When starting a new company, do you really need a business plan? In most instances, the answer here is a resounding yes!
Just like any other successful endeavor, a business plan can be an essential part of your overall foundation – without which, the entire business could end up going in the wrong direction, and ultimately not working out.
What Should Your Business Plan Include?
While all business plans don’t have to be long and include each and every detail, there are some components that are typically required. These include the following:
Executive Summary – The executive summary can be thought of as a “snapshot” of your overall business plan. It is here that you will summarize the goals of your business, the product or service it offers, and the ideal target market customer.
The other key aspects of your business plan should include a:
- Description of the Company
- Market Analysis
- Organization and Company Management Team
- Product and / or Service Offered
- Sales and Marketing
- Request for Business Funding (if applicable)
- Financial Projections of the Business
How to Create a Good Solid Business Plan
In order to create a good solid business plan, it can often be beneficial to find and use a business plan template. These can easily be found online or at any office supply store.
By following such a template, you will be less likely to leave anything out. This can be particularly helpful if you will be taking your business plan to a lender in hopes of securing capital for your start up company. When reviewing your business plan, lenders will want to know how much money you’re seeking, what the funds will be used for, and most importantly (to the lender) how you plan to pay the loan back.
Need more information on how to create a new business plan, or even just some ideas on what to include? <Join the Startups Forum> where you can associate with others who are also in the process of getting their businesses off the ground. While the Startup Forums is free to join, the advice and ideas that you can find here can be priceless.