Business Plan Guide for Starters

25 Jun

Businesses of any size require planning and preparation in order to succeed. With so many businesses starting and failing every year, there is only so much time and resources wasted because of lack of planning. While owners of small businesses may not feel the need for a good business plan, they will soon find that a business plan is required when trying to acquire funding. Investors and funding institutions will definitely look for a business plan in order to determine if the business is something worth venturing into, or not.

Why Prepare a Business Plan?

A business plan serves many purposes. Besides funding, a business plan can be very valuable to a business. When starting a new business, the business owner will need proper guidance in running it. A business plan serves as a guide for them to be able to handle the daily operations involved in running the business. Without proper planning, a business is doomed to fail, whether it is large or small.

Business Plan Format

Preparing a business plan is not easy, yet it can be done with the right research and attitude. It definitely involves a lot of time and effort on the part of the business owner. However, it must be accomplished in order to get the necessary funding or attract investors. The following format should guide you in preparing a simple business plan.

  • Executive Summary
  • Company Description
  • Product or Service Description
  • Market Analysis
  • Marketing and Sales Strategy
  • Organization and Management
  • Financial analysis

Hiring a Business Plan Consultant

While some business owners can prepare a simple business plan, there are also times when hiring a business plan consultant is the answer. It is a fact that not all owners of businesses have had the education and background required in preparing a business plan. Hiring a professional can be a good idea to avoid stress. Moreover, the owner can focus on his or her product or services, instead of poring over a stack of papers.

Before hiring a consultant, you need to find one that has the right educational background and track record in preparing business plans. Remember, your business is at stake here and if you want to find funding or gain an investor, then you should have a well-prepared business plan.

During the initial interview, you can inquire about the consultant’s professional background and his or her experience in the field. Moreover, you can ask about some of her previous clients and the types of businesses they run. Make sure that he or she has had relevant experience in your industry in order to prepare the right business plan.

Whether you are still starting your first business, or are planning to expand your business, a good business plan will greatly help your company achieve its goals. While it can be very intimidating to prepare a business plan, this business plan guide should help you face this challenge. Because a business plan is essential to the success of your business, preparing one will definitely give your business a boost.

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One Response to “Business Plan Guide for Starters”

  1. Social Network Marketing 2012/06/30 at 7:24 am #

    Fantastic points altogether, you simply won a new reader. What might you suggest in regards to your submit that you just made a few days in the past? Any positive?

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