This is National Write a Business Plan Month.
What do I mean by that?
I mean that every year, this time we emphasize the importance of writing a business plan. If you have a great idea for a business and a business plan has several elements.
But before I go through those, let me offer you this resource: https://SBA.gov.
That is the Small Business Administration.
They work for you, and they have a lot of resources. I'm going to give you another one at the end that's extremely valuable.
Here are the elements of a great business plan. You need an executive summary, a market analysis, a company description, an organization and management statement, something about your marketing and sales, your service and product line, your funding request, and your appendix.
The first step is to have a summary, an executive summary.
That means you write, with the busy executive in mind, a summary of everything that is in your business plan that in one page will tell the whole story of your dream for your business.
The next thing is to construct a market analysis, to study the market, the demographics, the people you will serve, uh, your competition, and write a statement about the market and the climate for your future business market.
This is your company description. It talks about the leadership of your company, the experience of your company, why your company is credible, and why it is an organization with which people will want to do business.
Then what is your organization and management? What is the structure of it? Who is doing the roles, and who is in leadership in your company?
The next statement is about marketing and sales. What is your plan for making your idea, your product, or your service available to the general public and known by the general public?
The next step is to describe your service or product line. What is it specifically that you offer?
Then, state your funding request as if you were presenting this to investors or a bank. What is it going to cost for you to do business? What are your startup costs? What will be your monthly and annual costs?
Then you put all the documentation of these, uh, individual statements, all the supporting material in an appendix, and guess what? Then you have a business plan.
It's a little more complicated than just me giving you the outline, but, failing to plan is planning to fail.
Failing to plan is planning to fail.
So, plan to succeed, and when you do, you'll be planning your work and the next step will be to work your plan.
Plan your work and work your plan.
I wish you great success.
Now, if you need a mentor for this, there are volunteers available https://score.org and you should avail yourself of a free mentor That's a little commercial for SCORE and I think that you will do well to avail yourself of their resources.
That is all I have to say to you today, except, “Good luck!”
Great success to you as you National Write a Business Plan Month by writing a business plan for your big idea.