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How to Write a Business Plan [Complete Guide]

Last Updated on – Aug 8, 2023 @ 3:22 pm

Preparing to write your business plan? You’re already one step ahead of other entrepreneurs who don’t see its value.

A well-thought-out and well-written plan for starting and running your business helps you focus on what you need to do to make your business idea work. It can also boost your chance of getting investments and loans to finance your business .

Did you know that half of small businesses fail in their first four years? Planning is such a crucial step to reducing the risks of managing an enterprise. Turn your business idea from something abstract and uncertain into a successful venture. It starts with drafting a good business plan.

Here’s your definitive guide to writing a business plan that speaks for itself.

What is a Business Plan?

A business plan is a written document that details what a business is, what direction it will take, and how you’ll get it there.

Practically speaking, the business plan evaluates your business’ viability. As the Department of Trade and Industry (DTI) puts it , the document allows entrepreneurs to find out whether or not their business idea will bring in more money than how much it costs to start and run it.

More than just a document, the business plan helps business owners to figure out the key aspects of an enterprise, including the following:

Business goals and strategies to meet them
Competitive edge and how to leverage it
Potential problems and how to solve them
Funding required to start the business
Equipment, facilities, and manpower needed for operations

Who Needs a Business Plan and What Is It Used For?

Every aspiring entrepreneur who will spend a great amount of money, time, and energy to earn a profit needs a business plan.

Business planning is a crucial part of starting an entrepreneurial journey, no matter how small or big a business is. Never skip this step—as they say, failing to plan is planning to fail.

Here are some examples of business types that benefit much from business planning:

Founders of startup businesses seek funds to begin their new venture. Business plans help them persuade investors and lenders to provide the funding they need.

For startups, a business plan explains the nature of the new venture, how it will achieve its goals, and why the founders are the best people to lead the company. The startup business plan should also specify the capital needed to jumpstart the new business.

Related: Fast-Growing Startups in the Philippines

Existing Businesses

Not only do startups gain advantage from a business plan—existing enterprises need it, too.

But business plans for growing businesses serve a different purpose. Usually, a business plan helps a middle-stage business raise funds for additional facilities, equipment, manpower, and others needed for expansion. This document also defines strategies for growth and allocates resources based on strategic priorities.

Growing businesses also use business plans to communicate their vision to various stakeholders such as customers, business partners, potential investors and lenders, employees, and suppliers.

For such needs, a business plan for existing businesses lays out the goals, strategies, metrics to evaluate success, responsibilities, and resource allocation.

Social Enterprises

Social enterprises may not be as profit-driven as other business types, but that doesn’t mean they need business planning any less.

A social enterprise needs to prepare a business plan to achieve its social objectives and keep empowering the communities it’s supporting. This document is what government agencies and donor agencies require and evaluate when approving grants for funding a social project .

A social enterprise business plan determines the social issue that a business idea will solve, its beneficiaries, products or services, target market, and sales projections, among many others.

Non-Profit Organizations/NGOs

Like social enterprises, non-governmental organizations (NGOs) can also use business plans to source funds for their campaigns and projects.

A nonprofit business plan discusses the problems an NGO is trying to solve through a certain project, as well as how it will do that and how much resources are needed.

It also helps the organization and its board members to prepare for risks by making projections on how likely the activities will push through and how the current sources of funds will continue to yield a certain level of revenue. Most importantly, the business plan defines the Plan B if the original plan ends up failing.

Business Plan Format and Its Components

How does a business plan exactly look like? There’s no recommended universal format for business plans. Ideally, yours is customized according to the nature of your business and what you’re going to use the plan for.

However, all business plans have sections in common. Here’s a quick walkthrough of the six components that make up a business plan.

1. Executive Summary

Like an abstract of a college thesis or a foreword of a book, the executive summary is meant to provide a brief overview of the document. It presents the highlights of a business plan in a page or two.

The executive summary the first thing that readers see, so keep it short yet engaging and compelling enough to make them want to view more details in your plan.

2. Company Profile

The company profile is your chance to introduce yourself and your business to people outside your company. It’s also called the company summary, company information, business description, and business profile.

This section quickly answers the five Ws and one H of your business: who, what, when, where, why, and how.

Think of it as your business calling card. Being the shortest section of the business plan, the company profile provides a quick overview of the business—who the owner and founder is, management team, business goals, business address, product or service, and what makes it unique.

3. Operations Plan

The operations plan explains how you’ll run your business, focusing on the different aspects of manufacturing your product. This section includes the following information, among many others:

Type of business (sole proprietorship, partnership, corporation , or non-profit)
How the product is made or the service completed
Necessary materials, equipment, and facilities to manufacture the product or complete the service
Any subcontractors needed
Quality control system

4. Organizational Plan

Your people should play a major role in your business plan, just as how they’re important to your business success . The organizational plan includes a chart that shows how your company is structured according to key departments or functions such as administration, production/manufacturing, marketing, and finance. This organizational chart not only presents the levels of authority in a company but also clarifies who is responsible for which people and function.

Aside from the organizational chart, the organizational plan also includes these details:

Number of employees to hire
Responsibilities of each job role
Qualifications of workers who will perform each role
Salaries and benefits per job assignment

5. Marketing Plan

The marketing plan and the succeeding chapters are the heart and soul of your business plan, explaining the things that will make your business work. This section details how you plan to promote your product or service in the market.

Specifically, the marketing plan covers the following:

How the product or service will work and how it will benefit customers
Target market and its profile
Strategies for packaging, advertising, public relations, and distribution
Competitive advantage

6. Financial Plan

A critical section in your business plan, the financial plan helps you assess how much money you’ll need to start or grow your enterprise and identify your funding sources to get your business off the ground and sustain its operations. This is where you’ll provide financial estimates that cover at least one year of running your business.

Investors and lenders specifically look for these financial details in business plans:

How much you’re going to borrow, what you’ll use the loan for, and how you’ll pay it back
How much profit you’re expecting to make (through an income statement and balance sheet)
How you can finance your business operations (through a cash flow statement)
Whether to keep the business going or close it down to cut losses (through a break-even analysis)

Related: How to Write a Business Proposal

Should You Use a Business Plan Template?

Business plan templates identify what information to put into each section and how it should be structured.

They provide instructions to guide entrepreneurs through the process. This way, nothing is missed out while writing the plan.

Thus, using a business plan template is a great idea, especially if this is your first time to prepare a plan for starting or growing your enterprise.

Helpful as it as may be, a business plan template doesn’t make business planning 100% effortless. While it provides the outline that makes writing the plan easy and quick, you still need to do your homework.

For example, a template won’t compute the financial projections for you—it’s a task you have to complete either on your own or with the help of a professional.

So before you use a business plan template, manage your expectations first and be prepared to do a lot of math!

8 Free Business Plan Templates

Yes, you read it right—you can download free online business plan templates. Some of these templates are designed for a specific niche, while others offer sample business plans for a wide range of business categories and industries.

Start off by choosing any of these free templates that suit your business planning needs.

1. Business Plan Format by the DTI

DTI has a wealth of useful information for micro, small, and medium businesses in the Philippines. Of course, it’s free to access since it comes from the government.

On the DTI website, simply look for the Business Planning section and download the business plan format in a PDF file. This document not only lists down all the information to be included in every section of a business plan, but it also provides guide questions per section—making business planning easier for first-timers.

If you want a more detailed discussion of what should go into each component of your business plan plus sample scenarios, check the DTI’s Negosyo Center e-book that fleshes out things for small business owners.

2. Simple Business Plan Template by The Balance Small Business

The Balance is an online resource for small business owners. It has a free business plan template that’s simple and easy to understand for beginners, with instructions on how to use it. Broken down into sections, the simple business plan template tells you what to include in each component of the plan.

Simply copy the free template and paste it into a word document or spreadsheet. From there, you can start drafting your business plan with the template as a guide.

3. Free Sample Business Plans by Bplans

This website features a collection of over 500 free business plan samples for various industries, including restaurants, e-commerce, real estate, services, nonprofit, and manufacturing.

Under each category are links to many sample business plans for specific types of business. Each sample comes with a plan outline, too. For example, under the Services category, you’ll find sample plans for businesses like auto repair shops, advertising agencies, catering companies, health spas, photography studios, and more.

4. Business Plan Samples by LivePlan

More than 500 free sample business plans are available at the LivePlan website, so you’re likely to find one that suits your business best. The samples allow users to know how other businesses structured and worded each component of their business plans. You can copy and paste the sections into your own plan.

To download a full business plan sample, you’ll have to sign up by submitting your name and email address through the website.

5. Business Plan Templates by PandaDoc

PandaDoc offers free business plan templates for NGOs, startups, restaurants, cafes, bakeries, hotels, and salons. These documents can be downloaded in PDF format.

But if you want a customizable template, you can download the PandaDoc template for a 14-day free trial. This template allows you to edit the document, choose a theme that matches your branding, and add pictures and videos.

The website also has free templates for executive summaries and business letters.

6. The One-Page Business Plan by The $100 Startup

If your business has a simple concept, then a one-page business plan template is ideal to use. This downloadable PDF file is a very simple outline made up of a few sections with questions that you have to answer in just a short sentence or two.

7. Business Plans by Microsoft

Microsoft provides a broad selection of templates for its users, including business plan templates in Word, business plan presentations in PowerPoint, and business plan checklists in Excel.

Sample business plan template (Word) – Provides the steps in writing a complete business plan
Business plan presentation template (PowerPoint) – Consists of slides for different sections of a business plan that highlight the key points for viewers
Business plan checklist template (Excel) – Enumerates the important things to do when writing a business plan, using the Strength, Weakness, Opportunity, and Threat (SWOT) analysis framework

The advantage of using a template from Microsoft is having a professional-looking document, slideshow presentation, or spreadsheet. No need to do the formatting by yourself because the template is already formatted. All you have to do is enter the necessary information into the template to complete your business plan.

8. Social Business Plan Guidelines by the Ateneo de Manila

This free business plan format for social entrepreneurs comes from the Ateneo de Manila University’s John Gokongwei School of Management. In a glimpse, it provides the basic information you need to plan a social enterprise.

It also has more detailed business plan guidelines you can refer to. Simply click the link to the word document at the bottommost part of the page.

Related: 11 Best MBA Programs & Schools in the Philippines

How to Write a Business Plan

An outstanding business plan covers everything your stakeholders need to know about your business. So don’t just wing it—put a lot of thought into this critical document.

Let’s get down to the nitty-gritty of drafting a business plan, whether you’ll use a template or not.

1. Brainstorm about your business idea

You may have a very promising business idea, but it won’t fly unless you develop it into a clear-cut concept.

Brainstorm with your team about everything you can think of about starting and running the business. Then list them all down.

Be as creative as possible. No need to be too critical at this point.

While brainstorming, aim to answer these key questions:

Why do you want to start the business? What has inspired you to go for it?
What product or service do you plan to sell?
Who will be your target customers? What are their problems that you’re hoping to solve through your product or service? How will you promote your offerings to them?
What will be your business branding ? How will you position your brand in the industry?
What is your competitive advantage? What makes your business unique?
Where do you see your business within a year?

2. Validate your business idea

Research on the specifics of your business idea—paying special attention to your product or service, target market, and competitors.

According to entrepreneurship experts, it’s best to spend twice as much time on this step as spending the time to the actual drafting of the business plan.

Here are some ways to validate your business idea:

Read studies and research to find information and trends about your industry .
Conduct market research to gather insights from industry leaders, potential customers, and suppliers . You can do this through surveys, focus group discussions, and one-on-one interviews with your stakeholders.
Collect data about your competitors , especially the product or service they offer and how they reach their customers. Consider buying from them or visiting their store to get a feel of their products and customer experience.

Gather all relevant information and analyze your findings to assess whether the business idea is feasible or not. You may need to tweak your business idea based on your evaluation of its feasibility.

3. Define the purpose of your business plan

It’s extremely difficult to carry out anything if you aren’t sure about why you’re doing it in the first place. Without a clear purpose, you’re like driving a car without knowing where you’re headed to.

When it comes to writing your business plan, you should have its purpose in mind from the get-go. It can be one or more of the following:

Create a roadmap to provide the directions the business must take to achieve your goals and overcome challenges. This is ideal for bootstrapping or self-funding startups.
Seek investments and loans to finance a business. If this is your purpose for making a business plan, it should be compelling enough to attract investors and lenders.
Set your targets, budget, timelines, and milestones. When you put them all in writing, it’s so much easier to evaluate and measure your business’ actual performance versus your goals.
Communicate your vision and strategic priorities with the management team. With this purpose, your business plan must establish specific goals for your managers so that they have something to commit to, you can track progress, and get them to follow through on their commitments. Also, having a business plan for this purpose ensures that everybody involved in running your business is on the same page.
Minimize risks. Running a business in itself involves a lot of risks, and it gets riskier with a poorly researched business idea. A business plan can help entrepreneurs mitigate them by organizing activities and preparing for contingencies.

4. Create an outline for the executive summary

The first section of any business plan is the executive summary. You don’t have to draft it yet at this point, but it helps to write an outline for it before you proceed with the rest of the sections.

In a sentence or two, describe these key aspects of your business:

Product or service
Target market
Competitors
Unique value proposition (how you set your business apart from the competition)
Management team
Short-term and long-term business goals
Possible sources of revenue

5. Describe your business

The next step is to write your company profile. Get your readers to become familiar with your business and realize why they should be interested in it.

If you have no idea what specifically goes into this crucial business plan section, you can check the company profiles of businesses in your industry. Usually, you can find them on their websites at the About Us or About the Company page. Take note of the information included and how they’re written.

Here are the must-haves of a great company profile:

Brief history of the company
Mission and vision
Product or service lineup
Target market and audience
How the business will address the customers’ pain points
What makes the business unique

6. Provide details about your operations and organizational structure

Anyone who will read your business plan needs to know what they should expect when they deal with you. They need to see a solid plan for your operations and the people who make up your team. So give your operations plan and organizational plan a careful thought.

For your operations plan, choose carefully the right legal structure for your business. Will you be a sole proprietor? Or will you partner with someone or form a corporation? Your choice will have an impact not only on your business operations but also on the taxes you’ll pay and your personal liability .

As for the organizational plan, it’s where you put your organizational chart that shows a glimpse of the hierarchy within your organization. You can easily create this chart in Microsoft Word, Excel, or PowerPoint.

Also introduce the people who comprise your management team—their relevant experience, qualifications, and expertise . The organizational plan must also include information of the support personnel, as well as who reports to whom and who manages whom.

If you’ll be outsourcing some of your business functions, add them to your organizational plan, too. These may include consultants , accountants , lawyers , logistics specialists, and IT specialists. This way, you’re showing that you’re planning to fill in any expertise and skill gaps in your in-house team.

Also Read: Business Process Outsourcing to the Philippines [Complete Guide]

7. Compose your marketing plan

Make this section of your business plan as comprehensive and detailed as possible. You’d want to prove that you’ll take a strategic and aggressive approach to reach your target customers and promote your brand and product or service to them.

Divide your marketing plan into five subsections: objectives, product/service description, target market profile, competition profile, and promotional activities.

A. Objectives

Zero in on the what and the why of your marketing activities. Under the marketing objectives section, list down all your goals and the strategies you’ll implement to meet them.

Your marketing goals can be any of the following:

Raise brand awareness
Introduce a new product or service
Regain or get more customers for an existing product or service
Secure long-term contracts with your ideal clients
Increase sales in a certain market, product, or price point
Improve product manufacturing or product/service delivery
Increase prices without affecting sales

B. Product/Service Description

Describe each product or service you’ll offer, including its features and benefits. You can use storytelling , images, charts, tables, or any visual element that best illustrates how each item will work to the benefit of your target customers.

C. Target Market Profile

Present as much relevant data as you can about your potential customers. Make sure to include the following:

Demographic profile: age range, gender, income level, education, interests, etc.
Buying behaviors
Factors that influence their buying decisions: purchasing power, personal preferences, economic conditions, marketing campaigns, social factors (such as peer pressure and social media influencers ), cultural factors, etc.

D. Competition Profile

Your marketing plan must focus not only on your own business but also those of your competitors. List down the similar products or services that they offer to your target customers.

Also, provide an assessment of your competitors’ performance. Which areas are they doing well? How can you improve on their strengths and weaknesses? How can your business stand out? Is it your more competitive pricing? Better customer service? Superior product quality?

To come up with a good competition profile, take the time to research about your competitors. When interviewing your target customers, ask them about the brands they use or businesses they deal with.

You can also do an online search of your competitors. For example, if you’ll run a pet supplies store in Pasig, search for “pet stores Pasig” on Google. The search engine results page may show you the different stores that sell the same products as the ones you plan to offer. Read customer reviews online to get deeper insights on how these businesses serve their clients.

Consider doing a “secret shopping” in your competitor’s store. This way, you can experience firsthand how they treat their customers and how they market and sell their products or services. You might even be able to get information about their product lineup and pricing.

E. Promotional Activities

The last subsection of your marketing plan must discuss how you’ll promote your brand and products or services and connect with customers. Also, be ready to allocate budget for each marketing activity you identify in your plan.

Create a list of marketing activities you plan to implement. Will you reach your audience through SEO (organic online search), paid advertising, and/or social media? Or will you go the traditional route through print and TV advertising or joining expos, exhibits, and trade shows? The right choice depends on the nature of your business and the type of audience you’re trying to reach.

8. Develop your financial plan

The financial plan is the section where you’ll crunch the numbers. Unless you’re really good at math, it’s best to hire an accountant or business consultant who will work with you to develop a foolproof financial plan.

Put simply, a financial plan explains how a business will spend money and make more money. It also estimates the amount of time it will take for the business to earn a profit.

Here are the specifics of a good financial plan:

Total capital requirement
Business financing plan and any loan requirement
Collateral to put up for a business loan
Schedule for loan repayment
Financial statements : cash flow statement, income statement/profit and loss statement, and balance sheet
Break-even analysis
Return on investment (ROI)
Financial analysis

Ultimately, these financial projections answer the question, “Is your business financially feasible?”

9. Back up your business plan with supporting documents

Books and theses have an appendix section at the end that provides additional resources. Your business plan should have one, too. This final section consists of documents, surveys, studies, charts, tables, images, and other elements that provide supporting data.

Depending on the information you’ve presented in the other sections of the plan, your appendix may include these things:

Market research data and findings
Resumes of the management team
Relevant financial documents
Lease agreements
Bank statements
Licenses and permits

10. Review and refine your business plan

Your business plan is almost done at this point. Now all you have to do is go over the document once more to ensure you’ve covered everything and nothing crucial is left out.

Check your final draft and be sure it has the following:

Sound business idea – If you’ve done Step 2 properly (validating business idea), you can be confident that you have a sound business idea.
Comprehensive and in-depth look into your business in a professional format
Thorough understanding of your target customers , their behaviors, interests, and needs
Competent management team – The people who make up your team must possess the skills and expertise that complement yours.
Business focus or specialization

Aside from yourself, ask a business partner, proofreader, and accountant or financial expert to review your business plan and spot any errors and inconsistencies. You’d want to make sure that it looks professional and is accurate.

11. Write the executive summary

Lastly, get back to the outline you created in Step 4 and write it based on your final draft. Make sure to craft an engaging executive summary that hooks people into reading the rest of the plan.

6 Actionable Tips on Writing a Business Plan

Anyone can write a business plan—but it takes more than great writing skills to create an exceptional one.

Here are some tips to help you prepare an effective business plan that goes beyond the ordinary.

1. Write with your audience in mind

When drafting your business plan, you’re writing not for yourself but for people who will play key roles in starting and running your enterprise. This is why it’s important that you know whom you’re writing for and keep them in mind while preparing your business plan.

If you think you can’t create a plan that caters to all your audience groups, consider having different versions of the document. For example, you can come up with a business plan for investors, another for lenders, one for employees, and so on. But keep the data consistent across all versions.

To write a business plan that suits a particular audience, you have to use the right language, highlight the parts that interest them, and adjust the format accordingly.

A. Use the Right Language

One of the most important rules in business writing: use the language that your target audience easily understands. If you’re writing for engineers, finance people, or lawyers, your language can be technical—meaning you can use jargons and terminologies familiar to them.

However, if you’re writing for investors who barely have technical knowledge, tweak your language in simple terms that are easy to grasp and appreciate.

Likewise, if you’re writing a business plan to communicate internally with managers and employees your company’s direction and strategies, it’s best to use more casual language than you would when writing for high-level, external stakeholders.

B. Appeal to Your Audience’s Interests

It also helps to understand what interests your audience because they will influence how you’ll write your business plan.

Your management team, for instance, will be interested in knowing your business goals and strategies so that they can help you steer the company in the right direction.

Investors and lenders look at the business plan differently—they’ll be more interested in your financial statements to determine your financial health, like if your business is worth investing in or has the ability to pay back a loan.

C. Adopt a Suitable Business Plan Format

There’s no one-size-fits-all format for business plans because it depends mainly on your audience, aside from the nature of your business.

Let’s say you’ll set up a restaurant, and you’re drafting a business plan to apply for a business loan. To convince lenders that your business is viable, details such as your restaurant’s location and possible renovations are crucial.

Meanwhile, if you’re writing the plan for potential big-time investors, you’ll take a different approach. A good restaurant business plan focuses on the business aspects that will lead to growth and profitability (Remember that investors are interested in how they’ll make money from partnering with you).

2. Keep it concise

How long should a business plan be? According to the U.S. Small Business Administration (SBA) , it depends on various factors such as the specific audience it’s written for and the nature of a business. The SBA cites surveys that found the ideal length to be at least 25 to 100 pages.

Sounds a lot? If you have a simple business idea and you’re writing a business plan for busy people who don’t have time to pore over hundreds of pages, then one page up to 20 pages should be fine.

However, you may need to provide more explanation (which will take up more pages in your business plan) if you’re planning to build a new kind of business, and a risky one at that.

The size of your business also affects the length of your business plan. Business plans for small businesses need not exceed 30 pages. Corporate business plans are expected to be longer.

What matters more than length is how concise your business plan is. Meaning, it provides all the necessary information—including solid research and analysis—using the fewest words possible. No place for wordiness here!

3. Document everything related to your business

Support your claims in the business plan with solid facts and proof. Investors, for instance, need an assurance that they won’t lose their investment when they trust you with their money. This is where documenting your business thoroughly plays a crucial role.

What kinds of documentation can you include in your business plan?

Industry forecast or projections
Licensing agreements
Location strategy
Prototype of your product or service
Survey and FGD results
Resumes of your management team

4. Show your passion and dedication to your business

Although business plans have straightforward, matter-of-fact content, you can still establish an emotional connection with your readers through your plan. After all, your readers are humans with feelings and motivations.

No need to be dramatic about it—you can show your passion and dedication while still sounding professional in your business plan. Write about the mistakes you’ve had (like a failed business in the past), what you’ve learned from the experience, the values you hold, and the problems of your customers you want to solve through your product or service.

5. Know your competition and how you’ll stand out

Your business won’t be the single player in your industry. Other businesses in the same niche have started way ahead of you, and some new ones will also compete for business in the future.

Write your business plan in such a way that you know your competitors so well. Identify all of them and what makes your business unique compared with the rest without belittling them.

6. Be realistic and conservative in all your estimates

In any aspect of your business, it’s better to underpromise and overdeliver than the other way around. This also holds true when writing a business plan. You wouldn’t want to set unrealistic expectations that will lead to disappointments and worse, losses, when you fail to deliver on your promise.

There’s no place for too much optimism in your business plan. Your budget allocation, timelines, capital requirements, sales and revenue targets, and financial projections must be reasonable, realistic, and conservative. These will lend credibility to your business plan and yourself as an entrepreneur. Because there are a lot of factors beyond your control, always assume that things will get completed longer and cost more ( consider inflation over time! ).

This is where your research prior to writing the draft comes extremely helpful. You have something solid and factual to benchmark against. For example, if your analysis based on the facts you’ve gathered indicates that you’ll be able to get 40% share off the market in your first year of operations, consider making your estimates a bit more conservative and attainable.

Related: The Ultimate Guide to Business Valuation in the Philippines

10 Mistakes to Avoid When Writing a Business Plan

Now, let’s explore the mistakes entrepreneurs often commit when writing a business plan. Listing them all down here to let you know what to avoid.

1. Prioritizing Form Over Substance

Spend most of your time and energy on building solid research and facts rather than obsessing about which font type or background color will look best for your document.

2. Overthinking

Many entrepreneurs take too long to complete their business plans because they worry too much about it. Don’t get intimidated by business planning—you don’t have to be an expert or a degree holder in business management or business administration to be able to write an outstanding business plan. Overthinking will just lead to analysis paralysis and get nothing done.

As long as you know your business well and are passionate about it, then writing a business plan won’t be as difficult as you think, especially if you’re using a template.

3. Submitting the Document Without Proofreading It

If your business plan is filled with typos and grammatical errors, readers will get distracted even if you’re presenting substantial information. It may also give your audience an impression that you’re careless—and who wants to deal with a person who isn’t professional and careful enough?

Even if it costs you money, pay a professional proofreader to check your work and correct any errors so that the message you wanted to convey through your business plan will get across.

4. Making Empty Claims

Any statement that isn’t sufficiently supported by solid research or documentation has to go. For example, if you want to claim to be the top player in your industry but you don’t have any evidence to back it up, rethink about including it in your business plan.

5. Writing an Overly Long and Wordy Plan

Make sure that everything you put into your business plan is relevant and serves your purpose. Otherwise, remove unnecessary statements that just add fluff to the document.

Also, don’t waste your readers’ time by using too many words—including highfalutin ones. Remember, your goal is to make your audience understand your business, not to impress them with beautiful or complex prose.

6. Using Too Many Superlatives

Even if you really feel that your business, business idea, or projection is incredible, amazing, the best, great, fantastic, or one of a kind, avoid using these superlatives because they aren’t appropriate for formal documents like a business plan.

7. Doing the Financial Projections on Your Own

Unless you’re an accountant yourself, it’s best that you get a professional to do the job for you. It will save you time and the headache of dealing with numbers and formatting your financial plan properly.

8. Overestimating Your Projections

The business plan is not a place to make impossible promises—while they look good on paper, you might run into trouble fulfilling them. To avoid this mistake, always do your research. Find out how other businesses do it and what the typical timeframes and financial projections are before you come up with your estimates.

9. Long-Term Business Planning

As much as possible, limit your projections to only a year. A lot of things can happen and make your business different from how you initially planned it. Stick with your short-term or one-year targets and estimates, then just tweak your business plan as time goes by.

10. Including Unfounded Rumors About Your Competitors

Not only do rumors make your business plan look unprofessional, but they also distract your readers from your intended message, which is to highlight what makes your business different from the competition. Avoid including details based only on hearsay. Everything in your plan must be backed up by solid, quantifiable facts.

Key Takeaway

A business plan is more than just a document that you prepare once and will never look at again. Rather, it’s a strategic tool that you should use from time to time to guide your business operations, get the buy-in of your stakeholders, and grow your business over time.

Once you’re done with writing your business plan, make the most of it for your business. Use it and modify it as often as needed!

Ready and confident to start writing your business plan? Share your thoughts and questions below!

Other Useful Business Resources from Grit PH:

How to Sell a Business in the Philippines

About Venus Zoleta

Venus Zoleta is an experienced writer and editor, specializing in personal finance and digital marketing.

She has been a regular columnist for some of the biggest business & finance publications in the Philippines, such as MoneyMax.ph and Filipiknow.net.

Hoping to retire early, she started investing and bought a home in her early 20s. This crazy cat mom eats ramen like there's no tomorrow.

Education: University of the Philippines (B.A. Journalism) Focus: Personal Finance, Personal Development, and Entrepreneurship

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March 3, 2020 at 10:00 am

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March 6, 2020 at 9:46 am

Hello Ms. Venus, Rise Against Hunger Philippines, N.G.O. , branching out into a new high ways… and i am newly hired as a social enterprise development officer… whose main tasks to launch a product line; an up-cycled tarpaulin bags.. manufactured by a group of community women (skills training’s, coordinated by life coached; aiming w-holistic transformation and sustainability program.. . with such a big tasks, i need a step by step guides, and if possible a coach for i cannot do it alone… thank you, henry reandino chua

Ultimate Business Plan Guide in Creating a Winning Strategy

Disclosure: Small Business Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments’ or businesses’ websites. Please get in touch with us directly for any discrepancies.

A business plan is a strategic document that outlines your business idea, goals, target audience, competition, marketing strategies, financial projections, and operational plans. It serves as a comprehensive guide that not only helps you organize your thoughts but also convinces potential investors, partners, and stakeholders of your business’s viability.

2. Attracting Investors

3. decision-making, 4. resource allocation, 5. goal tracking, when to create a business plan, step 1: executive summary, step 2: company description, step 3: market analysis, step 4: products and services, step 5: marketing and sales strategies, step 6: organization and management, step 7: financial projections, step 8: funding request, step 9: operational plan, step 10: appendices, 1. research thoroughly, 2. be realistic, 3. know your audience, 4. update regularly, 5. be concise, key takeaways, why is a business plan essential.

A well-crafted business plan offers numerous benefits:

It helps you clearly define your business goals and the strategies to achieve them, providing you with a focused direction.

Investors are more likely to support a business with a solid plan, showcasing your commitment and potential returns.

A business plan helps you make informed decisions by analyzing potential risks and rewards.

Efficiently allocate your resources – both financial and human – to achieve your business objectives.

Measure your progress against the initial goals and make necessary adjustments for success.

The ideal time to create a business plan is before you launch your venture . However, it’s never too late to create or update your plan, especially when you’re looking to expand, secure funding, or navigate significant changes in your business.

Where to Begin: Step-by-Step Guide to Crafting Your Business Plan

Summarize your business idea , goals, target market, competition, and financial projections briefly. This section provides a snapshot of your entire plan.

Describe your company’s mission, vision, values, and unique value proposition that sets you apart in the market.

Research your target market, industry trends, and competition. Understand your customers’ needs, preferences, and behaviors.

Detail your offerings, explaining how they fulfill your customers’ needs. Highlight their features, benefits, and competitive advantages.

Outline how you’ll promote your products/services, attract customers, and convert leads into sales. Discuss pricing, distribution, and promotional tactics.

Introduce your team and their roles, highlighting their expertise and contributions to the business’s success .

Present detailed financial forecasts, including income statements, cash flow projections, and balance sheets. Be realistic and supported by thorough market research.

If you’re seeking funding, clearly state how much you need, how you’ll use the funds, and the potential returns for investors.

Describe your day-to-day operations, production process, and supply chain management. Address any potential operational challenges and how you’ll overcome them.

Include additional information such as market research data, legal documents, patents, licenses, and any other relevant materials.

Tips for Creating an Effective Business Plan

Ensure your plan is backed by solid market research and accurate data.

Set achievable goals and projections. Overly optimistic forecasts can damage your credibility.

Tailor your plan to your target audience, whether it’s investors, lenders, or partners.

Your business environment evolves. Regularly review and update your plan to stay relevant.

While thoroughness is important, avoid unnecessary jargon and keep your plan concise and easy to understand.

Crafting a business plan is an essential step in launching or growing a business in the dynamic Philippines market of 2023. A well-structured plan offers clarity, attracts investors, aids decision-making, guides resource allocation, and helps you track goals. By following our step-by-step guide and incorporating expert tips, you’re setting your business on a path toward success. Remember, a well-prepared business plan is the key to turning your entrepreneurial dreams into reality.

Ready to embark on your business journey? Start creating your comprehensive business plan today to build a successful and sustainable venture in the thriving Philippines market. Your roadmap to success begins with a well-crafted business plan .

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Business Plan Writer Philippines

A well written business plan is an essential component for any company seeking to raise capital. Our team at Prospectus.com has over 20 years of experience writing business plans and structuring business models for start-ups, later stage and expansion companies, those seeking venture or angel financing all the way to mezzanine and 144A funding, spanning a wide range of industries across the globe. We have been involved in thousands business projects and assisted with business planning, offering and private placement setup, feasibility studies, drafting financial projections, both for private companies and those seeking initial public offerings or listings on a stock exchange. Our team is a recognized leader in business plan development. In fact, our CEO is the Chairman and Founder of Borders.org ( Business Plans Without Borders ), a not-for-profit 501c3 organization which assist low income families as well as refugees and immigrants with business plan writing services and grants.

Our Team’s Business Plan Advisory Services Value-Proposition:

Our staff are known as one of the most reliable and affordable Business Plan developers in the U.S. and worldwide. Our straight forward and honest assessment of one’s business is one of our strongest characteristics
Offices and associates in numerous countries, including New York, London, Hong Kong Beijing, Singapore and Seattle
1 to 2 weeks’ average time for completing business plans
Proven track record of saving entrepreneurs thousands of dollars in needless spending while developing the business plan
Ability to draft your business plan and prospectus or private placement memorandum or offering memorandum for debt or equity offerings or any other service and package everything as one price
We are somewhat of a one stop business for most of the startup and later stage company needs.

Philippines Business Plan Options

There are mainly two types of business plans that are written in Philippines: capital raising business plans and management or managerial business plans.

Raise Capital with a Business Plan

Most business plans are written with eye towards raising money for their venture. In a business plan that is written for investment capital, the structure of the business plans and therefore the most important point of the document will be the value-added benefit. Information on the products, services and the market will play central roles in the development of the plan, as well as various payout or exit strategies for the investors. Most business plans will focus on either selling equity or debt to investors.

Equity : In an equity business plan the company seeking funding will sell an ownership stake. If the company is a corporation, they will sell shares or common stock or a variation of them. If the company is a LLC or a Limited Company (which is popular worldwide) interest or units in the company would be offered. Both a form of ownership, just with a different name for each entity. In additional, there are other sweeteners one can add into any business plan offering, including warrants or preferred shares or preferred units or convertible debt.
Debt : in a debt offering business plan the company will be issuing some type of bond or a note to investors. A bond or note differ only in terms of the length of each security, which bonds being considered a longer maturity date than a note. There are also convertible debt securities that would convert the notes/bonds to equity at a certain fixed point in time. The business plan for bonds would detail the terms, such as the maturity date, interest rate and other vital information.

Managerial Guidance Business Plan

No Capital Raising : In a managerial or a management business plan, the focus is not on raising money but what strategy a company should employ. While most companies that write business plans do so to raise capital, there are some that simply want to get a second opinion or an outside view of their business. They ask us to write them a business plan for growth opportunities, not to raise money. Said another way, the management of the company wants to see our view and take on their business and what we would do to expand their company.
Recommendations : A business plan used to simply strategically plan one’s next move is referred to as managerial guidance business plan document. No capital is being raised initially, although sometimes we may conclude that capital should be raised for the company to penetrate or open new markets or opportunities. In the course of research, we may conclude that, in fact, the company should conduct an offering and raise money. We will recommend the amount to raise based on the company’s expansion needs and the company valuation.

3 Levels of Business Plans

Our firm offers various levels of business plan writing service and consulting, including: Level I Start-up Business Plan »

Prospectus.com’s team consists of industry expert business plan writers. Our Level I Start-up Business Plan can be used for companies raising initial seed funding and getting off the ground. The dollar amount being raised is not of paramount importance.
The Start-up Plan includes complete financials, potential cash-flow, market analysis and marketing strategies as well as a break-even analysis, and a separate executive summary and much more.

Level II Expansion or Series B Business Plan »

Prospectus’ Level II Expansion or Series B Business Plan assists companies and entrepreneurs that are seeking to expand or scale their business, including by increasing market share.
The Level II Start-up Plan helps to define concepts, target markets and market potential, as well as financial clarity necessary to define your concept, identify your market potential, and identify capital requirements. Executive summary included.

Level III Enterprise Business Plan »

Prospectus’ Level III Enterprise Business Plan serves the need of those later stage and established companies seeking to raise additional capital to expand their businesses, often in the form of issuing debt securities such as bonds or convertible notes.
The Level III Enterprise Business Plan is our most comprehensive business plan and often our clients will need a prospectus or a private placement memorandum (offering memorandum) written as well.

Our firm has years of experience drafting securities documents and is confident we can assist with your Philippines Business Plan Writer. Feel free to contact us anytime, or call us to setup an appointment at any one of our global offices.

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Hiring a Business Plan Writer? Here's What You Need to Know

Defining Business Plan Writing

Transitioning into the world of business plan writers, who are business plan writers, how can business plan writers help your business, identifying a good business plan writer, cost of a project by a business plan writer, business plan writer article, deliverables from a business plan writer, working remotely with a business plan writer, pros and cons of local vs. remote business plan writers, pros and cons of freelance vs. agency business plan writers, final thoughts and recommendations, hire an expert business plan writer on freelancer.com.

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How to write a business plan

Writing a business plan will help nail down your idea and give you a blueprint for executing it.

A person at a desk in their workshop writing a business plan.

What is a business plan?

A business plan describes your product or service, identifies who the customer is, explains why they need your product or service, and shows how you’ll make money from that opportunity.

Why write a business plan

How you write a business plan will depend on what you need it to do. There are a couple of key jobs a business plan can have. It can:

explain a business idea
convince lenders or investors to put money behind that business idea

It doesn’t take a book to do the first job. You can write a business plan that’s short, to the point, and easy to update. That may be all you ever need. But if you’re going for funding, your business plan will need to be a good deal longer and more comprehensive.

Why every business should start with a one-pager

Even if you will eventually write a long business plan, a one-pager is a great place to start. It could take as little as an hour to do your first draft and will make your idea stronger. Writing about customers, competitors, income and expenses will help develop your thinking.

How to write a one-page business plan

You’ll see in the example below that there are nine sections, or things to write about. So give yourself just a small space to write about each. Keeping it short will help you focus on what’s important.

Download a one-page business plan template.

When you need a longer business plan

The greater the risk you’re taking, the more comprehensive your plan should be. For instance, you’ll need to write a long-form business plan if you’re going to fund it with other people’s money. Banks and investors will expect it.

How to write a longer business plan

Long-form business plans touch on all the same things as a one-pager, but they go into more detail and contain fewer assumptions.

Back-of-the-napkin numbers are replaced by forecasts and budgets. And guesstimates for things like costs, market size, customer preferences, and competitor weaknesses need to be backed up with proof. It’s a good idea to involve an accountant or bookkeeper in developing the budgeting and finance sections.

Contents of a business plan:

Executive summary: A short summary of the main points of your business plan. Write it last.
Company overview: Identify your industry, what you’re selling, and how you’ll charge.
Products or services: Include a description of the problem you’re solving for customers.
Market analysis: Describe your target market, and examine the competition.
Risk assessment: Flag potential hurdles (including assumptions that could be proved wrong).
Marketing and sales plan: How will you find customers and make sales? How many sales will there be?
Milestones: What needs to happen and when?
Progress reporting: When and how will you report against the milestones?
Team: Who will be involved in the business? Note their skills and responsibilities.
Budget: Estimate your costs and income (and any debt that you plan to take on).
Finance: Show how you’ll fund the business.

You can also add an appendix with any supporting or background documents.

Make a start by downloading our free business plan template.

How not to write a business plan

Avoid these common business planning mistakes:

Underestimating how much money it will take to get started
Failing to budget for the first few months of operation (before revenues start flowing)
Expecting sales to ramp up too fast
Relying too heavily on one or two customers (or suppliers)
Not including contingencies for unexpected delays or costs

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

How to start a business

Thousands of new businesses open every day. If all those people can do it, why not you? Here’s what to do, and when.

Your business idea is clearly inspired. But it helps to check you’re not the only one who thinks so.

It’s time to run some numbers on your business idea. Budgeting and forecasting help with that.

Your prices can influence the number of sales you make and the profit you earn on each transaction.

Your business structure can affect how much tax you pay, and how you're treated by the law.

If you’re starting a business, then you’ll need to get familiar with some accounting basics.

After all the excitement of deciding to start a business, you’ll have some paperwork to do.

Treat your website like an online version of a storefront. It’s the first impression for many customers and prospects.

Now that you’re in business, you want to stay there. Xero’s got resources and solutions to help.

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Learn more about Business Plan in Philippines

Using a business plan in the Philippines is crucial for several reasons. Firstly, a business plan serves as a roadmap that outlines the goals, strategies, and financial projections for a business venture. It helps to clarify the direction and vision of the business, ensuring that all stakeholders are aligned. Additionally, a well-developed business plan is often required when seeking financing from banks, investors, or government institutions. It demonstrates the feasibility and potential profitability of the business, increasing the chances of obtaining funding. Themis Partner helps you draft the best business plan for your company while being fully compliant with Philippines Laws.

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A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business. It serves as a roadmap for entrepreneurs, providing a clear vision of their business idea and how they plan to achieve success. A well-crafted business strategy roadmap includes sections such as an executive summary, company description, market analysis, marketing strategies, organizational structure, financial projections, and more. It helps entrepreneurs articulate their business concept, understand their target market, identify potential challenges, and plan for growth and sustainability.

Business plans are typically used in various scenarios throughout the lifecycle of a business. They are essential when starting a new venture as they provide a blueprint for success, helping entrepreneurs secure funding from investors or financial institutions. A business plan is also beneficial when seeking partners or collaborators, as it outlines the business’s potential and growth prospects. Moreover, established businesses can use these strategic roadmaps to strategize for expansion, diversification, or entering new markets. Additionally, a strategic roadmap can be periodically reviewed and updated to assess progress, make necessary adjustments, and attract new investors or stakeholders.

A comprehensive business plan is vital for success in the Philippines due to several reasons. Firstly, it helps entrepreneurs gain a deep understanding of the local market dynamics, consumer behavior, and competition. The Philippine market is diverse and rapidly evolving, making market knowledge crucial for business sustainability. A well-researched business strategic roadmap allows entrepreneurs to identify and capitalize on market opportunities, mitigate risks, and make informed decisions. The business strategic roadmap is essential for attracting investors in the Philippines. Investors often require a thorough strategic roadmap to assess the viability and potential of a venture. A comprehensive plan demonstrates professionalism, preparedness, and a strategic approach to business development. It provides investors with the necessary information to evaluate the financial projections, growth prospects, and return on investment. A strategic roadmap serves as a roadmap for entrepreneurs, outlining their goals, strategies, and milestones. It helps in aligning the efforts of the entire organization and provides a basis for decision-making. A well-structured plan enhances operational efficiency, resource allocation, and risk management, ultimately contributing to the overall success of the business in the dynamic Philippine market.

By incorporating these key elements into your business plan, you can create a comprehensive and tailored document that addresses the specific needs of ventures in the Philippines. This ensures that your document aligns with the local market dynamics, consumer preferences, and regulatory environment, increasing the chances of success.

1. Executive Summary: This section provides a concise overview of the business, its mission, vision, unique selling proposition, and key highlights.

2. Company Description: Describe the nature of the business, its legal structure, products or services offered, and the target market in the Philippines.

3. Market Analysis: Conduct a thorough analysis of the Philippine market, including market size, growth trends, customer demographics, and competitive landscape.

4. Marketing and Sales Strategies: Outline your marketing and sales approach, including pricing strategies, distribution channels, promotional activities, and customer acquisition plans.

5. Organizational Structure: Define the organizational structure of your business, including key management personnel, their roles, and responsibilities.

6. Product or Service Offering: Provide detailed information about your products or services, including their unique features, benefits, and competitive advantages in the Philippine market.

7. Financial Projections: Include financial statements, such as income statements, balance sheets, and cash flow projections, to showcase the financial feasibility and profitability of the venture.

8. Risk Assessment and Mitigation: Identify potential risks and challenges that may impact your business in the Philippine market and outline strategies to mitigate them.

9. Implementation Plan: Outline the steps and timelines for executing your document, including key milestones and resource requirements.

Step 1. Executive Summary

Provide an overview of your business idea, including your goals, target market, and unique value proposition for the Philippine market.

Step 2. Market Analysis

Conduct comprehensive research on the Philippine market, including customer demographics, buying behaviors, cultural nuances, and trends. Identify market gaps, competition, and potential opportunities specific to the Philippines.

Step 3. Business Concept and Value Proposition

Clearly articulate your business concept and how it addresses the needs of the Philippine market. Highlight your unique value proposition and how it differentiates you from competitors.

Step 4. Marketing and Sales Strategy

Outline your marketing and sales strategies tailored to the Philippine market. Define your target customers, pricing strategy, distribution channels, and promotional activities. Consider leveraging digital marketing platforms, local partnerships, and culturally relevant marketing approaches.

Step 5. Operational Plan

Detail the operational aspects of your business, including location, facilities, equipment, and production processes. Consider local regulations, permits, and licensing requirements that Philippines Laws may apply.

Step 6. Organization and Management

This document may indicate stability for your firm by demonstrating that you have planned ahead of time so that any issue can be resolved easily and quickly. This is very crucial for banks and other creditors who may be interested in investing in your firm.

Step 7. Product or Service Offering

Provide a comprehensive description of your products or services and how they meet the needs of the Philippine market. Highlight any customization or localization efforts specific to the local preferences and cultural context.

Step 8. Financial Projections

Develop realistic financial projections, including sales forecasts, expense estimates, and projected profitability. Consider local market conditions, pricing dynamics, and costs specific to the Philippine market.

Step 9. Risk Assessment and Mitigation

Identify potential risks and challenges that your business may face in the Philippine market. Develop strategies to mitigate these risks, such as contingency plans, partnerships, or diversification strategies.

Step 10. Implementation Plan

Create a step-by-step action plan outlining the tasks, timelines, and responsibilities for launching and operating your business in the Philippine market. Include milestones and measurable goals to track your progress.

ℹ️ Themis Partners legal experts also help you in your company registration so it helps you select the right type of company and ensure a full compliance to the Philippine Laws.

Writing an effective business plan for startups in the Philippines requires a focused and strategic approach. Begin by clearly articulating your business concept, value proposition, and target market, emphasizing what sets you apart from local competitors. Conduct thorough market research to understand customer needs and preferences, and tailor your products or services accordingly. Outline your marketing and sales strategies, incorporating digital marketing techniques and innovative promotional campaigns to reach and attract your target customers. Showcase your understanding of the local competitive landscape and explain how your startup will gain a competitive edge. Present a comprehensive financial plan with realistic revenue projections, expense forecasts, and a clear path to profitability. Highlight the qualifications and experience of your team, demonstrating their commitment to the success of the startup. By following these tips, you can create a compelling strategic roadmap that resonates with potential investors and stakeholders in the Philippines.

Market research and analysis play a critical role in developing a business plan for the Philippine market. It provides valuable insights into customer preferences, market trends, competition, and industry dynamics. Here’s why market research is important:

By incorporating comprehensive market research and analysis into your business plan, you demonstrate a thorough understanding of the Philippine market. This increases the credibility of your plan, enhances its strategic relevance, and positions your business for success in the dynamic and competitive Philippine market.

Financial projections and forecasting play a vital role in a business plan for ventures in the Philippines, providing a clear understanding of the financial feasibility and profitability of your business. To incorporate financial projections into your plan, develop realistic revenue projections based on market research and sales estimates. Estimate expenses comprehensively, considering operational costs, marketing expenses, and other relevant expenditures. Create a cash flow projection to track cash inflows and outflows, and conduct a break-even analysis to determine the point of profitability. Determine your financing needs and outline plans for raising capital, while considering sensitivity analysis to assess potential market fluctuations. By including comprehensive financial projections in your strategic roadmap, you demonstrate financial acumen, attract potential investors, and provide a strong foundation for decision-making and resource allocation in the Philippines.

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BUSINESS PLANNERS is a Philippine-based business consulting company providing a variety of valuable services for both local and international companies, growing small businesses and established companies who needs down-to-earth professional services. As well-grounded business consultants, we conduct and prepare: Feasibility Studies, Industry Research, Market Studies, Market Surveys, Business Planning and Business Development.

Professional and time-bound services.

Feasibility Study Development

BUSINESS PLANNERS can develop detailed Feasibility Studies that can discuss in details the merits of your project / business. This shall include a brief Marketing Plan, Business Plan, and detailed Financial Projections...

Business Development

BUSINESS PLANNERS provide services for new and existing businesses to remain competitive in the complex marketplace...

Project Conceptualization and Business Planning

BUSINESS PLANNERS prepares and presents Project Feasibility Studies, showing possible development alternatives based on the potentials of the property/ies or the Industry...

Industry Studies / Market Research and Surveys

BUSINESS PLANNERS can initiate and implement a detailed research of current market conditions, trends and determine market preferences through acquisition of both primary and secondary data...

We help you make it happen.

MARKET AND INDUSTRY STUDIES Conducted, Assisted and/or Performed the following studies: Ayala Land Customer Satisfaction Survey; Industry Study Homeware & Food Packaging Products Market in The Philippines; Waste-to-Energy Market and Industry Study; ASEAN Infrastructure Market Study 2020; Infrastructure Projects in the Philippines Industry Study; World Bank-IFC Enterprise Survey (2009 & 2015); Testing, Inspection and Certification (TIC) Industry Study; Elevator Industry Study; MLM (Multi-level Marketing) Industry Study; Biodiesel Industry Study; Industry Research on the Forex Trade Industry; conduct of a Focused Group Discussion (FGD) on the Brand and Service Offerings of a New Mall; Site Analysis for various Gasoline Station Locations FEASIBILITY STUDIES / BUSINESS PLANS DEVELOPMENT We have developed Feasibility Studies for the following projects: First-class RESORT-CASINO in Zamboanga del Norte; Feasibility Study 50-MW Powerplant Project in Surigao Del Sur; Feasibility Study for a New Cigarette Manufacturing Company in PEZA; Best-Use Study for a 1.3 hectare property in Cavite; Feasibility Study for a Mixed-Use Development in Cavite; Self-Storage Feasibility Study 2020; Feasibility Study for the Re-Development of an Existing First-Class Country Club in Quezon City 2020; Feasibility Study for an new Online Remittance Company 2020; New 20-Storey Residential Condominium Project in Malate, Manila; Township Project in Bonifacio Global City – Megaworld Corporation; New Tertiary Level – Medical Diagnostic Center in Quezon City; High-density polyethylene (HDPE) Ducts/Microducts Factory in Kingdom of Saudi Arabia; New Self-Storage Facility in Metro Manila; Biocharium (crematorium system) Facility in Olongapo City;Boracay Newcoast Resort Project; New 4-Star Villa and 18-hole Golf Resort in Pampanga; New Commercial Mall Project on a 3.7 Hectare Property in Quezon City; New Mixed-Use Development Project in Taal Lake; New Dialysis Center in Cabanatuan City; Teleport (Satellite) Feasibility Study in Saudi Arabia; Carton Production Factory in Qatar; New First-Class Condominium-Hotel (Condotel) Resort in Bohol; Planned expansion of a school under MFI Foundation, Inc. (formerly Meralco Foundation, Inc.); Entry of a US-Brand Pre-Blended Frozen Alcoholic Drinks; New Tertiary Level Hospital (Premier Medical Hospital) in Paranaque City; Market Study/Feasibility Study for a Korean Cosmetics Company; Retirement Village in Baguio City; Expansion & Improvement of an Existing Condo in Baguio City, St. Peter's Condominium; Feasibility Study for a 1st class Bar-Dance Club in Makati City; Acquisition and Establishment of Nursing Review Center Franchise; Private Lending Corporation; Franchise Identification Study; Ice Plant Feasibility Study; Computer Technical School Feasibility Study; Allen Hostel (Baguio City) Feasibility Study;.

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Conducted a Feasibility Study for an envisioned 5-Storey Shopping Mall with an approximate gross floor area of 37,000 sq.m on a 7,909 square meter prime location in Quezon City..

Worldbank-IFC Economic Survey (Philippines)

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Ultimate Guide in Creating a Business Plan in 2020

Starting a business is not a one-way street. It involves different processes that require analytical skills and logical thinking. It is also never easy to establish without enough knowledge, hard work, and attitude that lead people to patronize your idea, and eventually, the business itself.

Many aspiring entrepreneurs are asking: is there a secret recipe to perfect the business world? There will never be an objective answer to this question because, in reality, it is a mixture of both objective and subjective aspects.

One particular part of the objective is the business plan - the powerful document that serves as the backbone of every business. For us to understand what a business plan is, it is necessary to define its meaning, and we have it prepared for you.

Business plan definition.

The Importance Of Business Plan
Elements of Effective Business Plan

Executive Summary

Opportunity, company and management summary, financial plan, how to write a business plan, business plan vs. business model, failure rate without a business plan, business plan timeframe, pointers in creating the business plan, covid-19 and philippines businesses, your business plan amidst covid-19, free business plan templates for you.

Various sources and business organizations have defined business plans differently; however, when encapsulated in one thought, it refers to the written document that describes in detail the business’s objectives and goals, mainly, if it is a start-up company.

It also means laying out a forecasted roadmap that covers up the scope and limitations of every department in the company and bears different perspectives coming from the administration, marketing, financial, and operational standpoint.

The Importance of Business Plan

Knowing how a business plan works, it is now time for you to understand its importance and relevance in the business thoroughly. It is essential to know that a business plan is a gem for companies, and it is best if it is not misleading and confusing.

Simplified, a business plan is essential because it is used to attract investment, even if the company has no proven track record yet. At the same time, it guides the company to move forward in accordance with the set goals and expectations.

Elements of an Effective Business Plan

An effective business plan should not fail the stakeholders in providing complete information about the business. It must have all the necessary information needed so as not to mislead potential investors. Avoiding this problem can help you secure funds easier than usual.

If you do not know how to start creating a business plan, here are the six essential components of a well-done business plan that you should know.

The executive summary includes information that helps stakeholders understand the overall content of the business plan. In other words, it is an overview of the business, including the goals, objectives, mission, vision, projects, teams, and other departments. This section should be short and concise, usually around one or two pages. A typical executive summary is placed at the beginning of the document, but others prefer to put it at the end of the paper.

When you write the opportunity section, make sure that you answer these questions: What are you selling? How does this product help solve a problem in the market? Lastly, who is your target market and competition? It is necessary to provide comprehensive answers to these questions to address the audience and the market’s concerns right away.

The business plan's execution is focused on the steps you plan to undertake as you take the opportunity and turn it into a profitable business endeavor. This section must have the marketing and sales plans, including the operations, milestones, and critical performance metrics for success.

At this part of the business plan, you are given a chance to showcase your teams. Most investors are also particular about the kind of individuals that comprise your team, so it helps a lot if you can explain each group in a very detailed manner. If you still need to hire additional people, use this chapter to define who you need to hire and why. It should also contain an overview of your legal department and other information about the business that is not common knowledge, mostly if you are already operating.

A business is not complete without a financial forecast and source of funds. This is one reason why a business plan should have a detailed financial section, wherein you can lay the foundations of your financial plan. Such a plan usually includes the following: sales forecast, cash flow statement, income statement, and balance sheet.

The business plan’s appendix should only include references, additional product images, and supplementary information about the business and other sections. You can also add here additional reports, tables, diagrams, or illustrations that can support your entire business plan.

It is easy to take note and comprehend the overall idea of a business plan, but conceptualizing and writing one is not everyone’s cup of tea. Here are three fundamental aspects that you should consider in writing a business plan.

Keep it short but detailed.

Make sure that your business plan is not as thick as a law book. As much as possible, try to have at least a 30-page business plan, with up to 50 pages maximum.

Write it plain and simple.

Although writing a business plan seems like a technical task, it is best not to use jargon in your plan. If it is unavoidable, make sure you explain the terms in the simplest ways possible.

Observe proper grammar, spelling, and punctuations.

Just like any other types of documents, observing perfect grammar, spelling, and punctuations add plus points to your business plan. Ensuring that everything is well-written will prevent any misunderstanding between you and the stakeholders.

Moreover, if you think writing a business plan is not your forte, here are seven helpful tips that will help you:

1. Research thoroughly

Before starting your first draft, you must already have researched the business's necessary details, backed up by proven and correct data gathered through surveys and interviews or other methods available in the market.

2. Determine the purpose of your plan

It is also essential that you know the aim of the business plan. With this in mind, doing the plan will be a lot easier, and you will certainly be on track.

3. Create a company profile

Your company profile should also be ready so that you can input right away any necessary information from it. Having a detailed company profile also adds credibility to your business.

4. Document all aspects of your business

It is also suggested to document every process in your company so that it is already easy for you to write them down and elaborate when you write the business plan.

5. Have a strategic marketing plan in place

Every entrepreneur should consider this done as soon as possible since it is an excellent addition to the business plan. Having strategic marketing in place adds authenticity to the business since marketing approaches differ from one company to another and is considered a unique trait of your business.

6. Make it adaptable based on your audience

You do not want to write a business plan that your stakeholders cannot understand, especially for the investors. Hence, it is your responsibility to ensure that they recognize the plan’s importance at a glance.

7. Explain why you care

Most of all, a business plan should include information that expresses why you care about your business. At times, people may think you are only after income and fame. Hence, it will help a lot if you can explain well in the business plan why you are creating the business in the first place.

While most entrepreneurs do not get confused any more with a business plan and business model , some may still have this dilemma, especially when they are always about to start their entrepreneurial journey.

So, here is a quick differentiation between a plan and a model. A business plan practically lays out all the necessary information about a business, including those related to its administration side. Most of the time, the plan is used for funding purposes, while a model is mostly used to attract potential clients for the business.

On the other hand, a business model is the structure of the business itself. It explains how the company operates daily, what processes are used, and what protocols are followed.

There is an apparent difference between the two concepts, so you should not have difficulty differentiating both ideas. However, it would help if you remembered that the two could go hand-in-hand as soon as the business starts operating.

The likelihood of a failed business caused by having insufficient or no business plan has been discussed and supported by some studies performed by university students from universities worldwide. At the same time, although not in the Philippine setting, data from the Bureau of Labor Statistics in the United States of America revealed the following:

20% of small businesses most likely fail during the first year
30% of small businesses fail in the second year
50% of small businesses fail after five years in business
70% of small business owners fail in their 10th year in business

Moreover, it is emphasized the other reasons why businesses fail aside from not having an effective business plan. Among these reasons are the following:

There’s no market need for their services or products.
The business ran out of cash.
It does not have the right team to make the business run smoothly.
It has pricing and costing issues.
There is no business model.
It has poor marketing and customer service

In general, the timeframe in business planning refers to how far you are willing to go for your business’ future. Of course, it is given that you envision your business to grow and last for years, but sad to say, a business plan does not last forever. Instead, each plan covers only a certain planning period.

Business planning is an ongoing process that requires massive and in-depth research and benchmarking. Before thinking about the timeframe, it is essential to know that this continuous project does not simply end by completing it before launching the business.

Here are some factors to consider when scheduling your business plan’s timeframe.

You need to define how far out your planning horizon goes. At the same time, you must commit to achieve it within that set timeframe, but it should also depend on the kind of business and the pace at which your industry is moving. Remember that some businesses only need six months to prove their worth in the market.

Benchmark Years

The nature of the business itself is a defining factor that affects a business plan timeframe. For example, nonprofit organizations usually have a five or ten-year timeframe. For the rest, they can choose to adopt one-year, three-year, or five-year benchmarks.

For something that is not fixed at all, you should condition your mind that a business plan will constantly have revisions over time. You must consider it as a schedule only to follow so you can stay on track, but me mindful enough that it can be subjected to reviews and changes.

We know that setting goals and establishing measurable objectives are critical points of a plan. However, knowing these are not enough. planning. You have to be accountable in including specific milestones along the way. You can do this by month or weekly, but the former is more preferable than the latter.

Now, let us talk about the pointers to include.

Basically, you should be able to inform the stakeholders the purpose of the plan in a clear and concise manner - straightforward and substantial. It helps if the plan can provide answers to the following questions:

What is the type of business?
What is your main funding source?
What are your other planned fund sources?
What does the business need to stay operational?
How much is your operational budget?
Who are your customers?
How can you reach them?
What is your unique selling point?
How will you handle competition?
Do you have a prepared SWOT analysis?
What do you think are the major challenges?
How will you measure the success of the business?

The year 2020 has been a rollercoaster ride, especially when the coronavirus pandemic broke out. It wreaks havoc not only in our country but worldwide, affecting most of the countries’ economies.

With not much of a stable economy, the Philippines has been struggling to revive the dying economy and the businesses have started already to fall apart, with some of the entrepreneurs giving up against their will.

It is for sure that the implications of the pandemic in the country is devastating and it will take time to recover completely. Those businesses that have managed to survive should consider the following:

Continuously work on business plan
Adapt the “new normal” protocols
Focus on customer satisfaction
Continue being innovative

This time, it is important to know that a business plan is of equal importance and significance in helping you thrive in the business world.

So, what should your business plan look like during this pandemic? Here are some suggestions:

Understand that the aim of the plan is to guide you through an economy that is affected by pandemic.
Set realistic goals and objective insights.
Consider the pros and cons of starting a business at this time.
Consider the limitations that can affect the business.
Check and research if some border restrictions can affect your supply chain and other supplies needed for the smooth operation of the business.
Define who are your target customers.
List your competitors.
Your action plan in relation to the “new norm.”
Follow the other points as indicated in a normal business plan.

Indeed, it can be a lot easier to have a ready business plan template in place, but we still recommend you to have your own outline. If this does not sound feasible to you, we have listed some downloadable templates you can use.

BPlans.com Score.org Startuploans.com

In a nutshell, a business plan is a company’s important document that provides clear and specific information regarding the business and its operations. It has different essential parts to include, so always ensure that your plan has all of them; otherwise, it is only a document without any meaning at all.

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Outsource Business Plan Writer to the Philippines

A strong business plan is essential in the ever-changing world of entrepreneurship, where every choice you make affects how successful you end up. It is more than just a document; rather, it is a strategic roadmap that helps companies negotiate the complex seas of changing financial and market conditions. Aware of the critical importance of this document, astute business owners are increasingly outsourcing and enlisting the help of professional business plan writers. The Philippines has become a shining example for those looking for strategic partners as well as writers to help them create detailed business plans in this era of digitalization and interconnected economies. This blog seeks to explain the benefits of hiring a business plan writer outside of the Philippines and provide insight into why this crucial task is best performed there, delving into the intricate dance of creativity, strategy, and global collaboration.

What Advantages Come with Outsourcing a Business Plan Writer?

There are substantial cost savings when business plan writing is outsourced to the Philippines. Skilled writers in the Philippines charge a small fraction of what their Western counterparts charge for their services. In addition to obtaining a high-quality business plan, this cost-effectiveness enables businesses to allocate resources wisely, guaranteeing that financial investments are concentrated on core business activities.

In the business world, time is of the essence. With a large time zone difference, outsourcing to the Philippines enables a more efficient workflow. To ensure a quicker turnaround time and help you meet deadlines, business plan writers in the Philippines can work on your project while your company is closed. This smooth international cooperation guarantees the timely and accurate delivery of your business plan in addition to its comprehensiveness.

Writing a business plan necessitates a unique set of skills, including financial analysis, market research, and strategic thinking. The Philippines has a pool of highly skilled professionals with expertise in business and finance. Outsourcing to this talent pool ensures that your business plan is crafted by individuals who have a thorough understanding of the corporate landscape.

Outsourcing gives you access to writers who have a global perspective. Filipino business plan writers, who have been exposed to international business trends and practices, bring a diverse and broad understanding to the table. This global perspective enriches the business plan with insights that transcend regional boundaries, making it more adaptable and appealing to a wider audience.

Why Opt for Philippines-Based Business Plan Writing Outsourcing?

Many Filipino business plan writers have successfully collaborated with international clients, building a strong portfolio of well-received business plans. Choosing the Philippines for outsourcing gives you access to professionals who have a proven track record of delivering high-quality, meticulously crafted business plans that meet and exceed client expectations.

The Philippines, with a rich legacy of English proficiency stemming from historical ties with the United States, stands out as a linguistic powerhouse. This proficiency, evident in the country’s commendable second position in Asia and 20th worldwide on the English Proficiency Index of 2023, ensures clear and effective communication between businesses and writers. In the realm of business plan writing, this linguistic harmony becomes a strategic advantage, allowing Filipino writers to craft well-articulated plans that resonate globally. With a reduced likelihood of misunderstandings, businesses can confidently invest in outsourcing to the Philippines, where linguistic excellence converges seamlessly with strategic communication.

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Entrusting your business plan writing to the Philippines, in conclusion, reveals a multifaceted advantage that combines cost efficiency, specialized talent, time savings, and a global perspective. Filipino business plan writers are at the forefront of strategic alignment of your business vision with unparalleled expertise due to their unique fusion of English fluency, cultural understanding, and technological proficiency. Accept the brilliance of outsourcing, hand over the reins of your business plan to these skilled professionals, and watch the Philippines play a critical role in the success and sustainability of your entrepreneurial journey.

Let the strategic partnership with Filipino writers through Treantly be the catalyst that transforms your business plans into not just documents, but dynamic roadmaps for triumph in the global marketplace.

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How To Start A Publishing Company Philippines

How To Start A Publishing Company In The Philippines: Is starting a publishing business in the Philippines a good idea? Starting a publishing business can be a great idea in any country if the demand/supply ratio is in the entrepreneur’s favor. Also, if there is a requirement for a product, it can be turned into a profitable business.

There is much more to this question than meets the eye. When looking at how to start a publishing company, writers and entrepreneurs need to factor in the costs, prices, market, royalty payments, and overall business growth.

Table of Contents

How To Start A Publishing Company In The Philippines

1. be specific with your publishing business goals.

One of the first things to do when looking at how to start a publishing business in the Philippines is to be specific with your goals.

This is an important step (not just when starting a publishing business but in general) because when you can set your publishing business goal, you can start to work backward and plan your journey to reach that goal.

If you are looking for a template, you can download our FREE business plan here at Filipino wealth. once you have built your overall publishing goals, move to Step 2.

2. Decide On What Kind Of Books You Want To Sell

Are you going to publish fiction or non-fiction ? Will you target a specific type of audience that requires a specific type of book? Is your business going to be a niche business? If So, what niche a nd how will you reach your potential customers?

When looking at starting a publishing company, some entrepreneurs decide to sell every kind of book and be a general business. This is not necessarily a bad thing. However, it may be challenging to find your perfect customer.

Suppose you specialized in education books or perhaps business books . In that case, you already have a semi-clear projection of your perfect customer, which will allow you to market more accurately and more cost-effectively.

3. Find The Cost, Fees, And Overall Profit Of Your Idea

The most important thing when starting a business is that the business can make profits. This profit is then used to help grow the business by buying new stock or building awareness.

Therefore it is always necessary to determine if your business will be financially successful before taking any financial risks.

Business is very exciting, especially in the early days, but sadly, boring tasks such as the business’s finances are often the most important and the most beneficial. Once you have found the costs, fees, and overall profit you expect from your business, you can move on to Step 4.

4. Plan For The Future And Business Plan

This is the big plan for your business. It’s now time to plan for the future and to start getting your ideas onto paper.

Here are a few questions you can ask yourself to get the process started

Who Are My Ideal Customers?
How Will I Find Them?
Why Will They Buy From My Business And Not Another Businesses?
What Are My Goals In The First..1…3…6 Months?
What Level Of Growth Do I Expect Over The Next 12 Months?
What Are The Potential Threats And Risks Associated With This Business?
How Can My Publishing Company Grow?

You most likely have a lot of answers already, which is excellent! However, the planning stage is often missed or not covered when starting a new business, so it’s recommended to carefully plan as the next step is where you take action.

5. Make Your Publishing Company Official

Registering a business in the Philippines is not the easiest of tasks. There are many stages for registering a business legally in the Philippines. Still, if you are looking at this business as a long-term business, then registration is an unavoidable task.

As mentioned starting a business in the Philippines can be time-consuming and costly; therefore, this is one reason why we heavily recommend planning to make sure that this business is for you.

6. Start Your Pre-Launch Marketing

At this stage of starting a publishing company in the Philippines, you already have registered your business. Therefore, I will assume that you already have your products ready to sell for this article’s purpose.

What is a pre-launch marketing campaign? Essentially it is a marketing campaign for a business that has not opened yet. You may have seen these before, as they are widespread in real estate across the Philippines.

Starting a pre-launch marketing campaign is a great way to get your potential customers excited about your business . However, it can take customers many times to see your marketing before they decide to buy your products; therefore, awareness marketing is often the appropriate marketing strategy at this point.

7. Soft Launch Your Business

When an entrepreneur or a writer soft launches a publishing company, they will often take a lot of extra pressure off their shoulders because a soft launch is a way you can open up your doors for new customers but in stages.

This is not always necessary if you have a tiny business. Still, if you are looking to start a large publishing company in the Philippines and have many products, including non-book products, it may be wise to launch softly before fully opening your service. This will allow you to test the market and any business operations.

8. Continue, Monitor, And Grow

The last stage is to continue to monitor and grow. In other words, it is a stop start and continues strategy. There are many things that a business needs to stop doing, start doing, and continue to be successful.

When looking at starting a bookstore in the Philippines, it’s always wise to continue monitoring and growing your business.

What Are The Benefits Of Starting A Publishing Company In The Philippines?

Due to the nature of books, they are continuously in demand. Even though the book industry has evolved over the last ten years, it is still a top-rated and desired product that people are willing to pay a large amount of money to possess.

Besides the Philippine market demand, starting a publishing company in the Philippines also allows entrepreneurs to profit from other people’s work. If you have ever contacted the national bookstore or another publishing company in the Philippines, you will know their fee is often very high.

In other words, the writer sometimes receives royalties as low as 50 or 60% (sometimes lower). This typically depends on the location and the company in question. This, of course, makes sense from their perspective as they need to pay for their physical business upkeep.

In our most recent guide, we spoke about setting up an ebook publishing business in the Philippines, and we looked through local research and interviewed ebook writers. It appeared that many of the online publishing companies have a higher than average royalty payment. In other words, the writer receives a higher profit if they sell online.

Another benefit of starting a publishing company in the Philippines is that the Philippines is the perfect location to distribute books / other products to nearby countries. Asian bookstores have done a fantastic job dominating certain parts of the market , but many areas are open to new publishing companies.

Why Start A Publishing Company In The Philippines?

There are many reasons why an entrepreneur or writer would start a publishing company in the Philippines. However, if you are a registered business instead of an independent self-published writer, you fall under the bracket of a business, and there are certain benefits as a business.

Being a business also gives you that professional look and feel. The question is, would you spend 1000 pesos buying a book from somebody on Facebook? Possibly not. But would you buy a book for 1000 pesos from the national bookstore? Most people would answer yes (if the book was important) because a business like the national bookstore has a reputation and trust.

Additionally, some individuals start publishing companies in the Philippines to sell other people’s work. There are also many other situations why a person would start a publishing company in the Philippines.

How To Start A Bookstore Business In The Philippines: Takeaway

Like with every business, finances are one of the most critical areas to focus on as soon as you have your initial publishing business idea.
There are many areas where a publishing business can go. This can include selling additional stock such as stationery or taking products online, and selling ebooks
it’s best to be specific about your business goal as your goal will allow you to build a step by step guide.

how to open a bookstore in the philippines

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