7 Steps to a Complete Business Plan

We've spent all week discussing research; what to ask and where to get the information.  The next step would be to put all your thoughts together in a cohesive business plan.  A lot of people will use these plans to present to potential investors.  But, even if you are not looking for outside money, a good plan is the foundation to any successful business.





So, what should you include?

1.  Business Description

An overview of your business and it's objectives.  The "why" of what you are doing and this section often times will contain your mission statement.  Also a great place to discuss in good details what products or services you will be offering.

2.  Market Analysis

Discuss the market for your particular industry and how you would fit into it.  Describe your target customer, your competition and how you plan to gain an advantage over them, or what makes you different.

3.  Competitor Assessment

Pick a few competitors to discuss in greater detail.  Think of those companies that will not take you entering into their market lightly.  Define who they are and the profile them.  Dive into their strengths and weaknesses compared to your own.

4.  Marketing Plan

This usually addresses 4 main themes; your products offered, price charged, distribution system and promotional efforts.

5.  Operating Plan

This section deals specifically with the internal organizational structure, operations and equipment you will need to operate.  Discuss how the business will be owned and managed, your personnel and legal issues.

6.  Financial Plan

Develop an estimate of your profit potential.  Describe your current situation and present forecasts.  Cover the type and amount of financing you may need for start up and initial operations.  A break even analysis is often included in this section as well.

7.  Executive Summary

Your chance to highlight the key items of your venture.  As is summary it should be fairly short.  You could include:

• You mission/goals
• The product
• The market and it's potential
• The marketing plan
• The management team
• Key elements of your operation
• Funding and return to any investors