Whether you have an established business, are taking on a side hustle, or have thoughts of becoming a self-made entrepreneur, one of the best things you can do is develop a solid business plan. In addition to detailing your goals, products/services and finances, a well-developed business plan also includes the people involved, the opportunity, the big picture, and the risk and reward of the venture. These tips will get you started in building a better business plan that will help you get your idea off the ground. You can break your plan up into the following basic sections (add as needed!).
- Part 1: Write An Executive Summary. This half-page document should quickly describe your business — think of it as your elevator pitch. Include a statement of your goals and an overview of products/services you’ll offer, along with your basic structure.
- Part 2: Include Basic Business Info. Describe your company in your summary, and include your address, registered business name, and name any key people in your business.
- Part 3: Convey Business Goal. The next section of your plan should talk about objectives. What are you looking to accomplish with your business? What does the future look like? Are you filling a hole in the marketplace? This is the place to tell that story.
- Part 4: What Your Business Offers. What products or services will you offer? Who are your intended customers/clients?
- Part 5: Differentiate From Others. Analyze your market in this section. How will your business be different than others in the same space? Leadership? Product? Approach?
- Part 6: Finances. A detailed outline of the business’ financial status and projections is crucial, especially if you intend to get loans or investors.
- Part 7: Operations. Another key part of any business plan is an organizational structure. Who will do what to ensure your business is a success? It’s time to let your team shine.
