Your business plan is incomplete without a clear business concept. If you don’t highlight what your business is about, your plan is missing its key component; business concept about which you are writing the business plan. Its like writing a plan for something and that very thing is missing!
However, many entrepreneurs face challenges when articulating their business concept in a business plan. You know everything about your business and industry, but how to clearly convert them into words? How to make it appealing to investors?
Read also: Essentials of a business plan!
Here are 5 tips that will help you draft a professional business concept for your business plan.
Highlight the Need Clearly
You should be able to define the exact concept of your business in a few paragraphs. The first thing, to begin with, is the need your business solves. Your business concept should clearly state the pain points which your product or service addresses.
Ask yourself-
- What is the key benefit for customers?
- Are you offering something new or unique?
- Do you have something better than competitors?
The answers will help you find the need your business solves.
Include Stats and Numbers
Stats and numbers create an impact and help investors get a sense of your business quickly. Include figures and numbers to show the trends of the industry and market. Numbers also help you establish the feasibility and profitability of your business.
You can include statistics like-
- Market value or revenues of your industry
- Sales figures of competitors
- Customer spending
- Findings from market surveys and industry reports
- Growth rate
Read: How to write a market section of your business plan?
Read also: Using TAM, SAM and SOM in your business plan.
Get the Ideas Flowing
You will certainly find it difficult to write your business concept if you have never done it. The trick is to find some inspiration and learn how it’s done.
Tips:
- Download and read some business plans
- Focus on your industry and niche
- Research competitor business concepts (if available)
- Follow business concept examples and use templates available online
- Once you get the hang of things, it will be easier to pen down your business concept.
Write Clearly
Business plans are not a work of literature. They are meant to attract attention and create an appeal to invite funds.
Your business concept should be written clearly by using simple words. Investors, lenders or other users should find it easy to understand without the need to search dictionaries.
Tips:
- Keep sentences simple and short
- Aim for a high school level readability (Grades 6 – 9)
- State facts clearly without any ambiguity
- Proofread thoroughly
Know your audience!
While drafting the business concept always keep your audience in mind. If you are writing a business concept for investors, banks or immigration; all of them have different needs. Knowing your audience helps you tailor and target the content of your document.
If you are given a set of instructions, follow them strictly.
Read: Important considerations while writing a business plan for immigration to Canada.
Hire Professional Business Concept Writers
Not all of us are good at writing. Moreover, writing a business concept or plan requires some experience and skills. You can’t expect to write like a pro in your first attempt! However, your business plan needs to be of top-quality to woo investors.
Hiring professional business plan writers can be a good and cost-effective option. You will also find many professional services offering business plan writing in Toronto and Canada. Consult with some and see if they are able to work on your budget.
| Suggested Read: How to build a business model using business model canvas?
Final Thoughts
The business concept is the most important part of your business plan. It should be written cautiously so that you can appeal to investors effectively. Get those ideas flowing and check some example plans before you write your business concept. Else, hire a professional business plan writer who can help you with your business plan. You don’t want to go wrong here.
This post is intended for the readers who are trying to write business plans themselves. A great professional business plan writer adopts a systematic and collaborative approach to write an effective business concept in a business plan. A great business concept statement is a product of the collaborative efforts of the entrepreneur, professional business plan writer and business consultant – all of them working to create an effective business concept statement. Further, different users of a business plan require certain details of the business concept and sometimes are very specific. For example, a business plan for immigration to Canada is written as per the guidelines provided by the immigration programs and carries a significant score in the application process. Should you have such a requirement, you are recommended to seek help from a professional business plan writer in Canada.
Maroof HS CPA Professional Corporation is a CPA firm registered with the province of Ontario and Alberta. We provide comprehensive business plan writing services to our clients. A team of Chartered Accountants specializing in financial projections and modelling, business consultant, market researcher and professional writers work in close collaboration with you to ensure that your business plan has greater chances of success.
