The 7 tips for how to write a good business plan

So, you’re thinking of starting a business, but perhaps you’re wondering how to write a good business plan. You’re in the right place! Here at Hudson Business Plans, we have a team of experts that specialise in writing business plans for several businesses. In this blog, our professionals will share some of their top tips for how to write a good business plan.

What is a good business plan?

Before we jump into the tips for how to write a good business plan, let’s start off simple. This is for those of you who may not have any experience or knowledge of what a business plan is. We want to make sure we share as much information with you as possible!

All businesses should start with a plan. A business plan is quite literally a document specifying information. This will be the business goals, and a plan for how to achieve those goals. Plus, it’ll contain a timeframe to gauge how long it may take to complete these achievements.

It is ideal to have as much information as possible. The more prepared you are, the better. This is especially the case for predicting how well your business will do and how to avoid and mitigate issues. Perhaps consider the following:

• What issues have you recognised in your specific market?
• What solutions does your business offer?
• An overview of the products/services
• Audience/customers
• Any suppliers you may need for materials or other goods
• Financials
• Short-term goals
• Long-term goals
• How will you make a profit?

How to write a good business plan

1. Describe your company

So, it’s time for our first tip on how to write a good business plan. Firstly, in your business plan, you should describe what your company is all about. Answer the following two points:

• What is your business?
• What do you plan to do?

This is a great way of building an introduction to your business. It’s a way of expressing what makes you different and why you’re a good investment.

2. Analyse the market

Our second tip for how to write a good business plan is to analyse the market. This is a great way of getting to grips with the market that is right for your business. You don’t want to get into the wrong one and be struggling.

3. Organise the structure

You need to be able to explain the structure of your team to the reader. Our third point for how to write a good business plan is to showcase who is running your company. If you have a management team, express this in a clear manner.

Perhaps use a chart to showcase the internal structure of your team. It will be good to also include aspects such as their role and responsibilities, as well as relationships.

4. List your services/products

You should list your products and services to give the reader as much of an idea as possible. If you have a lot of products, you could keep them short or more general.

5. Marketing plan

In order to sell services and products, they need to be seen! For our fifth tip on how to write a good business plan, we want to express the importance of marketing.

Your marketing plan will depend on your services and products. For example, one social media platform might be great for your product. This is likely the best place to invest. You should research your business’s industry and thoroughly consider how best to approach marketing.

6. Consider the logistics

Depending on the type of business you run, you may need certain elements for services and products. Consider the following:

• Suppliers
• Production
• Facilities
• Shipping and fulfillment.

7. Get your finances in order

The last thing you want is to make a great start with your business, and then fall due to finances. Have a strong and stable financial plan so that you are organised and prepared for any possible issues.

Summary

Here’s a summary of everything we covered in our blog on how to write a good business plan.

What is a good business plan?

A good business plan will summarise the purpose and aims of the company. It should contain:

• What issues have you recognised in your specific market?
• What solutions does your business offer?
• An overview of the products/services
• Audience/customers
• Any suppliers you may need for materials or other goods
• Financials
• Short-term goals
• Long-term goals
• How will you make a profit?

How to write a good business plan

1. Describe your company
2. Analyse the market
3. Organise the structure
4. List your services/products
5. Marketing plan
6. Consider the logistics
7. Get your finances in order.

Our Services

At Hudson Business Plans, we offer a selection of services to help you grow your business.

Start Up Business Plans

For new businesses that want to grow.

We’ll use our extensive experience to produce a professional plan for your start-up business.

Traditional Business Plans

For businesses looking for an extra pair of hands.

Whether you want to attract investors or simply outline your objectives, we can help with Traditional Business Plans.

Grants Business Plans

Helping you secure grants and funding for your business.

Grants Business Plans will help organisations secure grants and funding opportunities.

Crowd Funding Business Plans

Helping you grow your business with crowd funding.

With Crowd Funding Business Plans, we’ll help you secure the funding you need to grow your business.

Bank Loan Business Plans

Helping you secure a bank loan for your business.

We’ll create a professional business plan to help you impress the lender and instil faith in your business.

Investor Ready Business Plans

Helping you attract investors.

Investor Ready Business Plans is designed to help you secure investment for your business, through compelling and robust planning.

Non-Profit Business Plans

For charities and non-profit organisations.

We’ll use our extensive experience in the third sector to produce a professional business plan for your non-profit organisation.

Immigration Business Plans

Helping organisations enter new markets.

Do you want to take your business overseas? We specialise in helping businesses start in the UK, and Immigration Business Plans will help you do just that.

Franchise Business Plans

Helping you open a new franchise.

Expand quicker and cost-effectively by opening a franchise with the help of our business planning experts.

Expansion Business Plans

Is now the time to take your business to the next level?

Expansion Business Plans was designed for businesses like yours. Take the next step with the help of our consultants.

Looking for funding opportunities?

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Where can you find grants for businesses?

With our Discover Grants portal, finding commercial grants and funding opportunities for your business has never been easier. Our Opportunity Trackers scour over 1,500 data points, so you don’t have to.

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