Many people decide to start a business but neglect mapping out their plan. Some figure they’ve had years of experience in the industry they’re going into. Others think they have enough money. While both these things are important to have when starting a business, a business plan is the most essential tools for any aspiring Entrepreneur. If you fail to plan, you plan to fail’ but once you have your plan mapped out, you have a better chance of achieving your business goal(s).
Your business plan is your map to a successful business venture. It is always a good idea to put your thoughts on paper and that’s just what a business plan does. It doesn’t need to be anything formal at first. Just getting your ideas down on paper is a good start. Once you have a concept, you will need to research the industry and decide how you will structure your business or service. It’s also a good idea to conduct a SWOT analysis of yourself as an individual, your operation and management teams and your business as a whole.
Next you should focus on marketing. What is the demographic of your target customer base? Who is your competition? What sets you apart from your competitors? How will you position your company to stand out from the rest?
Once you get these points mapped out you will want to get to the meat of the plan: The Financials. When seeking funding, this is the most important component of your business plan. Investors want to see the financial forecast for their investment. It also helps you understand how you project your business growth. BE REALISTIC! Formulate your expense budget then your sales forecast. Then create your cash flow statement and income projections. Then compile an Income Statement (also called a Profit and Loss Statement).
We hope this helps get you motivated to start on your business plan. If you need further assistance, we are at your service. We can help you formulate your road map to success with a beginner Business Plan or we can help you take your business to the next level with an advanced Business Plan. Our President has extensive experience in teaching business plan writing in groups settings as well as one-on-one coaching. Contact us for a free consultation! 267-593-7604