What’s a business plan?
So really it’s taking your
idea and putting it on paper. Basically just telling you story. “What does your business do?”
would be your starting point. What makes you stand out
in the market? Who are your competitors? What type of customers or clients do you
want to attract to your business? What makes your product or your service
different than the others in the marketplace? The next starting point would be your location Where are you located? and researching that area
so what are the demographics? Does it make sense for your business? Are you gonna be able to attract those
customers that you’re looking to attract? You want to have your marketing in there so where will you advertise your business? Are you gonna do that through social media—
are you going to do that through Facebook? How are you gonna attract those customers? Are you going to build a website?
Are you going to do flyers or a mail-out or an open-house? How are you gonna market your
business to draw those customers in? How many employees do you need to
start? Do you need any any? Who’s gonna run the day-to-day operations? Who’s gonna be your bookkeeper? Are you going to hire an accountant or are you going to have an internal
person doing it for you? You as an owner you’re going to have somewhat of an idea of your expenses You’re going to know your lease payments
if you’re leasing a building That’s 5,000 a month You’re going to be able to figure out your payroll
to a degree based on how many employees that
you’ve already worked out that you needed If you are struggling with it
that’s when you can speak to your accountant to help you work out those projections The other part is a financing section How much financing do you require? and to have a budget in there of what
you’re wanting the financing for An executive summary basically takes
everything you put it in there all together and summarizes, basically, your business plan so it highlights the important
pieces of your business, what you require and why you need it It’s definitely worth the time and effort of making your business payment plan look professional It shows the thought put into it, the efforts and that you’re really invested in
this business yourself, too.