Starting your own business has many advantages, and it all begins with a well-thought-out and well-written business plan. As December is “Write a Business Plan Month,” we want to encourage you to extend that thought past this month and well into 2020. Starting a business can be both exciting and scary, but by putting a lot of thought into your business plan, the process can surely be a positive one.
What is a Business Plan?
The Alamo EDC can help your business get off the ground, but we’ll first need to examine your business plan. This means showing what your program and intentions are for each stage of the business. From what your company does, to how you plan on starting and managing it, your business plan will become THE roadmap that your company will follow to operate seamlessly.
While we will not write a business plan for you, we can explain what one should look like. Below are the general sections to include in yours.
The Executive Summary
This explains what your company will be and/or will do and why it will become successful. You should include your mission statement, the products or services you’ll provide, and your company’s leadership team.
The Company Description
In the Executive Summary, you mentioned what goods or services your business will provide, but in this section, you need to go into detail on what your business will do. Be specific and show your organization’s strengths and advantages. For example, if your team includes experts or soon-to-be employees with years of experience in a certain field, then include this.
The Market Analysis
The Market Analysis explains who your competition is, what they’re doing to be successful, and any trends in your field. Use this section to show what will make your business stand apart from theirs.
The Organization and Management of Duties
Both Organization and Management mean detailing your company’s structure. For example, if you plan on classifying your business as a corporation, an L.L.C., if you’re the sole owner, or are in a limited partnership, then be sure to include this. You should also list key members and their roles.
The Service or Product Line
Earlier in the Company Description, you explained what your business will do or the goods and services it will provide. Here, go into detail about what the products are or how the goods and services your business will provide are beneficial.
Marketing and Sales
The Marketing and Sales portion of your plan will detail how you plan on attracting and retaining customers.
If you’re requesting funds to launch your business, then show how much you’ll need and how they’ll be used.
In this section, show where your company is headed and where it will be in one month, six months, one year, and five years.
Finally, your appendix will summarize your business plan and include any references, licenses, or permits that may aid in your company’s future.
Let’s Get Started
If you’re ready to sit down and do some serious research to put your business plan together, then be sure to reach out to us for any tips and directions.