Writing a business plan may be one of the most important things an entrepreneur can do before starting a business. Being that most people on the Brandings Team are entrepreneurs themselves, we wanted to help others in the same position. Our team has pulled together specific information to help entrepreneurs like you write a business plan.
Update: Be sure to check out the bottom of this post on Writing a Business Plan for an update on this blog.
Defining your company with a Business Plan is like building the foundation of a house. Everything going forward is built on this foundation. Here are some suggestions to consider from the U.S. Small Business Administration.
Writing a Business Plan
Business Plan Basics
A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. As it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
“The business plan is a necessity. If the person who wants to start a small business can’t put a business plan together, he or she is in trouble,” says Robert Krummer, Jr., chairman of First Business Bank in Los Angeles.
Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don’t have enough time, but just as a builder won’t begin construction without a blueprint, eager business owners shouldn’t rush into new ventures without a plan.
Before you begin writing your business plan, consider four core questions:
What service or product does your business provide and what needs does it fill?
Who are the potential customers for your product or service and why will they purchase it from you?
How will you reach your potential customers?
Where will you get the financial resources to start your business?
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Update: While looking over this article, we’ve had some thoughts. Our team couldn’t help but think, without a business plan, a company is like a leaf in the stream and can only hope but to stay a float. We could not agree more with the above suggestions by the U.S. Small Business Administration. For more information from our experts, we highly recommend that you check out a new “How to Write a Business Plan” article we’ve put together. It was developed by the expert entrepreneur team at Brandings.
It’s a free article and it may just be the best thing you ever read.
Lastly, thank you for your interest in this article. We’re always here if you have any questions about this or any of the available business names on our sit. Please reach out with any questions about the Writing a Business Plan info you’ve seen here. Simply post your questions below and we’ll be happy to get back to you.