Starting a business can be tough. It takes hard work and determination to succeed. The right business plan, however, can help you get organized and achieve growth. It serves as a roadmap to guide you toward your goals and objectives. In this post, we will provide you with a guide on the steps to create a business plan for your small business.
Executive Summary
The first section of your business plan is an executive summary, which provides an overview of things like your products or services, and target market. It should mention what makes your business unique or stand out. Your executive summary should be short, sweet, and captivating.
Business Description
The second part of your business plan is a summary of your business. In this section feel free to describe the various aspects of your business. Such as the product or service you provide, who your customers are, and the problems your business solves.
Market Research
The third section of your business plan is to reinforce your business with market research. Essentially, identifying what your competitors are doing. What the problems are that your customer is facing. And how you plan to address those problems.
Sales and Marketing Strategies
Now for the fourth section of your business plan, this is for your secret ingredient, so to speak. In this section, you will outline your sales and marketing strategy. Or how you plan to get your product into the hands of your customers. Or to generate demand for your service. You may outline any pricing you plan to incur for advertising. Or any additional help you intend to hire to spread the word about your business.
Financial Projections
The financial projections portion of your business plan should create a realistic view of the revenue you will generate, the expenses you expect to incur, and any profits you may gain for the first few years in operation. It’s also important to mention where your funding will come from, if any. And what you expect your cash flow to be.
It goes without saying that a business plan is one of, if not the most important documents for your business. It is the roadmap that you will follow on your entrepreneurial journey to success. Without it, you may easily find yourself lost. Now, a business plan isn’t concrete. It can be fluid and changing as you make your way. So it’s important to revisit it from time to time and make updates where necessary. So go forth and create your business plan today!
Written by: Erik Hibbard