When starting a business, it can be difficult and stressful, but a business plan can prepare you for the unknown. According to the U.S Small Business Administration, there are 8 sections you should address in your business plan, to have a successful business.
1. Make an Executive Summary: What are the goals of the business? What image does the company portray? How does the company do business? This should be a well thought out summary of your business plan.
2. Company Description: How is your company different from other businesses? What does your business do? This section should address the overall idea of your business.
3. Market Analysis: Is there anyone else in your market? Have you done research on your industry, market, and competitors? This section should go over what the market for your product or service looks like now, how it has changed, and what it may look like.
4. Organization & Management: How will your business be organized and ran? Who is in charge of what and when? Every business has their own way of running their business; describe how you will run yours.
5. Service or Product Line: What is your service or product? What does the lifecycle look like? Do you have a patent or copyright? Tell a story about your product or service and why it benefits your customers.
6. Marketing & Sales: Who are you marketing to? How will you market your product or service? Who is selling the product? You will want to include an explanation of your general sales strategy.
7. Funding Request: Do you need funding? How do you plan on getting funding? Are you funding the business from your savings, planning on getting a loan, looking for investors? Define where your starting capital will come from, and what your plans are for future capital for growth.
8. Financial Projections: How do you plan to grow? How quickly do you want to grow? Find out what your financial projections are, for the bank or investors. These financial projections will also help back up your funding request.
To make your business as successful as it can be, the plan needs to have a “wow” factor. To have a “wow” factor, everything must be explained in clear teams, your business plan must unique and explain why it’s unique. Explain clearly why your business is better than others, what it has to offer customers, and how it caters to customers in a superior way than others. If you would like to schedule a consultation for advocacy with one of our business law attorneys, please contact Handelin Law, LTD at (775) 882-8032 or come in to our Office located at, 1000 N Division St, Carson City, NV 89703.