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Write a Business Plan

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Instructor: Google for Education Course

Define and organize your business’s growth by writing a business plan.

How to Write a Great Business Plan

Every seasoned investor knows that detailed financial projections for a new company are an act of imagination. Nevertheless, most business plans pour far too much ink on the numbers—and far too little on the information that really matters. Why?

In an article in the Harvard Business Review , HBS Professor William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward.

The questions about people revolve around three issues: What do they know? Whom do they know? and How well are they known? As for opportunity, the plan should focus on two questions: Is the market for the venture's product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive?

Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes. Finally, the plan should look unflinchingly at the risks the new venture faces, giving would-be backers a realistic idea of what magnitude of reward they can expect and when they can expect it.

A great business plan is not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at success, awaits entrepreneurs who use it.

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Allston Development Monthly Update- July 2024

• Author By Danitra Anna Bennett
• Publication date July 5, 2024
• Categories: Allston Development Monthly Updates

All sites will not be working on Independence Day on Thursday, July 4, 2024

Enterprise Research Campus Phase A   Development work is underway of the future Enterprise Research Campus (ERC) in Allston across from Harvard Business School (HBS) bordered by the Mass Pike, Western Avenue, Hague Street, and the National Resilience Inc. facility at 500 Soldiers Field Road. Phase A will consist of two lab buildings designed for research and development; an apartment building with roughly 345 units, including approximately 86 affordable units (25%) available to households with incomes ranging from 30-100% of the Area Median Income (AMI); a hotel; and a conference center operated by Harvard University. The Greenway will be central to the site and become an active public space with programming and events.   

Residential/Hotel

Curtainwall work has begun at the hotel. Preparation for curtainwall is underway at the residential buildings. Concrete deck placement and rebar operations will be ongoing through the month on the residential buildings and the hotel. One tower crane will be disassembled targeting the weekend of July 20 and July 21 with some after- hours work required. Hotel structural steel will be completed. Utility tie-in work inside the site continues. The hoists (exterior elevators) and loading docks are being installed and will gradually start operations at all three buildings. Spray-on fireproofing is underway.

Laboratory and Office Buildings

Steel operations continue this month with the buildings topping off. Concrete deck placements and rebar operations are ongoing. Spray-on fireproofing is underway. Utility work inside the perimeter of the site continues. Hoist installation will start up on the southern elevation with curtainwall preparation also beginning in mid-July.

Greenway      This section of the site is currently being used for laydown space until crews mobilize in the coming months.         Treehouse Conference Center   Mass timber deliveries and installation continue. Scaffolding removal and core preparation work will take place. Stairwell concrete work will occur. Backfilling will finish up.

    Building Mock-Ups      Adjustments and punch-list work on the Laboratory, Residential/Hotel, and Conference Center mockups will continue this month. The five mockups help to assess the design and constructability of the buildings. Intermittent deliveries will take a lane of Rotterdam Street adjacent to the mock-up site at the Hague Street lot.

• Four tower cranes have been erected and are operational. They are designed to move or “weathervane” in the wind.
• Saturday work is targeted to take place this month starting at 7 a.m. Some concrete placements and steel installation may also be necessary.
• Drones will be operated by licensed pilots in accordance with Harvard University and the City of Boston regulations.
• Flights are weather dependent and are scheduled Wednesdays, Thursdays or Fridays from 7 a.m. to 9 a.m. alternating weekly.
• Flights are scheduled during the weeks of July 8 and July 22.
• Occasional off-hour equipment drop offs/pickups may be necessary with no unloading until 7 a.m. 
• Contractors and subcontractors are directed to have all trucks follow approved truck routes to/from the jobsite to ensure they are not traveling on neighborhood streets. A security officer has been monitoring truck routes at Cambridge and Windom/Seattle streets and at North Harvard Street for early hour concrete placements.
• Increased security monitoring is planned for North Harvard Street during larger early morning placements.
• Construction noise will continue to be perceptible during work hours. 
• Dust control measures remain in place.    
• Concrete finishing work using power trowels may extend into the evenings.
• A switchover to temporary power continues eliminating the need for most generators on site.

North Allston Storm Drain Extension Project (NASDEP)

The NASDEP is a project for the Boston Water and Sewer Commission (BWSC) that is designed in collaboration with Harvard University to alleviate the inundated existing storm water systems in the North Allston neighborhood. The proposed modifications to the BWSC stormwater management system will significantly improve its performance by providing much needed additional conveyance capacity. The enabling work for the project began in 2021 and will continue through 2024. The increased capacity systems are designed to extend from the area south of the new Science and Engineering Complex (SEC), connecting to an existing stormwater drain system in Rena Park, routing through the ERC and following behind the National Resilience Inc. (formerly Sanofi/Genzyme) facility before crossing Soldiers Field Road to an outfall in the Charles River. 

• Work continues on the structure near Rotterdam Street.
• Stockpile removal and site cleanup are underway.
• Upcoming work scheduled to start this summer in the area south of the SEC will require a shift in traffic patterns on Science Drive and the elimination of the parking lanes into 2025.
• Activity on-site is ongoing and in accordance with access and monitoring protocols.    
• Truck traffic to and from the site continue using the designated route from Hague Street. Some trucks will haul soil offroad using the Beacon Rail Yard.    
• Noise continues to be intermittent. 
• Dust control measures including the use of a water truck are in place. 

Kresge Way and Extension of Thermal Pipes and Electrical Duct Bank As part of Harvard’s infrastructure improvements in Allston, the University has relocated utilities across Western Avenue, over to and on Kresge Way, the main driveway into the Harvard Business School (HBS) campus. This phase of the work is complete with minor punch-list activities finishing up.

92 Seattle Street

Renovation is finishing up for reuse of this Harvard building.    

• East façade and ramp activity work will finish up.
• Concrete footings, walls and a ramp will be placed. 
• Electrical connection work in coordination with Eversource is nearly complete.
• Exterior painting of a mural near Rena Path will take place.
• Crews are completing interior finish work.
• Tenant fit-out work is underway.
• Work hours will be Monday through Friday, 7 a.m. to 3 p.m. with possible intermittent coordinated Saturday work.

175 North Harvard Street/100 South Campus Drive/201 Western Avenue

Harvard University is constructing a new home for the American Repertory Theater (ART) at 175 North Harvard Street and on the adjacent site at 100 South Campus Drive, a new Harvard University Affiliate Housing building for Harvard graduate students.

• A tower crane has been installed at the housing project site and is designed to move or “weathervane” in the wind.
• South Campus Drive has been converted to a one-way street from Western Avenue to North Harvard Street with intermittent closures.
• Daily concrete and rebar work is underway at both sites.
• Steel deliveries and installation will start on the residential building in mid-July.
• Thermal piping installation will be starting within the site later in July.
• The ART project will be placing their mat slab, which will require a 5 a.m. start on Friday, July 19.
• Construction and foundation excavation and material deliveries at the ART project continues.
• Mockup installation is ongoing across the street near Academic Way.
• Trucks will adhere to the Harvard truck route and stage at Beacon Park Yard to avoid traffic congestion in and around the site.
• The MBTA bus stop and Blue Bike station have been relocated to the McCurdy track side of South Campus Drive. 
• Lot expansion is complete at the 201 Western Avenue lot, where construction workers park and field offices are set up and in use.

Project work hours will be Monday through Friday from 7 a.m. to 6 p.m. Saturday work continues as permitted by the City of Boston also from 7 a.m. to 6 p.m.  

210 North Harvard Street     

• Electrical connection work is expected to take place this month in coordination with Eversource.
• Occupancy is planned for September.

108 Holton Street

The building and soils have been removed. Site restoration is underway and will be completed this month.

• Project work hours will be Monday through Friday from 7 a.m. to 6 p.m. Some Saturday work may be necessary as permitted by the City of Boston, also from 7 a.m. to 6 p.m.
• Dust, noise and vibration monitors are positioned around the site.

55 Antwerp Street

Minor drainage work is planned inside the lot.

Masonry Repairs and Panel Replacement at Soldiers Field Park Garage

Masonry repairs are taking place on the northern brick exterior off the alley adjacent to the Soldiers Field Park Building 2. Crews have been setting up cables and staging. A lift will be used to conduct this work from 8 a.m. to 6 p.m. weekdays with set up beginning at 7 a.m.

Summer Activities

Harvard Business School and Harvard Real Estate have a variety of projects happening within and on the exterior of their buildings this summer.

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Build a Flexible Business Plan

Tony Tjan, managing partner of Cue Ball, outlines the key components on which entrepreneurial executives must focus.

Tony Tjan , managing partner of Cue Ball, outlines the key components on which entrepreneurial executives must focus.

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How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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From Logan Airport: Follow signs for I-90 West (Massachusetts Turnpike/Ted Williams Tunnel). Take I-90 West to exit #20 for Brighton/Cambridge. See below.

From west of Boston: Take I-90 East (Massachusetts Turnpike) to exit #18 for Allston/Cambridge. See below.

From north and south of Boston: Take I-93 (North or South) to exit #20 for I-90 West (Massachusetts Turnpike). Take I-90 West to exit #20 for Brighton/Cambridge. See below.

From I-90 (Massachusetts Turnpike) (see above for exit numbers) : After the tollbooth, bear right toward Cambridge. Continue through the first set of lights and get in the left lane. Turn left onto Soldiers Field Road just past the second set of lights and before the bridge. Turn left on to Western Avenue at the first stoplight. Enter the campus through the Kresge Way or Batten Way entrances on the right.

Directions to Harvard Business Publishing

The parking booth for the main parking lot is located off of Batten Way near Spangler Center. Visitor parking should be arranged by an employee in the days prior to a visit.

Metered parking is available in the Pagliuca Harvard Life Lab lot off of Western Avenue and in the Soldiers Field Park Garage off of Kresge Way.

There is a private parking garage a short walk away at the corner of North Harvard Street and Western Avenue.

Directions by Rapid Transit

Coming by MBTA, take the Red Line to Harvard Square. John F. Kennedy Street runs through the center of Harvard Square. Walk south on John F. Kennedy Street, crossing over the Charles River on the Anderson Bridge. The Harvard Business School is on the left, after the bridge. Take the first entrance leading into the campus.

The #66 bus runs down JFK Street and North Harvard Street between Harvard Square and Western Avenue.

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