Before you take a leap of faith into your entrepreneurial journey. You want to make sure you have the perfect business plan to avoid the bumps in the road.
Writing a business plan doesn’t need to be complicated, however, it does need to be professional, comprehensive, and detailed. The first step to writing your business plan is to prepare it professionally. Writing a business plan is a must, particularly, if you want to apply for a small business loan.
A business plan will:
Make it look as professional and organized as possible. Here is a basic list of what your business plan will need to contain:
This is a page-long description of your business. It is common to write this summary after you’ve written the rest of your plan.
Your business description defines what services or products you will provide. Who you will provide them to and how you will run the business in order to make a profit.
When many people start out in business, they’re a one-person operation. That’s perfectly acceptable. Write down exactly what your job responsibilities will be. If you have employees, what are their job responsibilities,
Here you will answer the following questions:
Here is where you will plan your initial products or service offerings. For example, if you are opening a business as a bookkeeper, then how will you charge? How will you receive payment? Will you offer multiple services like bookkeeping, payroll services, and collections?
How is your business going to function? Do you need a computer? A website? What will your hours of operation be? And what are your financial goals? What will be your expenses? List each aspect of your business operations, goals, needs, and then go into as much detail as possible.
Start this section by detailing your target market. Next, describe how you plan on reaching this person and selling your products or services. Who is your competition, who is your target market, and how are you going to market your business?
How much money are you starting with, what do you need to buy, is a detailed budget essential for success? Your potential lender will want to know what you’re using the money for.
The better your business plan, the better your chances of getting your financing. Once your plan is written, there are many organizations including your local Small Business Association, who will be happy to help you tweak your plan for optimal results.
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