For many new entrepreneurs, coming up with a good business idea is the easy part. From there, technical paperwork and implementing strategies may turn out to be the most difficult aspects of starting a new company. By understanding the importance of a good business plan and the steps you need to take to develop one, outlining your company’s road to success can be easier than you think by focusing on seven crucial areas of your business plan:

1. Define Your Company’s Identity – Defining your business’ identity should make up the first major sections of your business plan. This section should include a detailed description of your company purpose and should touch on your objectives, your team’s experience in the industry, where you see your industry heading and how you’re directing your organization that way.

2. What You Offer To Consumers – This section should go into depth about all of the different products and services your company offers. You should include specifics regarding how you aim to position your business above the competition whether it is by offering more affordable prices or higher-quality customer support. This is also a great place to become clear on what differentiates your business from others who offer similar products or services.

3. What Does The Market Look Like? – Stepping into any marketplace can be a challenge for a new company, especially industries that already have well-established leaders. Your market analysis should contain an overview of what is going on in your business’ industry, as well as predictions of what the industry is likely to see in the future. This section of your business plan should also include a deep analysis of your potential customers as well as your biggest competitors.

4. How Will You Infiltrate The Market? – After you have identified what the marketplace looks like, the next step is to define how you will position your new business competitively within it. This part of your business plan should feature your marketing plan, as well as the entire process of acquiring and delivering your products or services.

5. What Is Your Company Structure? – Here, you will define the management structure of your business. This can include listing the different facets of your company, their purposes and how they work together with each other. It is also important to list your team members here, as well as a detailed relevant business history for each.

6. Time To Crunch The Numbers – Your business plan needs to include financial predictions and how your company expects to get there. This includes incorporating historical data, market trends and identifying numerous potential financial scenarios that your company might run into.

7. A Short & Sweet Executive Summary – Your executive summary will serve as the first section of your business plan, but it is crucial that you write it last. The executive summary is an overview of the entire rest of your plan – it serves as a summary for those reading it to decide whether or not they want to invest the time to peruse through the rest of your plan.

Developing a business plan should not only be done to attract outside investors, but more importantly to define your company’s direction and provide something for you to hold your organization accountable to. Although it may seem intimidating at first, a good business plan can be divided in seven simple sections. By writing a business plan for your new venture, you can provide your startup the focus it needs to make it out of the gate and on the track to success.

Author's Bio: 

Tracey Fieber helps business owners simplify, automate, and grow their businesses and their lives. She believes in the power of hiring the right people, and helps her clients cultivate highly effective teams that allow them to focus on the work about which they're passionate. By nurturing business owners' strengths and holding them accountable for their own success, Tracey's leadership, communication, and coaching techniques help her clients take massive leaps forward.