Writing Business Plans
So, you want to start a new business. The first step is to write a successful business plan. Here is a step-by-step guide to writing a business plan that wins profits!
By definition, a business plan is a written series of instructions for achieving your goal. The plan must define your product, income objectives, and operating procedures. The plan details the what, why, where, how, and when of your business, and the steps to the success of your company.
The first thing to remember is not to try to do it all in one or two days. Choose a quiet place to work and focus your thoughts on your business - your hopes, dreams, and ambitions. Jot these ideas down in a notebook. Include ideas about sales promotion, recruiting, distributors, location, and capial investment.
When you are ready to begin formalizing the plan, title a page with each subject area and describe each thoroughly. The subjects must identify your present position, present your goal in clear, concise language, include a step-by-step description of how you will proceed, and have a specific date for attaining your goal.
The best plans, even for a small business, run between 25-30 pages in length. Below is a suggested outline of the information your plan should cover:
* Title Page * Financial Records
* Statement of Purpose * Plans for Growth
* Table of Contents * Projected Profit,
* Business Description loss, operating
* Market Analysis costs.
* Competition * Financing for Growth
* Business Location * Documentation
* Management * References
On the last page of your plan, write a brief summary of your business, and include a summation of each of the preceding chapters.
Finally, have each chapter reviewed by an attorney and an accountant to make sure nothing is missing, or to make any corrections.
Hire a professional typist to type it on ordinary white bond paper, and make sure you proofread it against the original. Then take the plan to a printer and have three copies prepared; one for you, one for safekeeping, and one to use to periodically reassess your goals.
Now you can relax, take a break, and feel good about yourself and your new business.