A professional business plan can make a huge difference when it comes to obtaining funds for setting up your business. However, this can be quite a daunting project if you have no idea how to go about it.
There are hundreds of places where you can find business plan for travel agents; but unless you know what goes into a business plan, you may not be able to differentiate a good one from the rest. Here are a few steps you will have to follow, if you want to write an amazing business plan:
Step #1: Draft an executive summary
This section offers an overview of your business plan. It should include details about the name of your business, its address, the purpose behind starting your business, short-term as well as long-term goals, and your vision and mission. It has to be clear and concise; yet it should draw your readers to know more about your company.
Step #2: Describe your company
Here you will explain who you are, what your goals are, and how you operate. Include details about the legal structure of your business, its nature, a brief history about why you started your business, the products and services that you offer, your ideal customers and suppliers, the goals of your business, your business model, market research, and a summary of your company’s growth.
Step #3: List out your Products and Services
This part of your business plan is all about the products or services that you sell. While it has to include the features of your products or services, your focus has to be on the value that they provide to your customers. You should also include details about costing, suppliers, and the revenue model that you adopt to make a profit from selling your merchandise.
Step #4: Conduct a thorough analysis of the market
This is the part that helps you determine the feasibility of your business idea. Get all the information you can, about the customer segments that you need to target and their needs and expectations. Find out how well your competitors are able to fulfil these requirements and see if you can locate a gap that you can fill through your services.
Step #5: Come up with the right marketing strategy
Even the best of the products may not sell without an effective marketing plan. Such a strategy should include all details about how to enter the market, promote your business, distribute your products, find sources of labor, achieve efficiency in production, and also hire the right employees. Also make sure you include details about how to implement this strategy in the real world.
Step #6: Introduce your team
This section is all about introducing your business partners, your management team, and your board of directors. Mention details about profit sharing and involvement in operations. Include an organizational chart if available.
Step #7: Include a financial plan with projections
This is the section that can convince a potential investor to provide the funds for your business. It is better to consult a professional accountant to complete this section of your business plan. You will need to include income statements, cash flow statements, balance sheets, and capital expenditure budgets for the next five years.