05:17
Faizan
It's amazing that many local business owners don't have a business plan in place. First, if you want investors, then it's important to have a business plan to help investors understand your industry, local business goals, and financial projections. Without a business plan, many investors won't give you a second look.
In addition, a business plan gives you a good road map to refer to that helps you and your team ensure you're in alignment with your original philosophy and mission when you first began. It also gives you a good reference to see where you're on or off target when it comes to your local business financial goals and projections.
Before I provide you with some of the essential parts of a strong business plan, I want to point out that you want to get clear as to the type of business and industry you want to be a part of, and then get clear that you really LOVE it and WANT to be a part of it. Though exhilarating and rewarding, starting a business is hard work, and keeping it going in the beginning can be even harder, so you want to be sure it will be worth it to you. After you're clear on these things, try to find a good template to use to begin writing your plan, as it will help you stay on track.
Below are a few of the critical pieces of a business plan so you can begin wrapping your head around them and start writing as soon as possible.
1. Business Description. In this section, you want to include information about the purpose and mission of your business, in addition to facts and information about your industry.
2. Resume and Executive Summary. This section should include your resume and all of your attributes that will benefit the company. It should also include any key members of your business and their key attributes, as well.
3. Marketing Plan. How will you build and grow your business? How will you market it to generate leads and new business? How will you go about hiring employees? All of these questions should be answered in this section.
4. Financials. There are 2 main parts of a business plan that investors look at: the Executive Summary and the Financials. The financials should include, at a minimum, a Balance Sheet with assets and liabilities, a Cash Flow Statement, and Income and Expenses.
In addition, a business plan gives you a good road map to refer to that helps you and your team ensure you're in alignment with your original philosophy and mission when you first began. It also gives you a good reference to see where you're on or off target when it comes to your local business financial goals and projections.
Before I provide you with some of the essential parts of a strong business plan, I want to point out that you want to get clear as to the type of business and industry you want to be a part of, and then get clear that you really LOVE it and WANT to be a part of it. Though exhilarating and rewarding, starting a business is hard work, and keeping it going in the beginning can be even harder, so you want to be sure it will be worth it to you. After you're clear on these things, try to find a good template to use to begin writing your plan, as it will help you stay on track.
Below are a few of the critical pieces of a business plan so you can begin wrapping your head around them and start writing as soon as possible.
1. Business Description. In this section, you want to include information about the purpose and mission of your business, in addition to facts and information about your industry.
2. Resume and Executive Summary. This section should include your resume and all of your attributes that will benefit the company. It should also include any key members of your business and their key attributes, as well.
3. Marketing Plan. How will you build and grow your business? How will you market it to generate leads and new business? How will you go about hiring employees? All of these questions should be answered in this section.
4. Financials. There are 2 main parts of a business plan that investors look at: the Executive Summary and the Financials. The financials should include, at a minimum, a Balance Sheet with assets and liabilities, a Cash Flow Statement, and Income and Expenses.
Posted in: business
