Business planning is an essential requirement in starting, managing, and growing a small business. Business planning means developing and using a business plan. Many businesses are started on the fly, only to close in a few months because they have no customers or have run out of money. The business plan provides structure and focus for the entrepreneur during new business start-up, is required to obtain financing and, provides the blueprint to actually run and grow a product or service into a successful business.
Business Plans are structured and require many hours of pondering and answering questions.
The goal of a written business plan is that is will provide a well thought out and honest, appraisal of the business and the business opportunity.
A business plan includes:
- Mission Statement
- Business Description
- Market Analysis
- Marketing Plan
- Executive Summary
- Management and Operations
- Financial Projections
The most important results of developing a business plan are that you know the answer to these questions:
- Does the market place need the product or service I want to provide?
- What do you do better than anyone else?
- Do I have sufficient financing or capitol for this business to succeed?
- Do I know where I want this business to go?
Many books have been written and are available on writing a business plan. Many organizations and schools teach classes on the Business Plan. The internet provides many sites with templates and information about business plans. Services are available to provide guidance and help in developing a business plan.
See the Getting Started pages on this website for more information on business planning and suggested resources to guide you through the process.