Should you write a business plan?

On Behalf of | Jun 6, 2018 | Firm News

You may be an entrepreneur considering if you need to write a business plan. It sounds like a great idea. You would think any new business or idea may need a plan to be successful and you would be right. There are many reasons why you should make sure a proper business plan is on your to-do list.

A business plan is a list of goals for your business. It lists your plans for accomplishing the goals and says how they can be achieved. The business plan may also include information for possible investors, as well as, information on the organization’s background and the group trying to reach them.

What to include in your business plan

There are various things to consider when you write a business plan. But there are some essentials to any good plan. They include:

  • Executive summary- the first and most important section of your business plan. It is a good place to state your goals and objectives. It gives a description of your business.
  • An overview of your company- this describes the direction and idea of the company.
  • The market you will be targeting- this tells what specific group of consumers you are aimed at reaching.
  • Competitive analysis- an analysis of your competitor’s business and how it compares to yours
  • Services or products- a list of all of the products or services that you will be offering.
  • Operations and management – this is an explanation of the logistics and how things will flow to meet the needs of the consumers. It can also include who you plan to have as part of your management team.
  • Your plan for the financing- it can include a sales forecast, an expenses budget, deal with assets and liabilities and more.

There are many things to contemplate if you are thinking of starting a new business. The first is the type of business you would like to own and go from there. Making a business plan may be a good idea. It is also great to be informed on what you can expect if you do decide to write the business plan.