| Creating a dynamic small business plan is a critical step | | | | business including location, staffing, employee recruiting, |
| to understanding your business and developing | | | | hiring, training, and evaluating processes, building / |
| successful strategies and goals / objectives. One | | | | equipment lease or purchase, etc. |
| essential feature of business plans that guides | | | | Marketing - It is essential to have a strong |
| entrepreneurs to growth and profits is an effective | | | | understanding of target audiences or types of people |
| business plan layout. After all, if the plan doesn't cover | | | | who will be most likely to purchase your product or |
| the essential components of your business clearly and | | | | service. This is also the opportunity to discuss primary |
| correctly, it will probably not be very relevant. | | | | competitors and how you plan to optimize your |
| Here is a general outline for a success small business | | | | business in a particular market or niche. |
| plan that covers all of the areas financial institutions | | | | Products / Services - Provide a detailed |
| and angel investors look for when lending capital and | | | | description of the product and / service your business |
| also provides an excellent roadmap for owners in | | | | will promote and other relevant information such as |
| tracking business milestones. | | | | production / distribution methods, pricing, etc. |
| Executive Summary - This needs to be a concise, | | | | Sales - Products and services rarely sell |
| hard-hitting overview of your business' information, | | | | themselves so you need to describe how you plan on |
| priorities, and projects. Keep it to 1-3 pages and write | | | | generating revenues and profits. Are you going to use |
| this section last so that the narrative accurately | | | | advertising and, if so, what type (print, radio, TV, etc)? |
| reflects the rest of the document. Remember, if this | | | | How will you measure the success or failure of your |
| section must grab the reader--making her want to | | | | chosen method(s) to generate revenue? |
| read more--or the entire business plan will be | | | | Financial Projections - This is another "nuts and |
| compromised. | | | | bolts" section of the plan. It is essential to document |
| Mission Statement - Mission statements are | | | | overhead costs, product pricing, and anticipated profits |
| ridiculed but it is always a good idea to document what | | | | from your business. Create a spreadsheet that shows |
| your small business is going to do and why it is so | | | | each line item and tracks projected figures as well as |
| important. The mission statement should not be any | | | | actual. |
| more than 1-2 sentences and should reflect the | | | | Appendix - Pull together all relevant documents for |
| primary purpose for opening the business and why it is | | | | your business such as insurance policies, leases, and |
| so important. | | | | industry-created information about your product or |
| Company Description - This is where you describe | | | | service. Most investors will want proof or evidence to |
| the nature of the business-does it sell a product or | | | | show that you have complied with all regulatory / |
| service, what target audience will it serve, what is the | | | | professional standards and to justify your optimism in |
| general territory it will cover, and what is the staffing | | | | your business model. |
| arrangement. | | | | Reaching the decision to write a small business plan is |
| Risk Assessment - This allows you to do an | | | | certainly an important step in attaining success and |
| honest evaluation of your business, its industry, and | | | | profits. However, careful attention needs to be given to |
| what pitfalls may affect you when you least expect | | | | the business plan layout to ensure that you include all |
| them. It is very important to show that you have spent | | | | essential elements needed to guide your actions / |
| time to anticipate problems and identify potential | | | | decisions and attract financial institutions or angel |
| solutions. | | | | investors. |
| Operations - This reflects the nuts and bolts of the | | | | |