Creating A Business Plan That Makes Tracks
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
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
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
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!
- Trademarks – What You Ought to Know
Trademark law affects every business in the United States. Dont assume that your new business name, new product name, slogan or logo has not already been used commercially OR trademarked! No business...
- Business Plans- What Consultants Don't tell You!
Copyright 2005 Empower Business SolutionsDo you have a Business Plan? Congratulations, but you are in a small minority. And if you have a plan, is it integral to your business, and instrumental to its...
- Tax Advantages Of Incorporating A Business
The tax advantages of incorporating a business is one of the main reasons that owners choose to incorporate their businesses, no matter what market they work in. Other types of businesses, such as sole...
- A Look at Incorporating a Business in Florida
As you may know, there are many ways to incorporate a business in Florida. While companies exist to do the legwork and paperwork for you, the most direct way is to contact the Florida Department of State,...
- Do You Have A Written Business Plan?
Do you have a written business plan?Are you following your plan? You are the operation manager of your business, how do youoperate without a plan?Your business plan is the road map to success, without...
- Why Should You Incorporate Your Business?
If you do well with your business, you may want to incorporate it. There are many advantages gained by incorporating. For one, if (and this is a BIG if, but you never know), if you are ever sued, your...
- Incorporation Is It Right For My Business?
For anyone starting up his or her own business, an understanding of business incorporation is must. While there are both pros and cons in taking this step for your business, you want to be sure that whichever...
- The Basics Of Business Incorporation
If you are a business owner, even if it is a small business, you want to be successful. You are undoubtedly aware of the work it takes to make a business profitable. You might also be aware of the different...
- How to Start A Business Plan
A business plan precisely defines your business, identifies your goals, and serves as your firms resume. The basic components include a current and pro forma balance sheet, an income statement, and a...
- Your 30 Minute Home Business Plan
When I started my first business I didnt have a solid, well thought-out business plan. I threw together a rough one that I used to apply for a bank loan (which I didnt get, by the way). Ive found the...
- Book Review: Business Plan Secrets Revealed
The key to successfully starting any business is a good business plan. In his ebook, "Business Plan Secrets Revealed," Mike Elia walks you through the business plan process step-by-step: from gathering...
- How to write a successful business proposal
The words " business proposal " are expected by any sales representative, marketing or public relations person. Even if writing a business proposal doesnt represent a very pleasant activity, marketing...
- Why You Need A Business Entity
When starting or expanding a business, many owners wonder if they should form a business entity and, if so, which one they should use. There is a wide variety of information and "pitches" being made on...
- The Importance Of Business Plan
Do you need more money to expand your business? If yes, you need a business plan. If you are starting a business, despite the work involved, a business plan can prepare you for the obstacles ahead and...