A business plan paints ? picture ?f ??ur business ?? ? wh?l?. It illustrates how ??u want th? business t? grow, ?nd how ??u ?r? going t? accomplish ??ur ultimate goal ?f success. Your business plan ?? th? foundation b?h?nd ??ur business philosophy. It helps ??u organize ??ur business concept, ?nd gives ??u ??m?th?ng t? refer t? wh?n ??u ?r? confronted w?th difficult decisions.
Writing ? business plan ?h?uld n?t b? ? restrictive process; ?t ?h?uld b? inspiring ?nd encouraging. Most important, ??ur business plan ?h?uld b? adapted t? fit th? needs ?f ??ur business. T? get ??u started, th? following ?r? ? few categories ??u m?? want t? consider including ?n ??ur plan:
Description ?f th? Business
Th?? section ?f ??ur business plan ?h?uld describe ??ur business objective. It ?h?uld illustrate th? products ?r services ??u offer, wh? ??u believe th??? products ?r services ?r? marketable, ?nd how ??u plan t? distribute th?m t? customers. Th?? section ?h?uld ?l?? include ??ur reason f?r starting th? business, ??ur ?v?r?ll vision, ?nd ??ur mission statement. Wh?n ??u look b??k ?n ??ur business plan ?n th? future, th?? section ?h?uld b? ? reminder ?f wh? ??u went into business ?n th? first place, ?nd wh? ??u feel ??ur business ??n b? successful.
Progress t? Date
Often times new business owners have ?lr??d? made significant strides w?th th??r business w?th?ut even realizing ?t, including developing ? concept f?r th? business, ? vision f?r th? business, brainstorming potential target markets ?nd networking contacts th?t ??uld turn into potential leads. Th?r?fore, I think ?t ?? important, ???????ll? wh?n ??u ?r? just starting ?ut w?th ? new business, t? highlight th? accomplishments ??u have made thu? far. Chances ?r? ??u have made more progress, even ?t th?? early stage, th?n ??u realize. Having th??? accomplishments ?n paper ??n n?t ?nl? illustrate th??, but ?l?? give ??u ? starting point f?r future growth.
Goals ?nd Growth
Th?? section ?h?uld include ? detailed description ?f ??ur vision f?r growth, how ??u see ??ur business ?t present, ?nd how ??u w?uld like ?t t? develop ?n th? future. Developing ? five-year plan f?r growth ?? ? good place t? start. Wh?t w?uld ??u like t? accomplish th?? year, next year, ?nd ?n th? three years following? If ??u have ?n idea ?f how ??u w?uld like ??ur business t? grow ?n th? next five years, th?? ?? th? place f?r ??u t? outline ?n detail ????tl? how ??u plan t? reach th?t goal. Having th?? section ?n ??ur business plan gives ??u ? concrete set ?f goals t? work toward, ?nd ?l?? ? way t? measure ??ur progress ?n th? future.
Th? Marketing Plan
Th?? section ?? critical b???u?? ?t defines ??ur target market, how ??u plan t? market ??ur business, ?nd wh?t ??u plan t? market. Understanding ??ur target market w?ll help ??u w?th ??ur marketing plan b???u?? ?f ??u understand th? type ?f people wh? m?? b? interested ?n ??ur product ?r service, ??u ??n better determine th? best way t? market ??ur business. Y?u m?? ?l?? determine ?t th? ?nd ?f th?? section th?t more research ?? needed b?f?r? ??u ??n proceed. Even gaining th?? understanding, th?ugh frustrating, ?? priceless b???u?? ?t tells ??u wh?t th? next step ?h?uld b? ?n ??ur marketing plan. Th?? section ?? ?l?? ? great place f?r ??u t? brainstorm creative ways t? market ??ur business.
Th? Management Plan
How do ??u plan t? manage ??ur business? If ??u have employees, wh?t style w?ll ??u u?? t? manage interpersonal dynamics? Do ??u need written procedures t? help ??ur business run smoother? How w?ll ??u handle difficult decisions, ?nd wh?t key team members do ??u need t? help ??u make th??? decisions? All ?f th??? questions ?nd more ?h?uld b? answered ?n th?? section. Th? management plan encompasses more th?n just managing employees. It ?? ?n ?v?r?ll vision ?f th? structure ?nd environment ?f ??ur business, ?nd ?? ?t ?? important t? b? ?? th?r?ugh ?? possible wh?n completing th?? section.
Th? Financial Plan
Th?? section helps ??u understand ?nd organize ??ur business finances. It ?h?uld answer questions ?u?h ??: how ?m I going t? u?? m? business bank account, do I need ? business credit card, how w?ll I stay w?th?n budget, ?nd wh?t ?? m? goal f?r generating revenue? Including ? detailed budget ?n th?? section ?? critical b???u?? ?t w?ll tell ??u how mu?h income ??u need t? generate ?n order t? make ? profit. Th??, ?n turn, w?ll tell ??u how mu?h business ??u need t? generate thr?ugh?ut th? year ?n order t? break even w?th ??ur expenses. It ?? ?l?? ? good idea t? secure ?n accountant t? help ??u set u? ??ur business finances. Th?? ??n help ??u determine wh?t expenses ??n b? written off during tax time, ?nd offer advice ?? t? how ??u ?h?uld organize ??ur general ledger. Having ? solid financial plan ?n place ??n assist ??u wh?n developing ? plan f?r ??ur business ?? ? wh?l?.
Your business plan does more th?n put ??ur dream ?f owning ? business ?n paper; ?t ??n help ??u bring ?t t? life. A business plan organizes ??ur business into relevant sections t? give ??u ? better idea ?f how ??u ??n make ??ur business thrive. It illustrates, ?n detail, ??ur goals, business philosophy, ?nd plan f?r growth. It ?h?uld reflect ??ur business ?? ? wh?l? ?nd b? used ?? ? guideline f?r future decisions. Customize ??ur business plan t? fit ??ur needs, ?nd l?t ?t help ??u make ??ur business ? success.
