Before starting any project no matter how big or how small, you need some sort of a plan. For example, if you were building a home, you better budget a good architect to draw up plans for construction. If not, anticipate having the ugliest or most unsafe house on the block. The same applies to building a business; again, no matter how big or how small, you need a plan to build a sturdy house. In my opinion, most businesses fail, because they either do not have a plan or fail to track their performance.
The result of your research will be part of a business plan, a written document that clearly defines your goals, and vision for your business. This business plan will allow you to examine the future of your business, by asking difficult and important questions. Ok - some of the questions may not be as enjoyable as that exciting day you decided to go into business for yourself. That is why it's so important, because the heightened enthusiasm may have a tendency to make you forget the practical side of starting your business.
Constructing your business plan will be time consuming. Just remember the results will outweigh the effort. The completion of the plan will force you to examine important areas such as management, marketing, personnel, and finance. Another important benefit of the plan is to project the funds needed for start-up and the early stages of your business. This objective and organized plan will become the road map guiding your daily operation and future growth. Keep in mind, most successful businesses are ever changing and update their plan regularly. Business planning is an ongoing activity.
Plans may differ depending on the type of business and also the purpose of the plan. If it's a useful tool for your company or a planning process for acquiring financing, the plan should follow a solid framework as follows:
The outline above is basic and to be used as a starting point. There are numerous business plans available; I suggest researching various sources and pick the one suitable for your needs. For FindYourDream Inc., I followed a format obtained from the SBDC (Small Business Development Center), which was very helpful because of the support available through appointed analysts. A quick search on the net will result in a list of business plans to choose from. We've included a few below.
The business plan is the foundation of a successful business and the proven way to answer questions that have long lasting effects on your success. The plan details who you are, what you are going to do, where you are going, and how you are going to get there. Being an entrepreneur is about being a rebel, spontaneous and taking risk. It's also about staying afloat, so do a business plan and boost your odds of not having to return to that 9 to 5.
BizPlanIt.com - Provides Virtual BizPlan that is an excellent resource for writing a functional business plan. It is also an Internet based business plan consulting firm offering professional services and over 100 pages of business plan tips and advice.
Small Business Association - Offers an outline with descriptions of common parts of a business plan.
Business Plan Template for Microsoft Excel - The Business Planner Template for Microsoft Excel analyzes business' current financial situation and helps forecast its future cash flow.
The result of your research will be part of a business plan, a written document that clearly defines your goals, and vision for your business. This business plan will allow you to examine the future of your business, by asking difficult and important questions. Ok - some of the questions may not be as enjoyable as that exciting day you decided to go into business for yourself. That is why it's so important, because the heightened enthusiasm may have a tendency to make you forget the practical side of starting your business.
Constructing your business plan will be time consuming. Just remember the results will outweigh the effort. The completion of the plan will force you to examine important areas such as management, marketing, personnel, and finance. Another important benefit of the plan is to project the funds needed for start-up and the early stages of your business. This objective and organized plan will become the road map guiding your daily operation and future growth. Keep in mind, most successful businesses are ever changing and update their plan regularly. Business planning is an ongoing activity.
Plans may differ depending on the type of business and also the purpose of the plan. If it's a useful tool for your company or a planning process for acquiring financing, the plan should follow a solid framework as follows:
- Cover sheet (title page). Include the business name, address, phone
- Table of Contents
- Mission Statement. Description of your company's purpose
- Executive Summary. Include a short description of the venture, purpose of the plan, goals of the business, description of the products and services
- Industry Status. National/Regional economic outlook, Industry outlook, projected opportunities
- Target Market/Customer Base Characteristics of the target market, market segmentation, customer buying habits
- Marketing Plan. Sales goals, description of products and services, competition, pricing, location, customer service policies
- Production and Operation Plan. Facility, equipment, production process, suppliers
- Insurance. Product liability, personal liability
- Management. Key managers, personnel
- Financial Plan. Start-up costs, balance sheets, projection cash flow, break-even analysis
- Attached Exhibits. Managers' resumes, marketing research, patents, trademarks, letters of support
The outline above is basic and to be used as a starting point. There are numerous business plans available; I suggest researching various sources and pick the one suitable for your needs. For FindYourDream Inc., I followed a format obtained from the SBDC (Small Business Development Center), which was very helpful because of the support available through appointed analysts. A quick search on the net will result in a list of business plans to choose from. We've included a few below.
The business plan is the foundation of a successful business and the proven way to answer questions that have long lasting effects on your success. The plan details who you are, what you are going to do, where you are going, and how you are going to get there. Being an entrepreneur is about being a rebel, spontaneous and taking risk. It's also about staying afloat, so do a business plan and boost your odds of not having to return to that 9 to 5.
Business Plan Resources
BizPlanIt.com - Provides Virtual BizPlan that is an excellent resource for writing a functional business plan. It is also an Internet based business plan consulting firm offering professional services and over 100 pages of business plan tips and advice.
Small Business Association - Offers an outline with descriptions of common parts of a business plan.
Business Plan Template for Microsoft Excel - The Business Planner Template for Microsoft Excel analyzes business' current financial situation and helps forecast its future cash flow.
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