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October 16, 2017
Pre-Plan to Succeed

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Business Basics

Pre-Plan to Succeed

Business Plans 101

| 4/21/2017

Every new business begins with a dream. But all the wishes and what-ifs that are likely banging around in your brain right now won’t be enough to sustain it. If you truly desire to become an entrepreneur, you need to pre-plan your success step by step, and commit it to paper. That’s called a business plan, and almost no one will take you or your business seriously without one.

 

Business Plan Basics

A business plan is a written document describing the nature of your business, how you plan to achieve your specific goals for this business and the profits you expect to gain as a result. Ideally, every business should have a written plan to use as an operational guide and for communicating its purpose and strategies to others. Furthermore, any business that intends to seek outside funding must have a formal plan in writing that addresses these topics:

What am I selling?

Who will buy my product or service? Who are my competitors?

How much will people be willing to pay for my product or service? Can I make a profit at this?

Do I/we have what it takes to succeed?

 

Business Plan Components

Think of your business plan as a road map for your journey to business success. Project your plans 3-5 years ahead, but know that you may need to adjust your speed or even switch direction as needs and parameters change. Include these titled sections:

Highlight key strengths of your plan, including where you want to take your company and why your idea will be successful.

Make this your extended “elevator pitch” to help readers, especially potential investors, quickly grasp the uniqueness of your business.

Show that you understand your industry, target market, customers, competitors and pricing structure.

Describe your company’s organizational structure, introduce ownership and members of your management team.

Emphasize the benefits you can provide to current and potential customers.

Explain how you plan to promote your product/service, create customers and boost sales.

Lay out your current and future funding requirements, the intended use of any funds you may receive and types of funding you would prefer.

Summarize your projected income and expenses, past credit history, intended allocation of resources and other financial details.

Include supporting information/documents: your credit history; letters of reference; resumes of key managers; leases; licenses, permits and/or patents; list of business consultants (attorney, accountant, etc.); relevant research, magazine articles or book references.

Tags: Florida Small Business, Business Basics

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