Are you an entrepreneur just bursting with ideas and anxious to get started with your business? Are you already to get started with your business but are unsure about how to get started? Well the first step in starting business is to write out a business plan.
A business plan is very important for those who are just starting out. But how do you start your business plan? What should be included in your plan? And where do you go if you need help?
Here are some things you will want to include in your business plan and why:
- Summary. The summary is what your business plan will start with but you won’t work on the summary till the very end. The summary of your business plan is one of the most important parts of the plan. After you have written the rest of the plan and you have worked out all the finer details then you can come back to the beginning and write the summary. In your summary you are telling investors or contributors exactly why you think your business is going to succeed. Include your mission statement, number of employers, location, date the business began, descriptions of products and or services, future plans, and a table of contents for the rest of your business plan. Remember to save the summary for last so that you can really make it crisp, straightforward and informational.
- Analysis of the market. Whatever business you are starting it will fit into a certain market or industry. In a Market analysis you need to analyze where your particular market or industry is headed and show how you are going to stay on top of the times and how you are going to compete in that industry.
- Description of the Company. In a company description you want to describe the nature of the business along with showing how the business is going to be a success. Prove that you are going to do a good job with this business.
- Finances. In your business plan, if you are going to need help with funding then you would include a section called “Funding Requests.” You need to be very specific and include a lot of details when it comes to asking for money. You need to include how much you think you will need and what the money will be used for. You will also want to include a section that has all of your financial history in your business plan. Creditors want to see your history. You will also need to come up with a financial forecast so they can see your goals.
There are other things you can include in your business plan, but this should get you started.
Madison Hewerdine is an author who specializes in Business loans and has a passion for singing.