Crafting a business plan for your startup can feel like an incredible task, especially since your company is basically brand new. There is so much to plan and consider that you cannot be blamed for feeling overwhelmed. The good news is that writing that document is not a new endeavor. There are many best practices and tips you can use to make the effort easier. Here are 10 tips that should help you accomplish that goal:

1.   Learn as Much as You Can About Your Target Market 

Investors looking at your startup will be interested in how much you know about your target market. A company that knows little to nothing about their audience will likely fail, as it will be unable to properly penetrate the market. Do your due diligence and research your prospective customers thoroughly. Make sure to express what you learn in your business plan by noting any potential opportunities and threats relative to what your company can do.

2.   Emphasize What Value the Start-up Has for Investors 

Getting investors can often boil down to how well you communicate the value your start-up represents. Describe not just the product you are selling, but the kind of profit margins you expect. Show off your company's unique selling proposition. The more valuable you present yourself, the more investors you will get.

3.   Customize Business Plans for the Reader 

When writing any document, you primary focus should be on the audience. Business plans are not exempt from that rule. As you start writing the plan itself, focus on creating a skeleton with the most important information. From that skeleton you can craft customized business plans designed to be as relevant as possible to your intended audience. Investors, for example, will be interested in how they will make money off your company. Banks, on the other hand, will be more focused on how likely you will be to pay off your debt.

4.   Note the Competition 

While you should primarily be focused on your start-up, its systems, and how it will make money, your business plan should also take note of the competition. Entities competing for the same market share you are will inevitably impact your plans, as well as your bottom line. Taking note of them will assure readers that your plans have taken your competition into account, making your business plan more compelling.

5.   Ensure All the Relevant Facts are in the Document 

The most important function of your business plan is to be informative. If it does not perform that basic function, it does not work. Make sure all relevant and important facts are in the business plan. That includes details on your offerings and your current customer base, as well as your personnel, equipment, and more. If you are not sure if a piece of information is totally relevant, put it in anyway. Better to say too much than look like you are hiding something.

6.   Ensure All Financial Information is Above Board and Accurate 

Investors and would-be partners alike will be interested in how your company is doing financially. That is often the primary reason either entity will be interested in accepting your offer, and thus your financials will undergo significant scrutiny. Make sure it stands up to examination. Get your accountant to get all data in order, from current cash flow to profit projections. If you do not have an accountant, hire one. Your financial information cannot be left to the unskilled if you want your business plan to be compelling.

7.   Keep the Business Plan Professional 

A business plan is an important document, and it should be written as such. It must not just have all the relevant details, but have them presented in a professional manner. Grammar and punctuation play a part, as does the accuracy of any statements in the document.

8.   Make Sure the Business Plan is Actionable and Realistic 

Business plans are not just there to impress investors. They serve as the backbone of your startup, the document you will refer to at difficult decision points to ensure that you are on the right course. Whatever you put in it needs to be realistic and actionable. Additionally, the business plan should be regularly reviewed and updated to reflect current trends and changes in context.

9.   Put Effort into the Executive Summary 

Much like the back cover of a novel, the executive summary is where most readers will go first to see if it is worth delving into the meat of your business plan. Thus, it is important that you give the executive summary the effort, quality, and polish that it deserves. Think of the summary as the business plan's introduction. If people are bored at the introduction, they won't bother opening the book.

10.   Get the Business Plan Reviewed 

Once you send out a business plan, you cannot take it back. You need to put in all possible energy and effort into making sure it is as close to perfect as possible, which means getting the business plan reviewed. Second opinions and advice can help you refine what has been written and ensure that you have a compelling argument for your start-up.

Writing a compelling business plan for your start-up or small business is difficult and often time consuming, but it is worth the effort. The better you write it, the more investors and potential partners will come knocking, which can drastically make scaling up and making a profitable business much easier. Get to work and make your business's future brighter. Get lazy, and your company will suffer.