Creating a business plan isn’t strictly used to get funding for your startup. A professional business plan gives you the template you need to look at standard areas of business.
Whether you want to hire a business plan consultant, or plan on creating a business plan solo, there are five key assumptions to follow for success in your business.
Our small business experts at Bargain Business Plan suggest creating a goal for each of these sections, along with an action plan to achieve them.
5 Simple steps to creating a startup business plan
1. Start with a business description.
The first step to your business plan begins with a description of your business. This act will help you fine-tune your vision and help streamline the other sections of your startup business plan. Include the following items in your business description:
- Type of business
- Legal organization
- Business location
- License and permits
- Management and employees
2. Develop a product or service plan
Here you will include:
- Description of each of your products and/or services.
- A pricing structure for various markets.
- Production or wholesaler information.
3. Create a marketing plan
A key aspect of promoting your business includes the marketing of your products or services. Start by describing your target market. This section will include:
- An outline of your “ideal” customers including attitudes, characteristics, and purchasing behavior.
- Population information of your market in terms of demographics such as income levels, age, sex, education, and other important information.
- How you plan to market and advertise your products or services.
- Types of materials you will use to promote your products or services.
4. Detail your competition
No market is free of competition. Acknowledging yours will show others that you have done your research. This is a great opportunity to highlight your strengths and weaknesses while creating a plan to rise above the competition. Describe the competition for your services and products in your target market, including:
- The number of competitors in your market.
- Characteristics of your top competition.
- What makes you unique compared to your competitors.
- How you plan to emphasize the difference in your offers in terms of products, delivery, or customer service.
5. Include necessary financial statements
The final and most critical step in creating a business plan is the collection of your financial documents. This section of your startup business plan will likely take the most effort and time. Include the following documents in your startup business plan:
- Startup costs worksheet
- Beginning balance sheet
- Month-to-month budget for the first year
- Break-even analysis
- Sources and use of funds
If you are seeking bank lending or investment for your new business, you will also be asked to provide personal financial information. In your business plan you will want to include:
- Tax returns for the past three years.
- A copy of your most recent credit report.
- A personal financial statement.
Creating a business plan? Hire a professional
Keep in mind that the above list is simply a template that most businesses will need in their startup business plan. Depending on your unique business, including the specific audience and goals of creating a business plan, there might be additional information you will want to include.
For the best results, work with a professional dedicated to the success of your venture. Contact Bargain Business Plan for a risk-free consultation today!