Planning to succeed
It might seem obvious that if you're going to succeed, you need to figure out how you're going to do that. But a surprising number of business owners don't write a business plan. Those who do have a business plan, however, are about twice as likely to have a successful business and to get funding than those who don't.
If you're considering getting funding to start your business from anyone who's not related to you, your prospective investors will want specifics about where their money is going. Plus a plan can keep you on track as well, so you'll know what tasks you need to do every day. Even if you deviate somewhat from your original plan (which is pretty likely as you learn and grow), having a framework can guide you so you don't spend too much time on things that won't help your business.
Assuming you don't want to shell out thousands to pay someone to write a business plan for you, you'll need to write one yourself. But before you begin writing your plan, you'll need to pinpoint what type of goods or services you're offering, who your customers or clients will be, and how you're going to reach your goals.
You'll also need to analyze your market. Who will buy your product or service? Is there a need for what you're offering? Do you have any competition? How are you going to market your business? How will your business be structured?
Here's a basic business plan format:
You don't have to follow this format exactly to the letter. In fact, you'll rarely find two how-to business plan guides that are the same. Basically, anyone who's interested in funding your business wants to be sure that you've done your homework. If you can show that you understand your market and that you have a good plan in place, you'll look more impressive than if you have all the right headings in the right order.
If you'd like to see examples of how other business owners' plans, click here and here. Many books about starting a business or business plan writing also have samples to help get you started.
If you're considering getting funding to start your business from anyone who's not related to you, your prospective investors will want specifics about where their money is going. Plus a plan can keep you on track as well, so you'll know what tasks you need to do every day. Even if you deviate somewhat from your original plan (which is pretty likely as you learn and grow), having a framework can guide you so you don't spend too much time on things that won't help your business.
Assuming you don't want to shell out thousands to pay someone to write a business plan for you, you'll need to write one yourself. But before you begin writing your plan, you'll need to pinpoint what type of goods or services you're offering, who your customers or clients will be, and how you're going to reach your goals.
You'll also need to analyze your market. Who will buy your product or service? Is there a need for what you're offering? Do you have any competition? How are you going to market your business? How will your business be structured?
Here's a basic business plan format:
- Cover Page
- Table of Contents
- Executive Summary
- Industry/ Market Analysis
- Business Overview
- Product or Service Description
- Management and Staffing
- Marketing Plan
- Operations Plan
- Financial Plan
- Appendix (supporting documents)
You don't have to follow this format exactly to the letter. In fact, you'll rarely find two how-to business plan guides that are the same. Basically, anyone who's interested in funding your business wants to be sure that you've done your homework. If you can show that you understand your market and that you have a good plan in place, you'll look more impressive than if you have all the right headings in the right order.
If you'd like to see examples of how other business owners' plans, click here and here. Many books about starting a business or business plan writing also have samples to help get you started.
