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3 Basic Steps To Your Business Plan

[ 0 ] Oct. 25, 2013 | SBO Editor

Business plans comes in every shape and size from a 2 page document to a PowerPoint presentation with a 55 page printout. Basically, there are three things you need to understand to prepare your business plan:

1. What is the concept? What type of business are you about to start and how will you present and explain your plan for making your new venture a success?

2. Marketing. Do you understand your customer? Your target market and audience? Jot down who they are and create a plan in this section to reach them.

3.What are your financials? How will you start this business and keep it going? How much will it cost you to create the product/service you are going to sell? How much can you sell it for and what will your profit be? Work on your projections for the next six months and a year.

We recommend that all small businesses create a business plan. You will need it if you are going to ask a bank or individual for a loan or investment. Even if you are not seeking money, write your business plan anyway; it will help you answer every question you have about your new small business.

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Category: Features