Creating A Business Plan That Makes Tracks
Roger Kramer
Creating a business plan is an important step. Often it is the
step most often missed by new business owners that don't want to be
bothered with paperwork. However, consider this, for those
entrepreneurs that create a solid business plan success in business
nearly doubles. With new business failures so statistically high
in the first five years why wouldn't you want to increase your odds
of success?
So why does a business plan matter? It's your road map to the
future. Would you get in a car to go on vacation without a map to
get you to your desired destination? Not unless you've gone the
route a few times previously, right? And since this is your first
go around with your new business, it's wise to create a business
plan to increase your odds for success and give you a definite
direction.
A business plan is also used for securing capital from banks,
venture capitalists, investors and the like. None of which will
give you the time of day unless you've done your homework. If you
don't care about the future of your business, why should they?
So, as they say, "Plan Your Work and Work Your Plan". Beginning
the business plan is often the most intimidating part so let us
help you along. It's not so difficult and can even be quite fun.
Imagine that? Building your business plan is a little like building
confidence in your future and that always feels good.
Let's start with what elements are in a business plan.
1. Executive Summary: This is a quick description of everything
you will be outlining in detail below. A swift summary of the
company, its products, services, and outlook for the future based
on simple statistics.
2. Table Of Contents: Just like a book, the Business Plan has a
Table of Contents for quick perusal.
3. The Company: This is a more in depth outline of the company,
what it does, how it's organized, it's goals, direction, history,
tasks, profits, etc.
4. Products and Services: An in depth description of the product
or service. Basically, exactly what your business will be offering
for sale.
5. Production: What is necessary to produce your product or
deliver your service. This includes raw materials.
6. Marketing: A detailed marketing agenda including what and how
you will advertise. You can take this straight from your marketing
plan outlined in the Marketing Section.
7. Competition: A complete evaluation of your competition and how
your business will meet the need in a different or better manner.
8. Obstacles: What hurdles will your business be met with? How
will these hurdles be overcome?
9. Finances: Cost of the set up of your business as well as the
day to day financial needs for overhead and marketing.
10. Milestones: This is the future time line of your business.
These are the basic elements of building your business plan. Begin
by making a rough outline for each section and then build to a
finished product. There are many books that offer guidance for
these important planning steps. When you take the time to plan
your business your business will reward you with a long future of
financial stability. So jump in and make your future happen today.
Roger Kramer is the owner of AlphaServices. Developing business plans is our specialty so be sure to visit our
Business Plan Center at http://www.alphaservices.com. We help you
move toward success!
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