You’ve decided on your business idea and now you want to make it a reality. This is the right place. You’re in the right place. A plan is essential for a successful business.

This article will walk you through the eight steps that lead to a business plan that is successful for small businesses. We’ll also share best practices. Let’s get started.

Slideshow maker is easy to create a slideshow that will win you buy-in

Before we get into the eight steps that are necessary to create a successful plan, it is worth remembering that this plan will most likely be presented at some point in the future.

You can present to your team, investors, family members, or new hires. To keep your ideas organized, use a simple slideshow maker.

Nothing is worse than trying to put together something from a bunch of pages of research. Keep your business plan in the forefront of your mind and put it into the slideshow. This will allow you to simplify your messaging and create a plan that is more ready for launch. You can also save time on the hiring process with applicant tracking software.

Now that you have your platform in place, let’s get to the steps needed to make this small business a reality.

1. Write an executive summary

You will first need to create an executive summary of the business. This will be visible to anyone who reads the plan. This exercise is great for founders.

Your executive summary is your elevator pitch.

• How would you describe your startup idea to family and friends?
• What would you say to colleagues who have limited time?

Some people prefer to write this section after they have completed all of the research and the seven steps below. Having an executive summary to refer to throughout the process helps you stay on track and allows you to quickly return to your goals.

2. Run your research

Next, you need to do your research. This includes competitor analysis, brand alignment research, and audience/user research. Let’s take a look at these three aspects.

Competitor Analysis

This type of research is the easiest. While you will most likely know your competitors well, there may be others that you don’t know.

These are the things you should consider when conducting a competitor analysis.

• Features and capabilities of the product
• Pricing analysis
• User journey
• Customer lifecycle
• Keyword research SEO audit
• Strategy for sales
• Social media audit

It’s a lot. This large part of your business plan should be taken slowly.

Brand alignment research

This is a great idea and can be very useful when branding your business and bringing this product to life. What brands are you inspired by and want to have a positive impact on the perception of your brand?

Find the brands that are most appealing to you and discover their secrets.

• What do they do well?
• What could you do better?
• Which go-to-market strategies do they use that you could adapt?

Research on brand alignment doesn’t have to focus on brands that are similar to yours or even in the same field. Take a look at any brand that has made a lasting impression on you, and then dive into their strategies.

Audience/user research

This part of your business plan will also help you understand your audience and how you can build a company they love and a product that they use. You need to make a UX research plan.

You should be savvy about how you conduct audience research. For example, you might want to run usability testing on low-fi mock-ups of products. Or you may need to conduct qualitative and quantitative surveys to get opinions and insight that will help you build your business.

After your audience research is complete, you will have a clear understanding of who your audience is. This can be broken down into demographic segments and outlined in user personas.

1. Describe your vision and mission

Step three! Make your vision and mission clear as day. This section is the second-shortest and most important in your business plan. Only after you have done the above research can you truly nail your mission statement and vision. Let’s clarify what these are.

Vision: shows how your business will impact your customers/users and the rest of the world.

Mission: describes how you intend to realize your vision.

Not. Your mission is and is not. It’s a more holistic vision and overview of the values, culture, and people you will create to help bring your vision to reality. Your mission and vision statement is often the inspiration for your business tagline.

See Nike’s

2. Describe your product solution

Now that you have done your research and have your vision statement and mission down, it is time to start describing your product or service. Here, we don’t need a product or service. This is all part of the business creation process. We want you to have a clear idea of the business you are trying to build.

You don’t have to describe how you will create it. Just tell us what you want it to do. We’ll help you get past the technicalities of creating your product.

3. Develop your product marketing strategy

This will help you develop a product-marketing strategy. You have most likely identified your target audience and know where they are located. This stage is about putting all that information together to create a plan of action that will bring people to your door.

It is a smart idea to emphasize demand generation over other marketing strategies. It is impossible to expect people to come knocking at your door every day when you start a business. Instead, you will need to find ways you can generate demand for your product and brand, then start your sales flow.

You should include the following in your product marketing strategy:

• SEO & Inbound Marketing
• Email marketing
• Marketing via social media
• Content marketing avenues
• Paid advertising

4. Do the math

If you plan to invest in your business, it is important to secure your financials. The next stage of your business plan should include the budget needed to build your product and build your team.

You should include the expected turnover for your first, third, and fifth years. Psst. If your numbers are in red, it’s completely fine. The time it takes for a new business to become profitable is usually between two and three years. It is important to know that founders rarely withdraw their salary within the first year of starting a business.

You should have all your numbers written down, along with your profits and losses. Investors will pay the most attention to this section of your business plan.

5. If you are eligible, apply for funding

If you are applying for funding, the penultimate section is not applicable. This section can be used to outline your proposals for potential investors. What will you get in return if someone invests in your business and more in you?

What percentage of your business would you be willing to give up in exchange for a share? To grab investors’ attention, you should outline a lucrative offer. You should only give what you are comfortable with, but a potential investor might demand more. Allow yourself and your negotiations to have some flexibility.

6. All wrapped up

It’s time for the final step. Your business plan should be concluded. Leave your reader with some final thoughts. How do you want them to feel when they leave your business plan presentation? What do you want them to think about the potential business?

Your words should be filled with promise and empowerment. You should remind people why they are here and how you can make this business a success.

Best of luck with your business venture!

This concludes our article on creating a successful business plan. We hope you found this article helpful and now have a better understanding of the steps required to create a business program that gets things in people’s hands or on their screens.