Start-Up Planning: Prepare Your Business For Opening Day
by Brett Krkosska http://homebiztools.com
Every new business venture begins with a plan. Before opening your
doors for business, whether virtual or physical, you must be prepared
for the many details involved in running a business. Thinking through
these details and putting them on paper helps you to be prepared.
OBJECTIVES OF YOUR BUSINESS PLAN
A business plan lays out the future of your business. It is a written
document which tells what you do and how you plan to do it. While
your plan is a unique document designed for your type of business,
there are certain objectives contained within any good business
plan:
1. Sets forth goals and how they will be achieved. 2. Defines obstacles
and outlines strategies to overcome them. 3. States the legal and
organizational structure of the business. 4. Quantifies financial
needs and makes financial projections.
LENGTH OF YOUR BUSINESS PLAN
The length of your plan depends on the purpose you will use it for.
If you need to acquire venture capital for your business, you may
need to provide extensive detail for prospective investors. If your
plan is simply a roadmap for you to follow, it can be quite short.
Whether it is one paragraph or 100 pages depends entirely on your
objectives.
YOUR BUSINESS PLAN IS UNIQUE
Business plans vary from industry to industry and from business
to business. No two plans are alike. Your emphasis should be on
providing an accurate and realistic presentation of your business.
Your plan is about you and your business - this makes it a unique
creation.
That said, you can still benefit by studying sample business plans
- like those at Bplans.com. Notice the various formats and styles
used by the authors. Do you see categories you should include in
your plan? How did the author structure their writing to conclude
a point? Take the lead from sample plans to capture the tone and
refine your own plan.
QUESTIONS TO ASK YOURSELF
A good business plan tackles three major areas. Look at the questions
within each of the three areas below and answer them as they apply
to your business.
The Business
What is the legal structure of your business? Will it be a sole
proprietorship, a partnership, or a corporation? What is the
name of your business? Who are the people in your business?
How is your business uniquely positioned to succeed? What are
existing conditions within your industry? How do you intend
to grow? What is your product? What does it do? How will you
handle and deliver orders?
The Market
Who are your customers? Why are they customers? What motivates
your customers? What need are you filling for these customers?
How will you motivate them to buy from you? How will you find
and attract these customers? Who is your competition? What advantage
do you have over your competition? How will you position yourself
to win market share? Do you have technical data, surveys, or
information sources to back up your claims?
Finances
How much money are you bringing to your business? What are your
start-up costs? How will the money be used? When will your business
become profitable? What are your financial projections for the
next five years?
ELEMENTS OF A BUSINESS PLAN
Here are the key elements to include in your business plan. Keep
in mind that your business plan is unique to your business, so don't
be afraid to beef things up as needed.
Executive Summary - This is a summation of the important points
within your business plan. It should not be over three pages long.
This summary is of particular interest to potential investors in
your business, and allows them decide if you are a worthy investment
vehicle.
Company Summary - Describes your business, customer focus, and your
goals. Includes things such as your business structure, start-up
projections, and business location.
Products and Services - Describes what you have to offer, its advantage
to the customer, your reasoning for the need of your product or
service, and a look into your place among the competition.
Market Analysis - Details the who, what, where, why, and how of
your market. Includes analysis of your industry and your strengths
therein.
Marketing and Sales Strategies - Key to this section is your plan
to operate in a competitive environment. Sales forecasts and marketing
details give an in-depth look at actual customer acquisition.
Operations and Management - Fully details the structure and operation
of your organization.
Financial Plan - Provides a comprehensive look at business cash
flow, profit and loss, break-even analysis, and other financial
indicators.
In conclusion, your business is less likely to fail if you are able
to predict outcomes. Your business plan sets realistic goals for
success. The above information serves as a general map. You fill
in the details - as many as are needed. Most assuredly, your efforts
will be rewarded for years to come.
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Brett Krkosska provides 'how-to' advice on family and home-based
work issues. Get start-up guidance, business ideas and inspiration
at: http://homebiztools.com
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Startup Planning - Prepare a Business Plan 
