Business Plan

Business Purpose

• Explain why you want to start your business (in writing).

• Describe the propose of your product or service.

Business Goals

• Summarize your short-term, medium-term, and long-term goals.

• Estimate how long you expect to achieve these goals.

• Explain what will happen if these goals are not achieved.

Research Your Market

• Determine the marketplace for your product/service.

• Determine if there is sufficient demand for your product/service.

• Determine the needs and desires of your target customer.

• Discover the most effective advertising being used for similar products/services.

• Determine the strengths and weaknesses of your competitors.

Develop a Marketing Strategy

• Devise marketing methods that negate your competitors’ strengths and take advantage of their weaknesses.

• Develop several different advertising approaches to be tested.

Design Your Business Structure

• Determine what business entity works best for your business (LLC, S-corp, sole proprietorship).

• Decide on the authority, responsibilities, and duties of your team.

• Determine share distribution/ownership and any investments in the business.

Layout Starting Expenses

• What purchases and expenses can you defer until after the business begins?

• How else can you minimize startup and operating costs and expenses?

Your business plan has many benefits. It keeps you focused on goals through visualization, and makes sure you are organized and don’t miss opportunities or required actions in operating your business. You can also leverage it to obtain financing, if that’s part of your strategy.