• Small Business Florida

Put Your Business Plan in Writing

Every business starts with someone’s dream. But you need more than a dream to get your business off the ground. No one will take you seriously unless you can distill your dream into a solid business plan.

Your challenge is to take all of those fantastic ideas swimming around in your head and put them in writing. This process also gives you a chance to hone your ideas. Even if you’re only a little bit serious about becoming an entrepreneur, the thought of taking off on your own can be daunting. Can you do this? Should you do it? What will other people think?

But it really doesn’t matter what other people think. This is your moment. If the time is right, then do it. Just be smart about it.

That starts with developing a comprehensive business plan outlining your business concept, target market, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your business and help you secure funding if needed. Here, you will set goals and explain how you will reach them. You will explore your own unique strengths and how they will help you achieve your dream. It is this plan that will keep you on track as you launch and grow your business. Before getting started, consider checking out various online resources available to help you craft a solid plan. Among them: ba.gov/business-guide/plan-your-business/write-your-business-plan.

There are no guarantees of success. But at this point in the business evolutionary process, all it’s costing you is your time. The payoff for this initial investment, however, could be substantial. Once you have a business plan, you’ll be able to sit across the table from bankers and investors and demonstrate why your idea is worth their time and resources.

Outshine Your Competition

Be thorough but concise. Make your case with hard facts, while avoiding fluff.

Do your homework. Speak to your target market and be ready to address obstacles that may come up.

Develop your financials. Be realistic with your revenue, expenses and growth potential.

Tout your strengths with evidence. Avoid hyperbole. Quantify your statements with facts.

Make it personal. Introduce your management team members by name and stress their individual talents.

Is an Online Business the Way to Go?

If you are going to skip the brick-and-mortar operation, you are going to have some distinct advantages and disadvantages. Many of your obligations will remain the same. You still need a business structure, name and location (most likely your home). You will have to pay taxes, follow the law and secure necessary permits and licenses. And you will need a business plan.

But you will have lower overhead, since you won’t have to worry about maintaining a commercial location away from your home. However, that also means you’re going to be essentially invisible to the rest of the world. Nobody is going to notice your business while driving past.

That’s going to put considerable pressure on your website, since that’s where your business will live. Early on, you need to purchase your domain registration and web hosting service (both typically available from the same company), while making plans to create and maintain the site.

Unless you are tech savvy, you will likely be better off working with a professional web designer who understands configurations, logo creation, search engine optimization, etc. You want a website that not only looks good, but also performs well, particularly if you plan to make sales through the site.

Find Help Online
There are many online sources available to help fledgling businesses get started. You can find examples of successful business plans, templates to build you own and even advice. Among the resources are:

U.S. Small Business Administration offers advice on choosing the right format, including traditional vs. lean startup plans.

Florida Division of Corporations offers a step-by-step guide, with links for relevant state regulatory filings.

Florida SBDC Network provides a series of live and virtual seminars and training events, including how to start a business.

SCORE is a nonprofit organization that helps small businesses get started. The organization offers a wide range of templates, including business plans.

 

Essential Components of a Business Plan

01 / Executive Summary
Highlights the key strengths of your plan, including where you want to take your company and why your idea will be successful.

02 / Company Description
Your extended “elevator pitch” to help readers, especially potential investors, quickly grasp the uniqueness of your business.

03 / Market Analysis
Demonstrates that you understand your industry, target market, customers, competitors and pricing structure.

04 / Organization and Management
Describes your company’s organizational structure and introduces the principals and key members of your management team.

05 / Service or Product Line
Emphasizes the benefits you can provide to current and potential customers.

06 / Marketing and Sales
A glimpse of how you plan to promote your product or service, create customers and boost sales.

07 / Funding Request
Lays out current and future funding requirements; provides insight into how you will use any funds you may receive and the types of funding you prefer.

08 / Financial Projections
Summarizes projected income and expenses, past credit history, intended allocation of resources and other financial details.

09 / Appendix
Provides supporting information and documents, including but not limited to: your credit history; letters of reference; resumes of key managers; leases; licenses, permits and/or patents; a list of business consultants (attorney, accountant, etc.); relevant research, magazine articles or book references.