In the article I’m going to tell you about Business Plan For A Small Business. If you are planning to start a small business, like any other entrepreneurship you need to have a business plan. A business plan is a document that outlines the possibility of your business venture. It also includes a description and analysis of your business goals.
Small businesses that includes small enterprises, home offices or a simple home-based business often ignore the importance of having a business plan and many suffer a deplorable end due to this mistake. Critics believe all businesses should have a documented business plan in place to ensure its success and continuity.
Why small businesses need business plan?
Business plan is the first step to start any business and often determines the success of the business. In case of small businesses, it is extremely important to have a business plan because of a number of reasons. First of all, it is important for small firms to get adequate capital funding to run their venture successfully. A well-structured business plan often serves the purpose.
Secondly, the plan charts various other objects like business goals, budget allocation, marketing strategies as well as financial forecast. It determines how you can succeed in business and in what ways you can measure the success.
What the business plan should contain?
Small business entrepreneurs should consult with business consultants and experts and do an extensive research on the internet on what a high-quality business plan should contain. Let us examine the various points in detail.
Executive summary – This is the most important part of your business plan. It summarizes the business goals, strategies and how to attain this goal. A well-written executive summary often attracts venture capitalists and lending institutions to the small enterprise.
Company overview – this begins with the initiation of the company, the founder, its offerings and milestones as well as the unique selling proposition.
Organizational goals – This section outlines the short and long-term goals of the company, its growth strategies and potential customers.
Management team – It includes the names and work experiences of key personnel, highlighting their responsibilities, board of directors and other advisors.
The products/services – how it is different from other players in the market, their market potentials, research and development cost, etc. This overview also includes special insurances for the small business.
A marketing strategy – the plan will have detailed information about how you intend to publicize your business. It highlights the medium used such as advertisement through print, television and/or the internet, the marketing budget and other ‘go-to-market’ strategies. A lot of marketing agencies specialize in small businesses – yxymedia for example has a specific services with internet marketing services for small businesses.