Every new business venture begins with a plan. Before opening your doors for business, whether virtual or physical, you must be prepared for
many details involved in running a business. Thinking through these details and putting them on paper helps you to be prepared.OBJECTIVES OF YOUR BUSINESS PLAN
A business plan lays out future of your business. It is a written document which tells what you do and how you plan to do it. While your plan is a unique document designed for your type of business, there are certain objectives contained within any good business plan:
1. Sets forth goals and how they will be achieved.
2. Defines obstacles and outlines strategies to overcome them.
3. States legal and organizational structure of business.
4. Quantifies financial needs and makes financial projections.
LENGTH OF YOUR BUSINESS PLAN
The length of your plan depends on purpose you will use it for. If you need to acquire venture capital for your business, you may need to provide extensive detail for prospective investors. If your plan is simply a roadmap for you to follow, it can be quite short. Whether it is one paragraph or 100 pages depends entirely on your objectives.
YOUR BUSINESS PLAN IS UNIQUE
Business plans vary from industry to industry and from business to business. No two plans are alike. Your emphasis should be on providing an accurate and realistic presentation of your business. Your plan is about you and your business - this makes it a unique creation.
That said, you can still benefit by studying sample business plans - like those at Bplans.com. Notice various formats and styles used by authors. Do you see categories you should include in your plan? How did author structure their writing to conclude a point? Take lead from sample plans to capture tone and refine your own plan.
QUESTIONS TO ASK YOURSELF
A good business plan tackles three major areas. Look at questions within each of three areas below and answer them as they apply to your business.
1. The Business
What is legal structure of your business? Will it be a sole proprietorship, a partnership, or a corporation? What is name of your business? Who are people in your business? How is your business uniquely positioned to succeed? What are existing conditions within your industry? How do you intend to grow? What is your product? What does it do? How will you handle and deliver orders?
