How To Write A Business Plan
If the mere thought of learning how to write a business plan makes you break out into a sweat, don't panic. In this Lens, I give you a broad overview of what your business plan should cover and what needs to be in it.
Getting Started
A well thought out written business plan should serve as an overview or guidelines for the establishment of a business.
It should contain, at a minimum, a summary of the venture, analysis of the target market, marketing plan, examination of competition, expected expenses and anticipated income. This is the basis for a platform for operation.
Why go through the bother of writing all this down? By having a written, organized blueprint to follow, it is easier to remain on track and focused on the important aspects of building a viable business.
Also, having this type of business plan makes it easier to gain funding for the venture. Any bank or public financial institution requires an appropriate document before considering any loans. Even private funding sources want to have a clear idea of where their money will be spent and how cash will be made.
The more details you can include - such as background research, the need for the activities generated by the business, and the type of customer served - the more useful the plan will be. Money and credit will be available to those who can demonstrate a sound vision and can put all the pieces together to create a profitable business.
Describe how the business will be run and who will be responsible for managing daily activities. Personnel are the key to any company, whether it is a one-man operation or staffed by hundreds of people. List your senior officers or managers and provide comprehensive biographies describing past relevant experience.
It should contain, at a minimum, a summary of the venture, analysis of the target market, marketing plan, examination of competition, expected expenses and anticipated income. This is the basis for a platform for operation.
Why go through the bother of writing all this down? By having a written, organized blueprint to follow, it is easier to remain on track and focused on the important aspects of building a viable business.
Also, having this type of business plan makes it easier to gain funding for the venture. Any bank or public financial institution requires an appropriate document before considering any loans. Even private funding sources want to have a clear idea of where their money will be spent and how cash will be made.
The more details you can include - such as background research, the need for the activities generated by the business, and the type of customer served - the more useful the plan will be. Money and credit will be available to those who can demonstrate a sound vision and can put all the pieces together to create a profitable business.
Describe how the business will be run and who will be responsible for managing daily activities. Personnel are the key to any company, whether it is a one-man operation or staffed by hundreds of people. List your senior officers or managers and provide comprehensive biographies describing past relevant experience.
Other Points To Remember
A major consideration of any comprehensive plan is how money will be generated, and the scope of profits anticipated. Will there be original products for sale, affiliate sales, a wide range of things to choose from, or a limited selection of items? How will these things be sold? Will there be a physical shop, a series of locations, or perhaps sales through online web sites?
The answers to these questions will determine the type of "real estate" required to begin generating activity. By taking the time to think through your requirements and prepare for contingencies, you'll end up with a working "game plan" describing your business.
Be sure to include details about the type of business you envision, including location, type and location of facility, whether the property will be leased or owned, and any maintenance costs associated with the structure.
By following a written business plan, you are more likely to avoid careless mistakes and "get it right" from the start. A business plan gives you direction and a way forward.
And a good business plan is a work in progress, which can be modified as conditions change or new opportunities unfold. It should serve as a working document for proposed businesses that see the value of having an outline towards success.
The answers to these questions will determine the type of "real estate" required to begin generating activity. By taking the time to think through your requirements and prepare for contingencies, you'll end up with a working "game plan" describing your business.
Be sure to include details about the type of business you envision, including location, type and location of facility, whether the property will be leased or owned, and any maintenance costs associated with the structure.
By following a written business plan, you are more likely to avoid careless mistakes and "get it right" from the start. A business plan gives you direction and a way forward.
And a good business plan is a work in progress, which can be modified as conditions change or new opportunities unfold. It should serve as a working document for proposed businesses that see the value of having an outline towards success.
