Plan a Business in 7 Steps
On the road to running a full-fledged business, nothing is more productive or returns better results than writing a business plan. Despite a work environment increasingly dominated by technology, the business plan remains a fundamental tool. The seven steps remain unchanged and apply to any industry.
ONE the basics
Who are you? What do you do and why?
TWO purpose, vision, goals and objectives
What is the purpose of your business? How do you envision the growth of your company? What are your goals and objectives for your company.
What is your company’s history? Who are you working with? Who are the major players?
THREE the market
What is the context for the business. What industry are you in? What’s the outlook for the industry?
What are the needs of your market?
Identify your target market.
Write a generic profile of your targeted clients.
What share of the market do you anticipate having?
FOUR products & services
Describe your products and services in detail. Include prices and fees.
How are your products and services competitive?
Option: include photos with prices that illustrate your products and services.
FIVE organization and management
How is your company organized?
Is the company a proprietorship? partnership? corporation?
Do you have special licenses or permits to operate your business?
Give a brief bio of major players and managers.
Option: an organization chart with a overview of the general flow of operations within the company or firm.
SIX marketing and sales strategy
Who are your customers? What is the demand for your products and services?
What are the channels of distribution to sell your products and services?
Describe your sales strategy in detail with specifics on products and pricing,
Describe your marketing strategy with specifics on promotion.
SEVEN the finances
What are the financial projections for your company? What are the start-up costs? If this is a new business. write a 12-month estimate for a balance sheet, income statement and cash flow statement.
For an existing business, what are the expenses and income? Provide a balance sheet, income and cash flow statements for the past three years...
