How to write a business plan step by step

There are no set rules on how to structure your business plan. However, informative and persuasive traditional plans usually consist of the following sections:

1. Cover page and table of contents
2. Executive summary
3. Company description
4. Market plan and analysis
5. Organization and management
6. Service or product
7. Marketing and sales
8. Financial projections
9. Funding request
10. Appendix

Tip: You don’t need to follow the outline exactly, but most traditional business plans provide a combination of these sections. Remember, the more details you include, the more likely you are to receive funding.

Additionally, you may need to consider including a section addressing any relevant factors affecting the entire economy. For example, if labor is in short supply at the time of creating your business plan, and the shortage is projected to persist for quite some time, you would benefit from addressing how your business expects to overcome those external economic shocks. Not only will these details help persuade the bank to provide funding during a difficult economic time, they will demonstrate you are able to consider matters that go beyond the minimum requirements.