plan for your small business is useful if
you want to focus yourself and get an overall
picture of what you have to do in order
to build your enterprise. On top of that,
a good business plan is an absolute must
if you want to convince institutions or
individuals to loan money or invest in your
business. One way to organize your business
plan is to compose it like an informative
news article, explaining the "who,"
"what," "when," "why,
and "how" of your business.
Write about your background and previous
experience in your field. Tell about your
notable accomplishments, and about your
partners and staff. If your company has
been in business for some time now, then
write about your "track record."
Explain what your company has already
accomplished and give an idea of how it
stands in relation to competitors in your
particular field of business.
are Your Products or Services?
What are you producing or what are you
going to produce? What are your products
or services? What kind of revenue will
these activities be bringing in or what
is the expected range of revenue once
the products are launched? Answer these
questions giving a complete picture of
the principal activity that you are engaged
in or will be engaged in during the timeline
of this business plan.
Will things Happen?
If you have a new start-up business, this
section of the plan will allow you to
explain the steps that are needed to set-up
your business and make it fully operational.
How much time do you need? When will the
business be up and running? If you are
have an already existing business, it
is useful to place somewhere in the plan
a list of targets that you want to achieve
and give approximate dates as to when
these targets can be reached.
is Your Business?
Where are you located? Do you work at
home or do you have business premises?
If you have a business location such as
a store or factory, then explain about
the size and capacity of this establishment.
What is the business climate like in your
area? Are there significant competitors
and what are your prospects of competing
in this market? Answer these questions
as best you can and give yourself and
would-be investors a clear picture of
where your business is situated geographically
and with relation to your overall market.
are you in Business?
Explain why your particular enterprise,
product or service is needed. What can
your add to the already existing area
of business that your are entering? What
need are you going to fill? The answers
to these questions are particularly important
for investors looking for opportunities
in emerging businesses and emerging markets.
will it all Happen?
Your sales and marketing plan should be
outlined in this section. Explain how
you intend to establish your product or
service and what steps you will take to
create or expand your customer base. How
will you finance the start-up and/or expansion
of your business? Explain the source of
your funds whether you have existing loans
or liabilities. How much money do you
need to raise in order to get realize
your overall plan for the launching or
expansion of your business? Explain how
you are going to translate your business
idea into a living reality.
Take a look at your planned business or
your existing business from the perspective
that has been outlined in this article,
and write a concise business plan. It
will help to bring clarity to your operations
and convince investors and lenders to
participate in your enterprise.
"When I started out in business,
I spent a great deal of time researching
every detail that might be pertinent to
the deal I was interested in making. I
still do the same today. People often
comment on how quickly I operate, but
the reason I can move quickly is that
Ive done the background work first,
which no one usually sees. I prepare myself
thoroughly, and then when it is time to
move ahead, I am ready to sprint."
This article by David Bond may not be
reproduced online in part or whole. Copyright
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