How to Write a Business PlanOn December 25, 2019 by Raul Dinwiddie
Creating a Business Plan Are you interested in starting a business?
Creating a business plan is the most important step you can take toward success. Think of
a business plan like a roadmap. It sets the direction for the early years of your business
and outlines how you plan to make sales and grow revenues. A business plan generally includes six sections.
They are: * an executive summary
* a company overview * market research data
* a description of your products or services * your marketing and sales approach and
* your financial projections Let’s take a closer look at each section. An Executive Summary is the first section
of your plan. Use it to introduce your business and identify your customers. Make a short,
but strong case that explains how you’ll make your business successful. The next section is your Company Description.
Provide a high-level explanation of your business, what it will do, and how it will make money.
Include a mission statement and the location of your business. Identify key employees and
any other qualities that make your business distinctive. Next up is your Market Research. Use this
section to provide detailed information that shows you’ve done your homework and that
you understand your industry and target market. Be sure to include an assessment of your competitors
and any legal requirements impacting your company and industry. The fourth section is a description of your
Products or Services. What are you selling? How will it meet the needs of your customers?
What are its benefits compared to the competition? Answer these questions in detail. And be sure
to note the current development stage of your business. Discuss Marketing and Sales in the fifth section
of your plan. Explain how you’ll identify potential customers. You’ll also need to
include your marketing approach. Provide Financial Projections in the final
section of your business plan. This is important for investors and lenders because it explains
how your business will meet its financial obligations and maintain a positive cash flow
balance. Are you ready to get started? Build your customized
business plan using SBA’s free step-by-step tool. It’ll help you navigate each section
and enter your information. You can even save your plan and finish it later. Print, download,
email and update your plan any time. Try out SBA’s Build Your Business Plan Tool
at sba.gov/business-plan to get started today.