Are you thinking of starting a small business? Congratulations! This is an exciting and important time. But before you start your business, you need to prepare a business plan says Vic Di Criscio.
A business plan is a document that describes your business, its goals, and how you intend to achieve them. It’s important to have a business plan, even if you’re not seeking funding from investors. A well-thought-out business plan provides a roadmap for success and can help keep your small business on track.
Follow these steps to write a great business plan for your small business:
1. Do Your Research:
To write a business plan, you need to do your research. This includes market research, competitive analysis, and customer segmentation. You should also research the costs of starting and running your business. All of this research will help you write a better business plan.
2. Define Your Business:
The first step in writing a business plan is to define your business. What is your business? What does it do? Who are your customers? These are important questions that you need to answer in your business plan.
3. Set Your Goals:
After you have defined your business, you need to set goals. What are your long-term goals? What are your short-term goals? How will you achieve these goals? Your goals should be specific, measurable, achievable, relevant, and time-bound.
4. Create Your Business Model:
Now that you have done your research and set your goals, it’s time to create your business model. What will be your business’s structure? How will you generate revenue? How will you operate? These are important questions that need to be answered in your business plan.
5. Write Your Executive Summary:
The executive summary is the most important part of your business plan. It should be a brief overview of your business, its goals, and how you intend to achieve them says Vic Di Criscio.
6. Write Your Business Plan:
After you have written your executive summary, it’s time to write the rest of your business plan. This includes your company overview, product or service, marketing and sales, financial projections, and your management team.
7. Get Feedback:
Once you have written your business plan, it’s important to get feedback from others. Ask your friends, family, and mentors to read your business plan and provide feedback.
8. Revise Your Business Plan:
After you have received feedback, it’s time to revise your business plan. Make sure to address any concerns that were raised by your reviewers.
9. Finalize Your Business Plan:
Once you have revised your business plan, it’s time to finalize it. Print out your business plan and put it in a binder or folder. Congrats! You’ve just written a business plan for your small business.
10. Get Started:
Now that you have a business plan, it’s time to get started on your small business. Use your business plan as a roadmap to help you achieve your goals.
FAQs:
1. How long should my business plan be?
A business plan can be as long or as short as you want it to be. However, most business plans are between 20 and 30 pages.
2. Do I need a business plan if I’m not seeking funding?
Yes, you should still write a business plan even if you’re not seeking funding from investors explains Vic Di Criscio. A well-thought-out business plan provides a roadmap for success and can help keep your small business on track.
3. How often should I update my business plan?
You should update your business plan at least once per year. As your business grows and changes, so too should your business plan.
4. What goes into a great executive summary?
A great executive summary should be a brief overview of your business, its goals, and how you intend to achieve them.
5. I’m not sure where to start with my business plan. Any tips?
Yes! Check out our How to Write a Business Plan guides for tips on writing a great business plan.
Conclusion:
A business plan is an important tool for any small business owner. It provides a roadmap for success and can help keep your business on track. When writing a business plan, be sure to do your research, set goals, and create a detailed financial projection. And don’t forget to get feedback from others before finalizing your plan.