A business plan is a formal statement written when a person or a team in an organization wants to reach a goal and it states what your ambitions are for the company in the future. It is possible to hire a professional to do the business plan or you can write it all yourself. Describe what your business is about right now and what you want it to become in the future. All business owners have visions and ideas about their businesses. Creating a business plan will make those dreams become more concrete.
Some things that are essential to be included in your business plan:
Your business – Your business name, the business address, phone number, email address, and website name with the URL. Don’t forget to write your name as the owner and list other owners if there are any.
Business description – State here how you came up with the idea of creating your business. Describe each section of your business. Write a summary about your business and make it interesting so as to get the attention of prospective investors. You can site reasons why you need the money for your business. Mention your competitors as well. You can list supplies you use for your business and what you do on a daily basis.
Products or services offered – Be specific in writing how your business operates. Explain how you market your products or services.
Personnel – Who are the people working for you and how many employees are there? What are their roles and responsibilities in the company. The same thing applies if you are the only person running your business. State your role and how you run your business.
Your plan – If you want the financial aid of a lender or are planning to apply for a loan from the Small Business Administration, keep in mind that a business plan is required to acquire the financing. Your business plan is crucial for the success of your business.
Financial Data – Write down how much money you want to borrow for your business and how are you going to spend the money. An explanation of the expected profit and loss should be included. Also document how much money you earn monthly and your personal financial statement. Include your expected revenue in your business. Attach some supporting documents that you think will be helpful to the success of your business plan. For the investors, this data is the most important part of the business plan.
A business plan is the map of your journey to success. Coming up with a good business plan is not easily done overnight. It is a task that needs effort and time on your part. Some business owners neglect preparing a business plan until the night before their meeting with the bank. You can guess the results of those actions.
Be creative but make a realistic business plan. If you haven’t written one yet, now is the time to start.