Its time to Develop Your Business Plan
Now that you have assembled all of the information of starting small business, and know the type of business organization, and what do you do with it? You put it into a cohesive business plan that will help you reach your goals. The process of developing this plan will bring to light any issues that you may not have considered yet. The business plan will also be a useful tool. It will become invaluable when and if you need to raise more capital for your business and give you the ability to gauge your success by allowing you to see the milestones you have reached.
Here is a general outline for a business plan:
1) Introduction
A. Detailed description of the business and your vision for its future
B. Organizational structure of the business and ownership
C. Skills and experience you (and your partners, if applicable) can contribute to the business
D. Edge your business has over its competitors
2) Marketing
A. Products and/or services offered
B. Customer demand
C. Market size and locations
D. Advertising
E. Pricing
3) Financial Management
A. Source and amount of initial investment
B. Monthly operating budget
C. Monthly expected cash flow
D. Projected income statements and balance sheets
E. Breakeven point
F. Compensation
G. Accounting practices
H. Alternative approaches to any anticipated roadblocks
4) Operations
A. Day-to-day management
B. Hiring and personnel procedures
C. Insurance, lease or rent agreements
D. Necessary equipment for production
E. Delivery of products and/or services
5) Concluding Statement
A. Business goals and objectives
B. Commitment to success
Your business plan should be flexible and should be able to change as your business grows. You may wish to review your business plan with a friend or business associate to for content and structure before you present it in professional situations.