Monthly Archives: January 2022

Writing a Solid Business Plan

Most banks, investors and franchisors require a business plan when purchasing an existing business or to fund a start-up business. Here are 7 important steps to follow when you are going to create a business plan. The steps are from the following article: https://www.noobpreneur.com/2021/09/23/7-crucial-steps-you-need-to-know-when-creating-a-business-plan/

Step 1: Executive Summary
You will want to spend your time writing a solid summary after you have completed steps 2-7, and include:
*The business concept that you (and all owners) are purchasing or starting up
*The business products or services you will provide
*Your marketing plans
*Your management team
*Your financial projections
*The competitive value you can bring to promote your business

Step 2: Overview of the Business
Discuss the history of the business, your goals and future plans, and ownership percentages.

Step 3: Products and/or Services
Discuss products and how they are made, and the value you bring over other competitors.

Step 4: Industry Summary
Tell about the essential industry facts such as demand, growth, and product/service awareness.

Step 5: Marketing Plan
Tell how you plan to grab initial customers and grow sales.

Step 6: Operations Details
Talk about your team and the day-to-day operations in your location(s).

Step 7: Projected Financials***#1 Step
Include at least 3 years of projected income statements, balance sheets, monthly and yearly cash flow statements, and be able to back them up!

Spend the time to write a solid business plan, and definitely ask valued mentors to proof your plan. Be your own boss!