WASHINGTON, March 4, 2013 /PRNewswire-HISPANIC PR WIRE/ — Opening a new business
can be overwhelming, especially if you don’t have any experience in the world of
business. There are so many things to consider, from identifying the perfect
product or service to sell to finding the right financing.
With so many moving parts, getting started can seem rather challenging. A
business plan is always a first good step. It will help you lay out your plans,
anticipate how you will manage your business and help you get the right
financing. In other words, it can really help your company succeed.
A business plan includes:
- Executive summary: Every business plan begins with an executive
summary which features basic information about the business, the types of
products and services it sells, the state of the industry and future plans. If
you are just opening a business, this summary should include your professional
experience and the reasons why you think your company will succeed.
- Company description: This section describes your business goal and
details the different parts of your company, including the types of product or
services it sells, consumer demand and potential new clients. It also
describes its competitive advantages in the marketplace, such as its location
and type of operation. It can be as long as a few paragraphs, but the shorter
the better. The goal is for the reader to have a good idea of what the
business is about and understand its competitive advantages.
- Market analysis: Who are the customers? How big is the market? Who
is the competition? A market analysis answers many of these questions in
detail. You can describe, for example, the type of customers you anticipate
having (office workers and area residents) and describe the area where the
business is located (there are five commercial buildings and 200 residential
apartments within a mile radius, etc.)
- Company organization: Here you explain how your company is
organized and who is involved. In other words, describe who is doing what.
This information is useful particularly if you’re looking for financing.
Bankers need to know how your company is structured and who they are dealing
- Description of products and services: Use this section to explain
in more detail the products or services you plan to sell. How will your
product be consumed? How often? How will consumers benefit from your products?
- Marketing plan: This is your chance to explain in detail how you
will market your products and services to potential clients. This can include
plans for a website, advertising in local newspapers, promotions or other ads.
- Finances and projections: The purpose of this section is to provide
financial information about your company, including short and long-term sales
projections. You can also include fixed and variable costs and when the
company anticipates profits.
How to Get More Help
The Small Business Administration (SBA) can help you perfect your business
plan. Use this locator to find a local SBA office and schedule an
USA.gov and GobiernoUSA.gov are the U.S. Government’s official web portals in English
and Spanish, and part of the U.S. General Services Administration (GSA).