A business plan can be a valuable tool for business owners. For someone looking to get financing, a business plan is necessity. You won’t even get in the door without a solid plan in hand.
Even for established business owners, a business plan can prove extremely useful.
It serves as a map for the where your business is headed and how you’ll get there. Every business plan has certain elements that readers expect. Here’s a look at five of them.
The executive summary is just that: a brief summary of the rest of the plan. Remember all those high school essays? Think of it as the paragraph that includes your thesis statement.
The executive summary covers the business concept, financial details, the current state of the business and any major accomplishments.
The business description includes what the business is about, how your organization fits within the industry. This is the 30,000-foot view of all the factors you think will make your operation successful.
Organization And Management
Anyone considering giving a business money or other support will want to know who they’re giving it to. A business plan needs to include a description of who is in charge and members of the management.
This might include plans for future hires, even when the business is not ready or able to take them on now.
Market and Sales Strategies
Any business is in business to solve a problem. Most of us no longer grow our own food because others can do it for us and we can pick up what we need at the grocery store. The business you start solves a need in the market. The question becomes who else is solving that need.
Your business plan will need to explain the challenges the business will face, including competitors and market conditions. Conversely, you’ll need to present the opportunities the business will have and how you plan to take advantage of them.
Salespeople are experts at explaining why a customer should buy a product or service. They often come equipped with slick presentations and offers of discounts and value adds. The one thing they often forget to do is ask for the sale.
If you want something, ask for it. And that includes funding.
No matter how good your product or service, you can’t turn a profit if no one knows about your business. A franchise like Bin There Dump That can often help create materials, but how you plan to use them, and in what media, should be spelled out.
What Will Your Business Plan Look Like?
There are a number of other elements that can be included in a business plan depending on the type of company: pricing, service/product line, distribution, market share, risk assessment and projections. Consider them for inclusion if they’re appropriate for you business.
A business plan is living document. It’s something that should be reviewed and updated regularly. Share it with people you trust, and take their constructive criticism under advisement.
Ready to put together your business plan? Find out more about becoming a Bin There Dump That franchise operator on our website.