You want to start a business, but before you do anything, you’ll need a business plan…But the problem is that they can be so extensive that writing one can be overwhelming. Relax. I’ve put together a list of essentials to help you.
You have a vision for a business.
You are excited and imagining all of the possibilities and benefits that come with being an entrepreneur — you will be your own boss.
You believe that your idea is one that will bring in lots of dough, moolah, cash, the Benjamins.
That is great!
Now you may be wondering where to go from here, and how to start making your vision come to life.
Your first order of business is to write a business plan.
Your business plan is the all-encompassing blueprint for your business. It is a detailed summary of your business goals, how you will achieve them, almost every strategy and market analysis, and every budget that you will need.
If you will be looking for investors and financing for your business, it is extremely likely that you’ll be asked to present your business plan.
These things can become rather extensive, and there is no one way to do them, but almost all business plans do cover these essential elements:
What to Include in Your Business Plan
- The name of your business
- What your business does
- How you came up with the idea for your business
- A breakdown of your marketing plan and sales strategy
- You’ll need to think about where to locate your business
- The price of the goods or services you’ll offer
- What markets you will serve
- The potential size of your market
- A customer description
- Who is your competition, and a competitor analysis
- What differentiates your business from the competition
- An executive summary that briefly gives the big picture of your business and its profile. It may mention your business goals too.
- An in-depth explanation of your business’s history and development
- A description of your business’s legal entity (e.g., corporation, partnership, sole proprietorship) and management organization
- A capitalization or money-making plan that includes:-Your projected revenue,-Cash flow projections, -An explanation of how you’ll use the monies, -And pro forma financials (which is a statement prepared to show how your business will perform without any surprise expenses. It can also be used to project how your business will perform in different “what if”scenarios).
- Where your business is now, and where you see it in the future
Now that you have started thinking about these things, your mind is probably rolling and ready to get started. Once your business plan is complete, you will likely feel more organized and prepared to succeed. Your vision isn’t just an idea any longer, now it is a budding business!