How to Write a Business Plan
Happy Entrepreneur’s Week! In celebration of this awesome week, we are going back to basics to help your dreams of owning a company a reality. The fundamental item you need before you start a business is a business plan. Of course you need the idea and then the education/experience, but without a business plan, your likely to lose your way among the chaos associated with owning your own business. The U.S. Government provides amazing resources especially for small business owners or those who want to own a small business. The helpful guide provided by the Small Business Administration recommends that business plans projects a 3-5 year outlook. Keep reading for the different parts of a business plan and a helpful resource!
Parts of a Business Plan
- Executive Summary: A snapshot of your business plan as a whole. It touches on topics such as your company profile and goals.
- Company Description: Provides information on what you do, why your business is different from others and the markets your business serves and targets.
- Market Analysis: Research on your industry, market and competitors.
- Organization & Management: Determine the best organization and management structure for your business.
- Service or Product Line: Answer the question what do you sell, how does it benefit your customer and what is the life cycle.
- Marketing & Sales: State your plans to market your business and your sales strategy.
- Funding Request: If you need outside funds, find out what specific information you should include.
- Financial Projections: State your financial projections. They can be the decision factor in receiving outside funds.
- Appendix: This is optional but could include resumes, permits, and leases.
For more information I highly recommend going to the Small Business Administration website. It is extremely resourceful and breaks down these parts into more details.