How to write a Business Plan

Write A Business Plan

What is a business plan

A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.Executive Summary-  The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you're asking for in the summary.Company Description- Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.Market Analysis  how will your reach your target customers? What promotional tactics and marketing channels will you use? How will you price your products and/or services? What brand positioning do you desire for each?Organization and Management what is your action plan? What are the milestones you must accomplish to go from where you are now to where you want to be at year’s end? At the end of five years? who comprises your current team and what key hires must you make in order to execute on the opportunity in front of you. Will you build a Board of Advisors or Directors, and if so, who will you seek?Service/ Product Life What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.Marketing and Sales Who is your ideal customer? How do you market your products and services to your customers? How much do you think you will sell and how much is it going to cost you to make your product or deliver your service? What other key expenses will you have when your business is up and running? Financial Projections  If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.

How to start a Business

Step 1: Write a Business Plan

Step 2: Get Business Assistance and Training

Step 3: Choose a Business Location

Step 4: Finance Your Business

Step 5: Determine the Legal Structure of Your Business

Step 6: Register a Business Name ("Doing Business As")

Step 7: Register for State and Local Taxes

Step 8: Obtain Business Licenses and Permits
Step 9: Understand Employer Responsibilities

Is Entrepreneurship For You?

Figuring out if entrepreneurship is right got you may be a "slippery slope" but your drive and passion will ultimately lead you to the right path.

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

These are some traits of entrepreneurs, to know is entrepreneurship is for you:

• Risk taker: Taking risks is one of the main reasons why persons shy away from entrepreneurship, making tough decisions and be decisive is a must in being an entrepreneur when opportunity arise the entrepreneur must be able to make a decision on the spot. Taking risks also include, investing your time and money in to your creative without any certainty that this venture will be profitable.

• Independent:  As an Entrepreneur majority of decisions and the work will be up to you, as the vision for the business is in your mind this means being self reliant and being independent and not totally reliant on others.

• Good negotiation skills: As a business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.

• Creative: Being creative includes knowing how to start about business and solving problems in new ways.  An Entrepreneur must be able to think creatively, creativity and innovation is what drives the product or business.

• Supported by others: Being supported is a great means of motivation, getting positive feedback from friends and family and more exciting, strangers is a big deal that will motivate any entrepreneur. Support can also come by means of mentorship and advice from persons who have already successfully built businesses.

• Persuasive: If yours customer doesn't see the value of the product you propose then you have no business. Being able to persuade your clients, investors and employees to see your vision maybe the difference between success and failure. 

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