Why have a business plan?

The purpose of a Business Plan is to identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic and financial feasibility.

Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures. They are specific, communicate to all company employees and require commitment from everyone.

There are four distinct types that can be applied to your business:

• very short plans or mini plans

• presentation plans or decks

• working plans

• what-if plans

Every company is different so your business plan may not look like that of another entrepreneur’s. But there are key components that every good plan needs to have, and it’s always a good idea to provide a clear and accurate summary of your business goals in your business plan.

Here is a quick list of business plan must-haves:

1. Executive Summary: Your executive summary should be compelling and is where you summarize what you expect your business to accomplish.
2. Business Overview: Here you list key information about your business, your goals and the customers you plan to serve. 
3. Sales & Marketing: This section exemplifies that you know your industry, and needs to include data and statistics to talk about where the market has been, where it’s expected to go and how your company will fit into it.
4. Management & Organization: It is important to outline the way that your organization will be set up: partnership, a sole proprietorship or a business with a different ownership structure. 
5. Service or Product Line: his section will tell your reader, and remind you, what your plan to create and sell, how long your product or service will last, what existing needs they are meeting, etc. 
6. Marketing & Sales Plan: This is not meant to be your full strategy on Marketing and is subject to evolve; however, it is important to describe how you intend to engage potential clients with your products and services. 
7. Request for Funding: Not all businesses need funding; however, if yours does, you will devote an entire section to outlining the amount of money you need, how you plan to use the funds, and if there is a multi-year plan for growth and expansion, include future funding needs.
8. Financial Projections: In this section, you will detail the anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business.

For a more in-depth look at how to create a business plan, you’re invited to join our Be Better Platform: The Course, where we will explore in-depth how to strategically plan for your business.

I hope to see you there,