Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.
This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
A basic business plan will help guide you in thinking through the feasibility of an idea, and it is tailored to reflect your purpose for writing the plan and tailored to the audience who will be reading the plan.
If you are looking to start a business, or expand an existing business, you can begin with a basic business plan that will start to sharpen your focus and get you off and running.
Finally, you’ll want to outline the key metrics you’ll be tracking to make sure your business is headed in the right direction.
It should describe the organization of your business, and the key members of the management team, but it should also ground the reader with the nuts and bolts: when your company was founded, who is/are the owner(s), what state your company is registered in and where you do business, and when/if your company was incorporated.
The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
Sometimes this part of the plan will include tables that provide more details, such as a bill of materials or detailed price lists, but more often than not this section just describes what you are selling and how your products and services fill a need for your customers.
You’ll want to cover the technology you plan on using, your business location and other facilities, special equipment you might need, and your roadmap for getting your business up and running.