A plan for your small business is useful if you want to focus yourself and get an overall picture of what you have to do in order to build your small business. On top of that, a good small business written plan is an absolute must if you want to convince institutions or individuals to loan money or invest in your small business.
One way to organise your small business plan is to compose it like an informative news article, explaining the
1. who
2. what
3. when
4. why
5. how
of your small business.
1. Who are you and how do you fit into how the small business operates?
Write about your background and previous experience in your field. Tell about your notable accomplishments, and about your partners and staff. If your small business has been in business for some time now, then write about your "track record."
Explain what your small business has already accomplished and give an idea of how it stands in relation to competitors in your particular field and how your small business operates within that field.
2. What are the Products or Services your small business offers?
- What is your small business producing or what is your small business going to produce?
- What are your small businesses offering regarding products or services?
- What kind of revenue will these activities be bringing in or what is the expected range of revenue once the products are launched?
Answer these questions giving a complete picture of the principal activity that your small business will be engaged in.
3. When Will things Happen – Timeline for your small business?
If you have a new start-up small business, this section of the plan will allow you to explain the steps that are needed to set-up your small business and make it fully operational.
- How much time do you need?
- When will the small business be up and running?
If you are have an already existing small business, it is useful to place somewhere in the plan a list of targets that you want to achieve and give approximate dates as to when these targets can be reached.
4. Where is your business?
- Where is your small business located?
- Do you work at home or do you have small business premises?
- If you have a business location such as a store or factory, then explain about the size and capacity of this establishment. What is the business climate like in your area?
- Are there significant competitors and what are your prospects of competing in this market?
Answer these questions as best you can and give yourself and would-be investors a clear picture of where your small business is situated geographically and with relation to your overall market.
5. Why is your small business needed?
Explain why your particular small business, product or service is needed.
- What can your add to the already existing area of small business that your are entering?
- What need is your small business going to fill?
The answers to these questions are particularly important for investors looking for opportunities in the emerging small business markets.
6. How will it all Happen – generating sales in your small business?
Your small business sales and marketing plan should be outlined in this section.
- Explain how you intend to establish your small business and its range of products or services and what steps you will take to create or expand your customer base.
- How will you finance the start-up and/or expansion of your small business?
- Explain the source of your funds whether you have existing loans or liabilities.
- How much money do you need to raise in order to get realize your overall plan for the launching or expansion of your small business?
- Explain how you are going to translate your small business idea into a living reality.
Take a look at your planned small business or your existing small business from the perspective that has been outlined in this article, and write a concise plan for your small business.
It will help to bring clarity to your operations and convince investors and lenders to participate in your small business.
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