H O W T O B U I L D A S U C C E S S F U L B U S I N E S S P L A N

B Y G E O F F R E Y B Y R U C H

B U I L D I N G A B U S I N E S S A N D B E C O M I N G A N E N T R E P R E N E U R F O R C E S Y O U T O I N T E R N A L I Z E A N D S E L F R E F L E C T O N VA R I O U S H A R D - H I T T I N G Q U E S T I O N S T H AT E N C O M PA S S E S W H AT Y O U A R E T R Y I N G T O A C C O M P L I S H A N D T H E VA R I O U S S T E P S T O G E T T O Y O U R E N D G O A L .

W H AT I S A B U S I N E S S P L A N ?

A B U S I N E S S P L A N I S A C O M P R E H E N S I V E R E P O R T T H AT D I S C U S S E S T H E C O M PA N Y ’ S V I S I O N , G O A L S , T E A M M E M B E R S , F I N A N C E S , P R O J E C T E D F I N A N C E S , M A R K E T I N G P L A N S , E X P E N S E S , A N D O T H E R VA R I O U S FA C T O R S T H AT W I L L I M PA C T T H E B U S I N E S S F R O M I T S P R E S E N T- D AY S TAT U S T O I T S F U T U R E - D AY P O S I T I O N .

H AV I N G A H O L I S T I C V I E W, E S P E C I A L LY O N E T H AT B R E A K S D O W N T H E A P P R O P R I AT E S T E P S I N A S P E C I F I C T I M E F R A M E , A L L O W S Y O U T O TA C T I C A L LY P L A N F O R W H AT T H E N E X T F E W W E E K S , M O N T H S , O R Y E A R S H O U L D L O O K L I K E F R O M T O D AY.

P O S I T I V E S F O R A B U S I N E S S P L A N

• A B L E T O S T R AT E G I C A L LY P L A N F I N A N C I A L LY A N D E F F E C T I V E LY

• P L A N F O R F U T U R E I N V E S T M E N T

• H O L I S T I C V I E W O N F I N A N C E S

• B E T T E R U N D E R S TA N D I N G F O R M A N A G E M E N T A N D E X P E N S E S

• F U T U R E R E V E N U E • S T R AT E G Y P L A N N I N G

S O H O W D O Y O U M A K E A C O M P R E H E N S I V E LY S O U N D B U S I N E S S P L A N ? B E L O W I H AV E O U T L I N E D T H E F I V E M A I N C AT E G O R I E S Y O U N E E D T O I N C L U D E I N Y O U R B U S I N E S S P L A N :

1. Executive / Business Description

• For this section, it is best that you provide an overall summary of your business. Provide a short description of the company, the company’s history, and the industry you are looking to jump into.

• When describing the industry, discuss the present outlook as well as future possibilities that you see your company can assist to.

• Make sure you provide information of the various markets and competitors in the field.

• Having this idea mentioned can provide you and your investors with the future affects or strategies you need to make to compete in such a field.

• Lastly, make sure you introduce yourself. Provide a short description of who you are, your academic and professional background, and what brought you into the field.

2 . V I S I O N & G O A L S

• Y O U WA N T T O O U T L I N E Y O U R O V E R A L L V I S I O N A N D G O A L S F O R Y O U R C O M PA N Y. T H E B E S T WAY T O D O T H I S I S B Y B R E A K I N G T H I S D O W N I N T H R E E WAY S :

• 1 . V I S I O N S TAT E M E N T

• 2 . S H O R T T E R M G O A L S

• 3 . L O N G T E R M G O A L S

• Vision Statements: This is the mental picture of what an organization wants to achieve over time. Try thinking of this as your overarching goal of where you want your company to be 5, 20 years from now. Short-Term Goals

• Short-Term goals: Goals that you set for your company and yourself. Think of these goals as weekly or monthly goals; goals that can be accomplished in a timely fashion.

• Long-Term Goals: Very similar to the vision. Long-term goals are vital for a successful business. These are goals you are looking to accomplish in the future, preferably within a year time. Begin thinking 12 months for this concept

3 . O U T L I N E Y O U R F I N A N C E S

I N O R D E R F O R Y O U T O S U C C E E D , Y O U N E E D T O A S K Y O U R S E L F S O M E H A R D H I T T I N G Q U E S T I O N S T H AT W I L L O U T L I N E Y O U R F I N A N C E S I N A H O L I S T I C V I E W.

T H E S E Q U E S T I O N S N E E D T O R E P R E S E N T F U T U R E P R O J E C T I O N S , E X P E N S E S , A N D P R O F I T.

• H O W M U C H M O N E Y D O Y O U C O N T R O L ?

• H O W M U C H M O N E Y WA S I N V E S T E D I N Y O U R C O M PA N Y ?

• W H AT A R E Y O U R E X P E N S E S O N A D A I LY, W E E K LY, M O N T H LY, Y E A R LY B A S I S ?

• W H AT A R E Y O U R S A L E S ? H O W M A N Y C U S T O M E R S D O Y O U TA K E I N O N A D A I LY, W E E K LY, M O N T H LY, Y E A R LY B A S I S ?

• W H AT I S Y O U R N E T P R O F I T ? H AV E Y O U R E A C H E D Y O U R G O A L ? I F N O T, W H AT C A N Y O U D O T O C U T C O S T / I N C R E A S E R E V E N U E ?

4 . M A R K E T I N G• For a new business, you want to

outline various marketing and branding strategies you will implement so that you can attain more customers.

• The stronger your marketing is, the stronger your business will be.

• Think about the stages of your overall brand whether or not the audience will welcome it.

• Additionally, begin planning online tactics. This is something that can be done at a fair price to get the word out for your business.

5 . F U T U R E S T E P SFor the benefit of your company and your investors, you want to create financial and lifestyle decisions that can reason how you will succeed at your short-term and long-term goals. There is really not wrong answer to these questions. Make sure you are thinking step-by-step of how effectively and efficiently your company should move when using funding or producing / advertising its products. Ask yourself the following questions:

• What will you use for the X amount of investment?

• When will business turn into a profit?

• When will investors begin to see a return in their money?

• What are the projected times you will see an increase in revenue?

• What are the chances the business will fail? What will you do when this happens?

• How many people will you be working with? What will they do? How will this help your business?

• Where will you be located? What will the hours look like?