Starting a Business? A few Key Items on Getting Ready.

Don't be afraid of starting a business. Get prepared by creating information for key points to include in your plan. Listed below are a few tips and tricks that you might what to include in your plans.

Company Overview is a summary of important facts about your business. This section should include;

- Company Summary

* Create an ‘elevator pitch’ of what the business stands for and is setting out to do. Include the business’s goals and objectives.

- Mission Statement

* This is a concise statement on the guiding principles of the business and what the business aims to do for customers, employees, owners, and other stakeholders.

- Company History

* This is the back story, of why, and how the business was founded. Give the history of the business from its start and know where the business is now.

- Markets and Services

* Outline your target market and related needs that the business will address.

- Operational Structure

* List any potential employees or outsourcing needed on the payroll to make the business run. Include a hierarchy and list of duties for each person.

- Financial Goals

* Describe the start-up capital needs. What will the projected expenses, revenues, and profits for the business?

Market Analysis identifies the plan to get your business name out to the public. This section should include;

- Industry Type

* Identify the potential clientele in the business’s local geography that might fit into the target demographic group. Evaluate trends within the market growth and stability.

- Market Segmentation

* Define the main market segments and those the business is targeting now. Don't forget to evaluate certain criteria such as quality, price, range of products, geography, demographics, and others.

- Competition

* All businesses are competitive one way or another either directly or indirectly. Identify others who are providing services or products to solve the same problem your business seeks to address. How will the business’s voice be heard over the noise of competitors? This section reflects how the business’s solution is different and better suited for the identified target market compared to the competition.

- SWOT Analysis

* A SWOT analysis is to assess the business’ current environment’s strengths and weaknesses (internal) and opportunities and threats (external). Periodically, update the SWOT analysis for the business.

Executive Summary is a shortened document on a proposal that people can understand the larger body of material from a condensed version. This section should include;

- Opportunity

* What is the problem?

- Mission

*Address the problem and how you will fix it.

- Solution

* How will the service or product solve the problem that was identified?

- Market Focus

* What market and ideal customers and or consumers will the business target?

- Competitive Advantage

* How does the business plan to succeed against the direct and indirect competitors?

- Ownership

* Who are the major stakeholders in the business (shareholders, stakeholder, etc.)?

- Expected Returns

* What is the expected to return to the business (revenue, growth, customers, etc.)?

Business description, this section looks at the outlook for your business. This section should include;

- Opportunity

* What is the current market for what the business offers? What is the current state of available services within your business's field and how the business will offer better?

- Product Overview

* Describe the service and/or product of the business in as much detail as possible and include any additional pictures.

- Key Participants

* Include all strategic partners within the business such as; critical suppliers, distributors, referral partners, or any others. It is important to include all key participants within the business.

-Looks

* What is the overview of the business's colors, theme, logo, etc.?

- Pricing

* Provide pricing of the service or product. Describe why the business’s pricing will be attractive to the target market and the cost of goods. Know where the pricing structure is for your competitors as well.

The Operating Plan is how you and the business plan to achieve the tasks required to run a business. This section should include;

- Order Fulfillment

* Describe the business’s procedures for delivering services or products to its customers.

- Payment

* Describe the pricing plans such as; one-time service fees, hourly-based fees, markups, or any other fees.

- Technology

* Describe the key technologies used that are needed to operate efficiently. What is the business's security plan with the data on the computers? Include information on the backup or recovery plans in case of an unplanned event.

- Key Customers

* Identify your key customers that are important to the success of the business.

- Key Employees and Organization

* Describe any unique skills or experiences that are required to create the business ideal team. Include an organization chart.

- Facilities

* Where will the business take place (home, office, car, etc.)?

Marketing and Sales Plan identifying your target audience and strategies for making revenue. This section should include;

- Key Messages

* Describe the information that will draw in the target or key customers to the business (elevator pitches).

- Marketing Activities

* What promotions will the business provide to create the best chance of recognition, qualified leads, or appointments?

- Sales Strategy

* What will be the sales approach to the public?

Financial Plan a comprehensive evaluation of your business. This section should include;

- Project Start-Up Costs

* Figure out all the ongoing and one-time costs that the business might need in order to open. Create assumptions on how many months are estimated at what cost when cash will begin to flow within the business. To begin with, the business will have to fund out of savings or initial investment.

- Projected Profit and Loss Model

* The projections of a small business is forecasting for their first 12 months of operations. Create the business’s sales forecast, and itemize the recurring expenses the business is projecting for the same months.

Thank you for joining the Equidae Family in creating a business plan! If your business is in need of creating a plan, don't be afraid to reach out for assistance this is one of the consulting services we offer. Creating a small business can be a daunting task at the beginning stages, but never give up and achieve your goals!