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
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