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How to Write the Best Business Plan for Your Small Business

Updated: Jan 24

Entering the business world as a small business can feel a lot like taking the subway for the first time; there are lots of different directions you can go, and everyone seems to know where they're going but you. But, just because your business may not have the experience of the main competitors in your market doesn't mean you can’t still stand out. A great way to sell yourself is by creating a strong business plan that highlights how your company is unique. But how do you create a plan for a small business that best represents you in your market? Allow us to provide you some direction by outlining the best practices when writing a business plan for a small business.

One of the main things to keep in mind is to minimize fluff. Although it may be tempting to go on and on about the idea you are passionate about, you should always be concise and remove any filler language. Even though it sounds nice, fluff doesn’t get you anywhere and wastes valuable space in your plan. Remember that you are trying to sell your company to investors so it's important to get to the point quickly.

Another great practice is to be honest about your current financial situation and hopes for the future. It’s great to be excited about your business and where it can go but you also need to be honest with yourself and your investors about what is actually possible. If you exaggerate your projections, you could find yourself with unhappy investors and a huge financial mess. Make sure to take an objective look at your finances and give an accurate picture of the financial health of your business.

Since your business plan is meant to represent you and your company, it is important to make it your own. You can be creative with this and include an element in your plan to stand out and grab a reader’s attention. For example, maybe you include a story about how your business started, perhaps your restaurant was inspired by your grandmother’s cooking. By doing something unique you can really make the plan yours. Just make sure that whatever you include is still relevant and won’t add unnecessary pages to your plan.

With all that said, it can still be tough to write a small business plan that perfectly fits your unique company. Luckily, at STEPS we provide business plan writing assistance specifically for small businesses and would be more than happy to help you! Don’t hesitate to visit the business planning section of our website or reach out on our contact page.

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