How To Develop A Business Plan

Developing a business plan is absolutely necessary, no matter what type of business you operate or you plan on opening up. A great plan will project both short-term and long-term goals and give you ideas as to how to go about achieving those goals along the way. It will also let you know where you stand financially and give you the information required to determine whether or not you need to get extra funding to meet your goals, such as in the form of grants and business loans.

If you’re unsure about how to develop a business plan that works, continue reading for some important tips and information.

Write Your Executive Summary and a Business Description

How To Develop A Business PlanThe first step is writing an executive summary, which will summarize your business and its goals. Tell the reader right away what your intentions are for your business and what you hope to accomplish.

The next step involves writing up a business description that describes the industry your business is in and how your business fits into this industry. What markets does your business serve? How is your business different from the competition in the same markets and industry?

Compile Market Strategies

How To Develop A Business PlanMarket strategies are what you will do to position yourself in the industry and markets you wish to pursue. After doing plenty of research into your industry and the specific markets you wish to serve, you should be able to write down what your research has taught you and what you plan to do with the information.

Organization and Management

How To Develop A Business Plan

In this section of your business plan, you’ll outline how you plan on organizing your company and how you’ll control your staff through management protocols.

Services and Products, Marketing and Sales

In this section, you’ll describe what exactly your business offers to customers in need of products and services. You need to prove that what you’re selling is something that people want and need.

When it comes to actually getting those products and services out there, how do you plan to go about doing so? What marketing and sales strategies do you plan to implement so that you can achieve results? Be as specific here as possible.

Funding and Financial Projections

How will you go about funding all of your goals? Do you need to ask for a loan, are you planning on pursuing grants? Include any vital information here that would be necessary to get the funding that you need, as well as the sources from which you plan to acquire the funds.

Once you have the funding you require, you’ll need to keep track of spending. But you should know ahead of time, through the financial projections section of your business plan, how you plan on using a loan and how you plan on paying it back.

Having a proper business plan in place is a great way to make sure that you’re staying on track and meeting all of your goals. It’s important to let your staff members also know about your plan so that they understand what’s necessary to move the company forward.

Featured images:
  •  License: Creative Commons image source
  •  License: Creative Commons image source
  •  License: Creative Commons image source
  •  License: Creative Commons image source
  •  License: Royalty Free or iStock source: http://pixabay.com/en/man-businessmen-economy-development-162603/

The author of this post, Brian Smith, is part of the team at YellowStone Capital, which offers unsecured small business loans to startups. He is a tech enthusiast and he enjoys reviewing the latest gadgets that hit the market.
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Mark Montoya has been working in personal branding for more than a decade for hundreds of online and offline companies, small businesses and individual service professionals. His focus has been toward improving the way jobseekers find employment on the Internet. He has synthesized his expertise by helping job seekers obtain their ideal choice of employment over the Internet on his sites MyOnlineCareerSpace.com and MyOnlineCareerCoach.com, and through his books 101 Tips Every Job Seeker Should Know and The Ultimate Online Job Search eBook.

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