You’re working on setting up your business and know that you’ll need a business plan. What do you need in it, though? Do you need as much information as a larger business would?
There are a few things that you should include in your small business’s business plan to make it as effective as possible. Here are some of the items that you should include to get started on the right foot:
- Your executive summary
To start with, something you should include is your executive summary. This is the very first page of a business plan and goes over your personal mission statement, the services you offer, the kind of ownership structure you have, your products and other information that is important for your business and others to know.
- A market analysis
Oftentimes, smaller businesses don’t do market analyses, but it’s not a good idea to skip this. A market analysis gives you an idea of what the local market is like and who may buy your products or use your services there. Your target market, and how saturated the market is with competitors, will control how well your business does in the area.
- You financial plan
Another thing to look at is your financial plan as you move forward. If you want to seek out funding from investors, for example, you should put this information in your business plan. Estimate your potential cash flow, keep track of your income and build a balance sheet. With this information, you’ll be able to estimate how much your company will earn over the next several years.
At first, your business plan may not be very thick with documents, but it will grow over time. Getting some essential documents in place first helps make sure your business has a strong foundation and is guided as it begins to grow.
Get the help you need with your business plan
Your business plan is an essential step toward running a business that achieves success. If you need support and legal help, make sure you do reach out to get it to be sure your plan is set up correctly.