organization of your company, and finally the financials. 

What does a business plan look like? In general these of the main elements of a business plan:

  • Executive summary
  • Company description
  • Market and competitor analysis
  • Management and organization
  • Products and services

This is a general how to write a business plan template. It may seem like a lot of work but researching all these elements is crucial to building a successful business. 

Step 1. How to write an executive summary for a business plan

Think of an executive summary as a brief description of the most important parts of the business plan. Clearly state the goals of the company, describe the products or services offered, identify the problem you are trying to solve, indicate the target audience, highlight the solution you are offering, state the potential financial benefits, and end with the funding request. 

An executive summary is critically important when looking for investments. Most investors will look at the executive summary before deciding whether to read the business plan in full or not.  That means that an executive summary for external sources is usually longer than for internal use, still keep it to a maximum of a page in length. Even though the executive summary is the first thing a person reads, it's better to write it after you've written the entire business plan, since the key metrics that you must include will only become clear afterward. 

Think about these things when writing your executive summary.

  • Have you clearly described what the company is offering?
  • What is the value proposition?
  • What is the specific problem you have identified?
  • What is your solution and why do you think it will be effective?
  • What is your target market?
  • How do you differ from the existing competition?
  • Why are your company and the people on your team the best to tackle the issue?
  • Have you shown possible financial returns?
  • How much money do you need to fulfill your goals?
  • What kind of timeline do you expect results in?

Let's move on to how to write up a business plan! 

Step 2. Your company description

Your company description is more than just what your company does. This is where you get the opportunity to impress with the overall vision of your business. The first thing you should do is elaborate on the specific problem you are trying to solve and how you are going to solve it. This can be expressed through a mission statement, value proposition, your core motivation, or a mix of these things. 

When making a business plan, even if it's a new business, make sure to include some background information like when the company was founded, who are the founders, and how many people you have on the team. If you have been operational for some time you can add things like the number of employees, locations, a brief description of past financials, etc.

One of the most important things in your company description is the specific business goals you have for the short-term, midterm, and long-term. These objectives should be clear and concise,  with realistic dates for when they will be achieved. 

Step 3. Market research and potential

The first few sections of your plan are where you identify opportunities. What do you know about the market that makes your proposition worthwhile? It is likely that the person reading your business plan probably has some knowledge about the particular industry you are in, but by providing some background information you get the chance of explaining why your product or service is different and addresses a gap in the market.

Market research is crucial because it helps you understand the industry. If the industry is expanding, then what are the reasons behind its boom? What are the trends or patterns that you want to take advantage of? if sales of similar products are declining then why are they declining and how have you differentiated yourself? 

One of the classic ways of conducting market research is by doing a SWOT analysis. 

  • Strengths: What are the strengths you are tapping into? Maybe it's an excellent time to enter the market because of a regulation change? Maybe you’ve identified a gap in the market that nobody has filled yet. Maybe your product or service is just that good!  Think about all the reasons why you can be successful.
  • Weaknesses:  What are the potential roadblocks? By outlining the possible weaknesses, you can show how you either overcome them or how they don't apply to your situation.
  • Opportunities:  What are the specific ways you are trying to take advantage of existing opportunities? Why do you think these opportunities exist?
  • Threats: What are the specific things you need to be careful of? 

One of the first steps of doing market research is identifying your target audience. To get a realistic idea of what the demand is for what you are offering, you have to know how many people are going to be interested in whatever you are selling. The target market should be specific, it's not enough to say that the product is great and anybody can benefit from it.  

Researching your target market helps guide the marketing and sales plan, as well as making realistic projections for financial returns. One of the most commonly used methods identifies specific numbers for the total available market (TAM); every person who potentially needs your product or services. Served available market (SAM), the specific subsection of the total number of people that you will target. And your share of the market (SOM) is the number of people that you will realistically expect to sell to. 

Which of these consumer behavior elements is going to be important for you to determine your target audience? These are just examples, based on your specific product or service there might be unique pieces of information that you would like to know about your target.

  • Their geographic location; can be based on cities, countries, neighborhoods Etc
  • Demographics; or what is the age range?
  • Their average yearly income
  • Level of education
  • Interests and hobbies
  • Marital and family status
  • Their values and beliefs
  • What kind of job do they do?

Step 4. Competitor analysis

In a SWOT analysis, you briefly go over competitors as threats, but in this section, you should do extensive research into your potential competitors. It is unlikely that you have a product or service that is completely unique and addresses a need in the market that is not answered by anybody else. By doing a thorough competitor analysis you can both understand the market as well as show how you plan to differentiate yourself from everyone else. 

Don't just think about direct competition. Direct competition is when somebody else provides a product or service that is similar to yours. For example, if you want to start a travel agency, other travel agencies and online platforms will be direct competition. On the other hand, indirect competition is about the underlying problem you are trying to solve. Taking the travel agency example, if the underlying issue is helping someone relax,  indirect competition could be things like sports, movies, video games, Etc. 

Competitor analysis also helps you understand what works and doesn't work in the industry. 

  • You can look at successful ad campaigns to understand what appeals to consumers 
  • Taking a look at other companies’ websites can help you design your own 
  • Look at a sample business plan from a competitor in the same industry 
  • Going online and reading reviews for their products and services is a great way of incorporating customer feedback into your overall strategy. 
  • By analyzing their pricing structure you can get a better idea of how to set prices yourself. 

Step 5. Describe your product or service

This is where you talk about the specifics of your product or service. Now that you have shown that you understand the market, your target audience, and the competitors, you can show exactly why your product or service is better than others or fulfills a unique space in the market. Apart from the technical details, you should highlight the unique benefits you offer, and why these benefits appeal to customers.

Depending on your product or service this section will either be very technical and long or relatively short and simple. Google how to write a business plan sample to find some examples of different types of product sections. 

If what you are selling is a product then you must include a list of ingredients as well as the general procedure of how to make the product. Some things to keep in mind are 

  • Identifying sources for each component 
  • A plan for the manufacturing process
  • Identifying ways of getting the ingredients to the factory (supply chain management)
  • OEM or original equipment manufacturer concerns
  • Buying the correct copyrights, licenses, Etc
  • How to implement quality control
  • After-sales services like customer support, repairs Etc 

Step 6. Marketing and sales strategy

You might understand the market perfectly and have a great product but if you don't know how you are going to sell the said product then your company will still fail. This is why a marketing and sales strategy is so important in a business proposal. 

You should have a clear understanding of how you want to position your company. This is going to determine what kind of marketing strategy you use as well as how you're going to price your product or service. 

Your competitor analysis should have shown you how other companies position themselves, ask yourself:  

  • How are you positioning yourself differently from them? 
  • If you want to target a higher spending target group then why is your product worth the extra cost? 
  • Do you want to use traditional marketing methods or are you going to focus more on social media and digital marketing?  
  • What platforms does your target audience engage with the most?
  • How are you going to appeal to them in a way that's different from other marketing campaigns?

Your marketing strategy should include a launch plan; the different platforms you will initially be engaging potential customers on and the initial marketing strategy. That doesn't mean you should ignore future plans though, it should also speak about how the marketing campaign will evolve over time. 

Pricing is an important element of sales strategy. Pricing something lower than what competitors offer can be an advantage but can also give the impression of low quality. On the other hand, pricing something higher than the market rate means that it is a premium product and has to position itself in its marketing campaigns appropriately. Generally speaking, you should price your products so that they cover the cost of each individual unit, but in some cases, especially if the majority of profits come from post-sales services then this may not be true.

There are few ways you can determine your pricing strategy.

  • The most basic way of pricing is cost-plus pricing. Determine the cost of each individual unit and add the profit you want per unit to determine the eventual selling price. This is most often used for mass-produced goods but is difficult to determine for services.
  • Another way of pricing is by basing it off the market rate. Look at what other companies similar to yours are pricing their services at and determine whether you want to price higher, the same, or lower depending on how you are positioning your service. This is a useful way for pricing services and can be used for products as well.
  • The last way of determining your price is by its perceived value. How much benefit is the product or service you are offering giving to the customer? This can vary based on the income of your target audience.

Step 7. Business financials

If you have already been in operation for some time then compiling your business financials should not be too complicated. You have real data regarding your costs and profit margins as well as trends that you can easily display on tables or graphs. On the other hand, if you are a startup looking for funding you will have to make estimates and projections. In general, these are the things you should include when coming up with your costs.

  • Cost of all the raw materials used
  • Cost of delivering the raw materials
  • Cost of manufacturing each product
  • Cost of purchasing equipment
  • Overhead costs like electricity, utilities, Etc
  • Cost of shipping the final product
  • Salaries for each employee
  • Marketing budget
  • Costs for lawyers, accountants, Etc
  • Expected miscellaneous additional costs

Once you have all the data you can come up with either the cost per unit or the cost per hour of services rendered. One of the best ways of compiling your business financials is by using Excel (it's not nearly as complicated as it looks). 

With your costs clearly mapped out you should be able to set a price that can be used to make projections based on how much of the target market you can acquire. These projections show the financial viability of your business, so it is important to try to be as accurate as possible.  

Make forecasts that are pessimistic, realistic, and optimistic, so that potential investors have an idea of multiple different scenarios. There are some financial statements that are quite standard and should be included if possible:

  • Balance sheets
  • Income statement
  • Profit and loss statement
  • Cash flow statement 

Keep in mind that in this section you should only present the most relevant numbers. The full statements, Excel sheets, graphs, Etc, will go in the appendices. 

Step 8. Organization and management

You have to show that you have the right people in place to make your vision come true and grow the company. List all the current employees while highlighting the qualifications that make them the best person for the job. 

This section should also include what positions will need to be filled in the future as the company grows. A formal organization chart is useful because it outlines each person's individual responsibilities as well as helps possible investors and future employees understand their role. 

Step 9. Funding request

Finally, we get to the actual amount of money that you are looking for. You should clearly state not just how much money you need but also exactly how that money is going to be used. 

An important thing to think about is whether you will be giving equity to potential investors or if you are selling debt. Selling equity essentially means that the person investing will own a portion of your company, whereas selling debt means that you will be paying them back through interest rates or payment plans. 

You will have to give projections for the profitability of the company, and when potential investors can expect to get returns. 

Step 10. Appendix for documents

The appendix is where you put all supporting documents. This can include financial tables, projections, marketing materials, contracts, agreements, essentially anything that you have referred to in the business plan that investors may want to take a look at. 

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Tips for writing a business plan

Once you've done the first draft of creating a business plan it is important to go over it a few times to make sure that it is as good as possible. Here are some tips to think about when working on drafts!

Be as clear as possible

Business plans can become quite long, but that isn't an excuse to write as much as you want.  Remember, a business plan is a document that provides specific information in a way that is engaging, informative, and easy to understand. You may have done everything perfectly, but if people get bored or lose interest then your business plan is going to fail.

Repeat your uniqueness

Every section of a business plan has the goal of showing why your business is better and different from existing products or services. Don't be afraid to reiterate the factors that make you competitive. 

Go over business plan examples

One of the best ways of understanding how to structure a business plan is to go over an example business plan from the same industry. Not only is this great competitor research, but it also helps you understand how to structure a business plan. You can easily find a free business plan template online. 

Adapt and evolve 

Keep in mind that the business plan you propose can and should change over time. If it’s a proposal for a startup, the real experience will require you to make adjustments. If it's for an existing company, a business plan is a chance to re-evaluate goals and targets. 

You never know, maybe you have some experienced business plan writers as friends. Chances are that anybody who went to a business school or tried to start their own company has experience with writing a business plan and can help you out. 

Don't stick to one business plan format 

You can follow a simple business plan template if you want, but make sure to adapt your plan based on who your target audience is. A business plan for an investor looks different than an internal business plan or a business plan for a university course.

How long does it take to write a business plan?

This really depends on what the goal of your business plan is. If it's an academic assignment with a specific word count, then it's probably going to take less time to write than if it's to pitch to investors.

Whether you're a college student or a professional entrepreneur, writing a business plan is an important part of starting a successful business. While the steps outlined in this article can guide you through the process, sometimes you might need extra help. Studyfy has a team of experts who can help you with every aspect of your business plan, from market research to financial projections. Additionally, if you need assistance with academic writing, Studyfy offers services such as pay someone to write my essay , dissertation writers , research paper writing service , and write my admission essay . With Studyfy, you'll have the support you need to create a compelling and effective business plan that impresses investors and sets your business up for success.

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How To Write A Business Plan

A business plan is a formal, written document that describes the purpose of the venture, its goals, and the ways to achieve them. In many cases, it will also describe how to start a business as well, the way that the enterprise will be organized, the types of financing or funding it requires, and the strengths of its strategy relative to competitors. While such a plan may evolve over time, it will serve as an important “road map” to help an entrepreneur stay focused as he or she attempts to bring the startup to life and make it thrive.

A business plan will enable you to accomplish many important tasks as one builds their company. Some of the things to use it for include:

  • Focus Your Thinking. If you have a general idea for an organization, committing that idea to paper will help you flesh it out, mitigate any potential weaknesses, and make the overall plan stronger over time.
  • Find Partners. If you need a partner or partners to bring your idea to life, a good plan can help to convince them to join your team.
  • Excite Investors. A plan could make a big difference when you are trying to secure financing from prospective investors.
  • Assure Lenders. If you intend to obtain a loan or line of credit from a bank or other lending institution, you will likely need to provide them with such a plan to assure them you are a good risk.
  • Win Customers. Before you even begin making a product or providing a service, your business plan can help convince potential customers or clients to select what your company is offering.
  • Secure Grants. There are several Federal, State, and municipal grants available for small organizations and startups. Many of them will require you to submit a plan in order to win the grant and secure funding.
  • Share Common Purpose. If you have employees or plan to hire them in the future, your plan will help them understand your vision and goals, so your workforce and teammates can contribute to the company’s success.
  • Complete the Program. Some particular study programs imply creating a business plan as a part of the coursework. Your final grade might be significantly influenced by the quality of this plan.

Your plan will likely remain a work in progress that evolves over time. As you show it to various people and organizations, their comments may affect your thinking and cause you to revise it. However, even if it changes considerably, having a good business plan to guide you will be invaluable to building a successful company.

Steps of Writing

Step 1: start with a mission.

The very first thing you need to do is to clarify your company’s purpose. The best way to do that is to write a clear mission statement that sums up what your venture is all about. The more precise your mission statement is, the better. For example, Internet giant Google’s mission statement is “to organize the world's information and make it universally accessible and useful.”

Business Plan

Your mission statement will help you determine your goals, and help you flesh out the rest of your plan. It will also help keep you focused throughout all phases. Referring back to your mission statement can also keep your employees and you from wasting time and resources on activities that aren’t relevant to your company’s core purpose.

Step 2. Write a Summary

Once you determine your mission statement, build upon it further by writing an executive summary of your business. It will provide an overall snapshot of what it is about and what it intends to accomplish. Such summaries may provide information about how the venture will compete in its market niche and why it will be successful. This section should be succinct and to the point; one to three paragraphs should be enough to help provide an understanding of your idea and what you are setting out to accomplish.

Tip: When you are preparing to write your plan, expect to write it twice. First, you should have a formal written document done in Microsoft Word or some other word processing program. Next, you should have a PowerPoint or other presentation that complements it. You will use the latter to brief prospective clients, customers, partners, lenders and investors as you attempt to convince them to support or finance your organization or use its products or services.

Step 3. Provide Basic Company Information.

At this step, your business plan should provide some basic information about your company - details on when your company was founded, any qualifications or certifications it has, proprietary technology or processes, patents, special skills or other key information. You should also provide biographical and professional information about key members of your company team, so people have a better understanding of what your company is capable of.

Business Plan

Step 4. Conduct Analysis

In order to understand the market that you are about to enter, conduct a market analysis, and then summarize your findings in your plan. There are several different ways to do this:

  • Survey Potential Customers. You can directly contact potential customers or clients, either by calling or emailing them , or sending out some sort of survey, to assess the market your organization will compete it.
  • Obtain Secondary Research. Unless you are starting an obscure type of business, it should be easy to find existing market research you can use online.
  • Groups. Your local alliance or chamber of commerce can be an excellent resource for conducting market research.
  • Libraries. Public libraries can be useful for gathering information about a particular market.
  • Government. Depending on your niche, chances are the Federal or local government will have some sort of invaluable information to assist with your market research. The USA.gov website is a great place to start.

Use these resources, and others, to get the best understanding of the market you plan to enter. Then, summarize your findings for inclusion in your plan. Doing so will demonstrate to others that you understand exactly what you’re getting your company into. It will also help you to further refine your overall strategy, so you can successfully compete in your market.

Tip: As you conduct your market research, you should try to identify potential clients or customers to reach out to later on, when your business plan is more fully developed.

Step 5. Write Description

Once you conduct your market research, you should prepare your product or service description. Write about exactly what you are going to provide for the market. You should describe why your particular product or service is going to be competitive in the market. If you developed your product or service prior to completing your market research, you should make any necessary adjustments after that research is complete.

Tip: If you are manufacturing a product, you should include a picture of it in your plan. When you present your plan to an audience, it is often a good idea to bring an actual sample of your products to them to see, hold, or use if the product is in a close to final form.

Step 6. Determine your Organization

You will need to determine the best way to run your company, and then include that information in your business plan. If your company is going to consist of only you and a handful of employees, this should be relatively easy. However, if your company is going to be larger, with multiple locations and activities going on, this section will require more thought. Drawing an organizational chart to ensure you are accomplishing all management activities is one of the best ways to think through how you’ll manage your company. Once you settle on a structure, you can present a finalized organizational chart to describe it in your plan.

Step 7. Funding and Finances

The finance and funding section is a critical part of your business plan. In order to begin anything, you will need to determine exactly how much money you will need to get your venture started. Ensure you capture all startup costs, including things like licensing and permits. You should also determine how much money you’ll need to operate for the first two to three years. Finally, you should use your previously completed market research to provide an estimate of the revenues you expect to earn.

Once you have all of this information, summarize it as precisely as possible in your plan. Lenders, investors, and potential partners will use this information to make decisions about whether or not to provide you funding.

A good business plan will help you strengthen your strategy and help you win over customers, lenders and investors. If you struggle with it, make sure to contact our team that can create a high-quality business plan for you.

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Essay On Business Plan

Type of paper: Essay

Topic: Management , Business , Finance , Investment , Stock Market , Marketing , Money , Market

Words: 1300

Published: 11/22/2019

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The paper undertakes to explore a business plan. It begins with the explanation of the major elements of the business plan. Besides, it explores how a business plan can be matched to start-ups, expansions, relocations and franchising businesses. It further analyses the financial aspects of going full-time; specifically touching on what bankers, lenders, and or investors demand in business plan before commit to financing any business venture. For the paper, a business plan has been used to mean any written document that represents a business unit overview, also known as the executive summary of the business plan; the business profile- describing the targeted market and anticipated customers in case of a new venture; growth trends and the pricing power. Also, it has been shown as to be encompassing the type of business organization with the managers’ profiles to define the stakeholders of the business. Exploration of the financial planning, how the business will be financed and the marketing plan is undertaken. Financial planning involves the analysis of the cash flow statements, major financers, analysis of costs and the internal control measures of a business unit’s cash. The marketing plan has been used to represent the marketing tactics to be employed including advertising and promotional strategies. The paper concludes by looking at the various aspects that must be looked into before presenting a business plan to investors or bankers. The major components of a business plan are the business profile; the vision, mission and objective statements of the business; managers’ profiles; the business organization; insurance; location and leasing; accounting and cash flow statements; the marketing plan as well as the major financers of the business.

Is the first page and is persuasive summary that lures a reader to take the plan seriously and read on. The summary should include; a brief description of the business’ history, objectives, a brief description of the businesses’ products or services. Besides, the market the business competes in and a convincing statement as to why success is guaranteed is included.

The Business Profile

The business profile briefly describes the business; its name, vision, its mission and the core objectives. Besides, it entails stating the type of the product or service business is willing to offer to the market. It clarifies on the targeted market and the anticipated customers. It also explains the business growth trends, i.e. the rate at which the business grows in case it’s already an established business and the business competitive edge. Lastly, it spells out a well defined pricing power of the business. This simply implies what limits the price charged on the service offered. Under the business profile, the location, business ownership and type with the product or service offered is stated. It also entails a thorough analysis of the industry where the business is established.

The Product and Service Offered

This element basically describes the exact product or service to be supplied to the market. It also presents who the targeted customers of the business are.

The Production Plan

This component describes the main production work, for instance, whether the business will be involved with the development or repair of software in case it is a computer firm. The procedure of executing the production work should be well stated.

The Management Plan

This begins with stating the management team, whether it is a partnership or a private limited company. The level of control by each member when transacting business affairs must be spelled out. Also, state the liability of each member. Members’ authorities and responsibilities are as well stated under the management plan, with who is the HRM or managing director. Besides, the educational qualifications and relevant experiences of each member of the management team need to be stated here. This is followed with the business organizational structure with the responsibilities and duties charged to each member of the management team. Also, salary projections for the first years in operation and promotional strategies are stated under the management plan (Peter Schwartz, 1996)

The Marketing Plan

This part entails the analysis of who the business anticipates to satisfy their needs, the competition level and competitive strategies undertaken in the market and the marketing strategies to be employed. Analyze the target market, distribution mechanisms, the price, promotional strategies, and the market segmentation technique to be used (Peter Schwartz, 1996)

The Financial Plan

It begins by clearly stating the anticipated start up expenditure and the proposed capital for the establishment and operation of the business. The source of the capital must be shown as well as the desired financing level, the cash flow projections for the first years in operation and the proforma income statements for a given number of consecutive years. Also, this component should show the projected balance sheet for the next consecutive financial periods and the consecutive breakeven points of the business (Eric Press, 1999)

Why a Business Plan is needed

A business plan is needed for the following reasons: First, it is used as a tool to secure funding from the financial institutions like banks. A well written business plan attracts the financing institutions to finance the business. Having a business plan puts a business in a better position to get money needed to keep the business running or to purchase new assets. Moreover, a business plan preparation is essential since it attracts investors. Venture capitalist or angel investors only have a willing of investing if the business plan represents a unique interest. They therefore study the plan before committing to invest. (Business Plan Resources) As stated in the article, “Writing a Business Plan – Do I Need to Write a Business Plan?” it is as well needed to measure the viability of the business idea. It shows whether the idea is worth investing in after thorough analysis of the market and the level of competition in the market. Lastly, it’s important in the sense that it gives newly established businesses higher chances of succeeding. It helps business owners are attentive to the operational and financial objectives, budgeting and even marketing planning thus guaranteeing higher chances of success.

What Bankers, Lenders, or Investors want in a Business Plan

Lenders, bankers or investors quite often look for the feasibility of the idea presented and weigh whether it is worth to invest in. for start-up businesses, the investor will look for how the business idea is viable and whether there is an anticipated return on the investment. They will also scrutinize the competitive advantage the business as compared to the market competition. For already established businesses that need money for expansion, lenders or investors are likely to look at the profitability of the business as depicted in the cash flow statements, financial income statements and the liquidity ratios. An investor also determines the rate of return on capital invested for surety of success (Peter Schwartz 1996)

Recommendation

Therefore, for investors to show interest in a business, a business plan presented must clearly specify the financial plan showing; sources of finance, capital base, desired finance level, cash flow statement, income statement, and the balance sheet. The plan must also show the viability of the business with clear analysis of the market, key competitors and the competitive edge the business have.

Business Plan Resources. Retrieved at http://sbinfocanada.about.com/cs/businessplans/index.htm Business Plan. Retrieved at http://sbinfocanada.about.com/library/glossary/bldef-bizplan.htm “Writing a Business Plan – Do I Need to Write a Business Plan?” Retrieved at http://sbinfocanada.about.com/od/startup/f/needbizplan.htm Jerry J. (1999). Anatomy of a Business Plan. Dearborn Trade Eric Press. (1999). Analyzing Financial Statements. Lebhar-Friedman Peter Schwartz. (1996). The Art of the Long View. Currency-Doubleday

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University of Newcastle

How to plan an essay: Essay Planning

  • What's in this guide
  • Essay Planning
  • Additional resources

How to plan an essay

Essay planning is an important step in academic essay writing.

Proper planning helps you write your essay faster, and focus more on the exact question.  As you draft and write your essay, record any changes on the plan as well as in the essay itself, so they develop side by side.

One way to start planning an essay is with a ‘box plan’.

First, decide how many stages you want in your argument – how many important points do you want to make? Then, divide a box into an introduction + one paragraph for each stage + a conclusion.

Next, figure out how many words per paragraph you'll need.

Usually, the introduction and conclusion are each about 10% of the word count. This leaves about 80% of the word count for the body - for your real argument. Find how many words that is, and divide it by the number of body paragraphs you want. That tells you about how many words each paragraph can have.

Remember, each body paragraph discusses one main point, so make sure each paragraph's long enough to discuss the point properly (flexible, but usually at least 150 words).

For example, say the assignment is

Fill in the table as follows:

Next, record each paragraph's main argument, as either a heading or  topic sentence (a sentence to start that paragraph, to immediately make its point clear).

Finally, use dot points to list useful information or ideas from your research notes for each paragraph. Remember to include references so you can connect each point to your reading.

The other useful document for essay planning is the marking rubric .

This indicates what the lecturer is looking for, and helps you make sure all the necessary elements are there.

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  • Last Updated: Feb 15, 2024 1:23 PM
  • URL: https://libguides.newcastle.edu.au/essay_planning

How Mercer’s CEO planned her own retirement–and succession

how to make a business plan essay

Martine Ferland has spent more than 40 years on the front lines of retirement. This week, the CEO of Mercer and vice chair of Marsh McLennan is stepping down to start her own. Over the past five years, she has led the consulting giant to its best growth since 2008. In recent months, she’s also focused on facilitating a smooth transition for her successor, Pat Tomlinson. That includes traveling with him on a grand tour of Mercer’s global locations, holding weekly two-hour meetings on a wide range of topics, and letting Tomlinson own all the long-term decisions so they’re aligned with his vision.

She also gave him a book–a slim volume published last year by McKinsey called The Four Seasons of a CEO . Although it was not for sale (“a complete black market,”  Ferland jokes), she did secure an extra copy that she presented to Tomlinson a few weeks ago at her retirement party in London. (This collection of articles might give you a taste of McKinsey’s leadership advice.)

Leaders like to impart wisdom through gifting books–or writing them. George David gave Louis Chenevert half a dozen history books to read when handing over the reins as CEO at United Technologies Corp. in 2008. (While writing a story on David, he sent me the same collection; Lenin’s Tomb stood out.) Ferland often gives books to colleagues, with a current favorite being The Heart of Business by former Best Buy CEO Hubert Joly in 2021.

Tomlinson says he plans to read Four Seasons . “I have it right here!” he said on a Zoom call, reaching above his desk. While the first chapter on becoming a high-potential CEO candidate didn’t captivate him, he says the second “would be good to read over the next few weeks as it’s about your first six to twelve months.”

More important was joining Ferland on global visits, especially as Tomlinson has built his career in the U.S. Along with helping him build key relationships, he says, Ferland shows “how you get good economic growth and outcomes and doing it with empathy.”

When asked which books have influenced him, Tomlinson reaches for two: The 2004 classic Blue Ocean Strategy and What Got You Here Won’t Get You There by executive coach Marshall Goldsmith in 2007. The latter came at a time in his career when he had to transition from building to influencing others as a leader. “Someone said, ‘Look, if you keep running things like this, you won’t have time for anything else.’ I gave that advice to somebody two days ago.”

Even for an HR consultancy, this CEO succession was unusually well-planned. “I wish I’d had an introduction similar to this one,” says Ferland, who recalls that her onboarding was rather short and sweet. Having helped her successor, her next best practice? Get out of the way.

Diane Brady [email protected]

Commuting is back–sort of

An analysis of travel patterns in 10 major global cities has shown that commuting has recovered since lockdowns brought in-office work to a sharp halt. But not as we knew it. In New York, for example, Amtrak’s passenger ridership has surpassed pre-pandemic levels. Yet employees are popping into the office for shorter periods, (or, “coffee badging” ) instead of commuting into the city for the whole working day. Financial Times

The rise and fall of Stability AI’s CEO

Emad Mostaque, the founder and CEO of Stability AI, resigned from the $1 billion startup he founded on Saturday, following a wave of key departures. Fortune ’s Jessica Mathews and Allie Garfinkle interviewed 20 Stability investors, former Stability and Coatue (one of Stability’s largest backers) employees, and Coatue-backed founders to uncover Mostaque’s stunning fall from grace. Fortune

Heat action plans

Hot off the heels of last year’s record-high temperatures, two of the world’s biggest aid agencies are set to host an inaugural global summit on extreme heat–and they’re urging business leaders, as well as governments, schools, and hospitals to prepare for the “silent killer” and develop “heat action plans.” In the U.S., extreme heat is already deadlier than all other climate impacts put together, including hurricanes and floods. Guardian

AROUND THE WATERCOOLER

It’s a ‘nepo’ housing market. More than a third of Gen Zers and millennials expect their parents to help with a down payment, survey finds by Alena Botros

Birkin bags can double in value in 5 years. An Hermès expert explains why it’s a better investment than gold by Jasmine Li

Exclusive: Many senior Amazon employees won’t get cash raises this year by Jason Del Rey

You’re more likely to make more money if you’re an older sibling—and now researchers think they know why by Irina Ivanova

Women outearn men in just a handful of U.S. cities, report finds—and not by a lot by Jane Thier

Diddy’s estimated $1 billion fortune is at risk after 5 lawsuits with explosive allegations. Here’s how the entertainment mogul made his money by Sydney Lake

Inside the cockpit at Boeing: Here are the top 5 candidates for CEO as Dave Calhoun exits (Commentary) by Jeffrey Sonnenfeld and Steven Tian

T his edition of CEO Daily was curated by Orianna Rosa Royle. 

This is the web version of CEO Daily, a newsletter of must-read insights from Fortune CEO Alan Murray. Sign up to get it delivered free to your inbox.

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  1. How To Write A Business Plan (2024 Guide)

    Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...

  2. How to Write a Business Plan

    Steps on How to Write a Business Plan. The following is a highlight of the steps involved in writing a business plan. Creating of an executive summary; ... Peachy Essay, registered as PEACHY ESSAY LLC (company number 000950125) 30 N Gould St Ste N, Sheridan, Wyoming, 82801, US: a professional writing service that provides original papers. ...

  3. 24 of My Favorite Sample Business Plans & Examples For Your Inspiration

    8. Panda Doc's Free Business Plan Template. PandaDoc's free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

  4. How to Write a Business Plan (Plus Examples & Templates)

    How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:

  5. How to Write a Business Essay: an Ultimate Guide

    Make friends with your library. Compile your sources before you write. Outline before you write. Remember to revise and proofread. Consider professional writing help. Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then ...

  6. Business Plan: What It Is + How to Write One

    A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines ...

  7. Business Plan: What It Is, What's Included, and How to Write One

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    Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...

  9. How to Write a Business Plan

    This is a general how to write a business plan template. It may seem like a lot of work but researching all these elements is crucial to building a successful business. ‍. Step 1. How to write an executive summary for a business plan. Think of an executive summary as a brief description of the most important parts of the business plan.

  10. Entrepreneurship: Making a Business Plan

    A business plan is a document that performs the operational and managerial functions of the venture. Its main benefit is that it allows the entrepreneur to avoid some of the problems that can potentially arise during its implementation (Kuratko, 2016). There are other advantages of a business plan for the entrepreneur; for example, he gains an ...

  11. How To Write A Business Plan

    Step 6. Determine your Organization. You will need to determine the best way to run your company, and then include that information in your business plan. If your company is going to consist of only you and a handful of employees, this should be relatively easy. However, if your company is going to be larger, with multiple locations and ...

  12. Writing a Successful Business Plan

    The business plan should clearly and concisely define the mission, val-ues, strategy, measurable objectives, and key results the owner expects. It is important to set aside enough time to formulate the plan. Experts recommend starting the planning pro-cess at least 6 months before initiating a new business.

  13. Learn How to Write a Business Plan

    Get what works, is affordable, and is necessary. Avoid frills. Put yourself in investors' shoes. Before submitting your business plan, ask yourself whether there is anything an investor would like to know before putting money toward your product or concept. Organize the information in your business plan carefully.

  14. PDF HOW TO WRITE A BUSINESS PLAN

    Start with a cogent and concise one sentence statement of the business idea. A sentence that is so clear and appealing that the reader can immediately visualise or 'see' the business. You can then go on to describe: The market at which you are aiming. The specific benefits offered by your product or service.

  15. How to write a Business Essay

    Identify exactly what the essay question/title is asking you to address. Examine the precise wording to work out the approach you'll need to take. Keywords that appear frequently in business essay questions include: 'analyse', 'discuss', 'illustrate', 'compare', 'describe', 'criticise', 'interpret', 'review ...

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    Describe your company's 'supply chain' (including strategic activities, tactical activities, reverse logistics, supplier network, etc…). Tesla Motor Company maximises its production through the use of integrated supply…. Business Plan Management Marketing. View full sample. Subject: Business.

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    Whether you need a business school essay or a business plan essay, we have you covered. Write Business Essay In 5 Steps. While writing might seem challenging, with the proper format and topic familiarity, you are on the right track. It is imperative to understand the writing process before composing your business essay. You need to read the ...

  18. How to Write a Business Plan

    Writing a business plan is an important step in the process of starting your own business. By writing a business plan, you can develop a clearer idea of how you intend to make your business successful. In addition, with the help of a well-written business plan, you can secure financing to help get your business started. There are four sections that you must include in a business plan: a ...

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    Abstract. The paper undertakes to explore a business plan. It begins with the explanation of the major elements of the business plan. Besides, it explores how a business plan can be matched to start-ups, expansions, relocations and franchising businesses. It further analyses the financial aspects of going full-time; specifically touching on ...

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    Make a simple plan - this can be a simple list of points (for and against). Planning allows you to make sure you have greater structure in your essay, include a greater range of points and avoid repetition. It will also allow you help you make a decision in evaluation questions as you have thought through the arguments for and against.

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