{"id":10842,"date":"2022-07-14T16:39:56","date_gmt":"2022-07-14T20:39:56","guid":{"rendered":"https:\/\/www.franchisegator.com\/articles\/?p=10842"},"modified":"2022-08-04T17:13:23","modified_gmt":"2022-08-04T21:13:23","slug":"write-business-plan-myself","status":"publish","type":"post","link":"https:\/\/www.franchisegator.com\/articles\/write-business-plan-myself\/","title":{"rendered":"Can I Write a Business Plan Myself?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Every successful business starts with a plan. <\/span><a href=\"https:\/\/www.franchisegator.com\/info\/business-plan\/\"><span style=\"font-weight: 400;\">Making a business plan<\/span><\/a><span style=\"font-weight: 400;\"> will help you stay focused, and it can also help you communicate your mission to lenders and potential investors as you\u2019re <\/span><a href=\"https:\/\/www.franchisegator.com\/info\/starting-business\/\"><span style=\"font-weight: 400;\">starting a business<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But a lot of research and data goes into a business plan. Can a business owner write a business plan on their own? Yes, though it never hurts to have some assistance. If you\u2019re starting a <a href=\"https:\/\/www.franchisegator.com\/franchise-listings.php\">business<\/a>, this guide will help you write a business plan.<\/span><\/p>\n<p><b>The Basic Elements of a Business Plan<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Typically, a business plan contains five basic elements:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An executive summary (overview of your company and goals)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business description<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market research and strategy<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Description of management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial projections and funding needs\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, this doesn\u2019t mean you\u2019ll complete these sections in this order. This guide will walk you through the steps you\u2019ll take when making a business plan.<\/span><\/p>\n<p><b>Define Your Leadership Structure<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First, you\u2019ll need to define your business structure. This is an important decision since it will dictate everything from your day-to-day operations to how you pay taxes. Structures include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sole proprietorship<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Partnership<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited liability company (LLC)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporation\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re starting a business by yourself, then you\u2019ll likely want to start a business as a sole proprietor or an LLC. Technically, you can take steps to form a corporation, though this gets a bit more complex.\u00a0You might choose to solicit professional advice to help you understand the pros and cons of these structures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is an important step, especially if you\u2019re working with a business partner. This way, you and your associates can work together to understand your business\u2019s goals and complete the rest of the business plan.<\/span><\/p>\n<p><b>Create a Company Description\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Next, you\u2019ll write a description of your company, including:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name and location<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Description of your products and services<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business goals\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can also include some points about what makes your business unique, especially compared to other businesses within your industry.<\/span><\/p>\n<p><b>Perform Your Market Research<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When starting a business, you want to ensure you connect with your target market. Perform detailed research into questions like:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who is my ideal customer?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What industry trends can I take advantage of?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What needs do my customers have?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How does my company satisfy my customers\u2019 needs?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On your own, you can probably gain some insights from online sources. But it may also help to speak to others in the industry to learn as much as possible.<\/span><\/p>\n<p><b>Create a Marketing Strategy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve zeroed in on your target market, you\u2019ll need to craft a marketing strategy for reaching that market. This usually means that you\u2019ll develop a website, but most modern businesses gain additional traction from digital marketing campaigns.<\/span><\/p>\n<p><b>Calculate Your Financial Projections<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This can be the hardest part of making a business plan for most entrepreneurs. Your fixed assets are easy to calculate and include your commercial real estate, inventory, and other overheads. At this stage, you\u2019ll need to determine some basic benchmarks to ensure you\u2019re on track to making a profit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this seems daunting, you might consider consulting a CPA or other financial professional. They can help you put together some numbers to create a realistic financial forecast.<\/span><\/p>\n<p><b>Determine Your Funding Needs<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Now that you have some numbers in place, you can assess your actual funding needs. How much will you need to get your business off the ground? This will help you approach potential lenders and secure a loan that fits your needs.<\/span><\/p>\n<p><b>Write an Executive Summary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Finally, return to the first page of the business plan and create an executive summary. Aim for around 250 to 500 words, highlighting the key points in your plan and summarizing your data. Readers should be able to read your summary and understand what your business does and what goals you have for the company.<\/span><\/p>\n<p><b>Get a Second Opinion<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Even if you could complete these sections on your own, it never hurts to have a second set of eyes look over your business plan. Sometimes, they\u2019ll find something you missed. Better yet, ask someone with some industry experience to give you some feedback and hone your strategy accordingly.<\/span><\/p>\n<p><b>Franchising Makes Planning Easy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When you start a franchise, the franchisor can provide you with much of your data. This can make it much easier to create a plan and get the funding you need. Use Franchise Gator\u2019s franchise locator tool to find <a href=\"https:\/\/www.franchisegator.com\/franchise-listings.php\">opportunities near you<\/a> and start making plans for a new career.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every successful business starts with a plan. Making a business plan will help you stay focused, and it can also help you communicate your mission to lenders and potential investors as you\u2019re starting a business.\u00a0 But a lot of research and data goes into a business plan. Can a business owner write a business plan <a href=\"https:\/\/www.franchisegator.com\/articles\/write-business-plan-myself\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  Can I Write a Business Plan Myself?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":10844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,24],"tags":[],"class_list":["post-10842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-starters","category-franchise-experts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can I Write a Business Plan Myself? - Franchising Blog<\/title>\n<meta name=\"description\" content=\"Making a business plan takes research and data, but it\u2019s an important step of starting a business. 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