BUILD YOUR BUSINESS PLAN
Are you interested in starting a business? Creating a business plan is one of the most im-
portant steps you will take because the plan serves as your road map for the early years of
your business. The business plan generally projects 3-5 years ahead and outlines the route a
company intends to take to reach its yearly milestones, including revenue projections. A well
thought out plan also helps you to step-back and think objectively about the key elements of
your business venture and informs your decision-making on a regular basis.
Write Your Business Plan: A business plan is an essential roadmap for business success. This
living document generally projects 3-5 years ahead and outlines the route a company intends
to take to grow revenues.
Executive Summary: Your executive summary is a snapshot of your business plan as a whole
and touches on your company profile and goals. Read these tips about what to include.
Company Description - Your company description provides information on what you do, what
differentiates your business from others, and the markets your business serves.
Market Analysis: Before launching your business, it is essential for you to research your busi-
ness industry, market and competitors.
Organization & Management: Every business is structured differently. Find out the best orga-
nization and management structure for your business.
Service or Product Line: What do you sell? How does it benefit your customers? What is the
product lifecycle? Get tips on how to tell the story about your product or service.
Marketing & Sales: How do you plan to market your business? What is your sales strategy?
Read more about how to include this information in your plan.
Funding Request: If you are seeking funding for your business, find out about the necessary
information you should include in your plan.
Financial Projections: If you need funding, providing financial projections to back up your re-
quest is critical. Find out what information you need to include in your financial projections for
your small business.
Appendix: An appendix is optional, but a useful place to include information such as resumes,
permits and leases. Find additional information you should include in your appendix.
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BUSINESS MATTERS
MARCH 2017