Business Plans
Too many small business owners jump in without a good business plan. Or their plan is based on unrealistic hopes and ideas. 80% of all businesses fail in the first few years for these reasons. Due to lack of solid planning, the majority of business owners run out of money before their business can get off the ground.
Your business plan doesn't need to be a book but it should be complete. Based on local and industry data you need a realistic projectionof what it will take to launch a successful business.
Your business plan should address:
- Your product/service and its relative quality.
- The competition and how you will beat it.
- How you will create your niche.
- How you will attract and retain clients or customers.
- A monthly pro forma showing realistic income and expenses based on gathered data.
- A definition of the amount of working capital required and your available sources.
- An analysis of the functions required by your business and who in your organization will perform them.
- A summary defining how and why your business model will be successful.
Your business plan will evolve with the growth of your business. It's important to review and update it annually to help you reach your goals.
