Step 11. Defining Your Business Plan

Lenders want to see a detailed business plan that shows how your business will make money and why it will be successful for many years.

Create the Business Plan

This is a test for whether you have a plan and understand what it takes to succeed in your industry. The plan should cover both short and long-term goals. Most importantly, the plan should be a “living document,” meaning it can change and develop over time, with regular reviews and updates.

You will need to be confident in all aspects of the products and services you provide, but you’ll also need to showcase this confidence and know-how to others, especially lenders. When you talk with lenders, banks, the Small Business Administration, investors, and others, you need a well-written business plan that defines your goals and strategies. The plan will project your potential success and demonstrate why your business is worth the financial risk to their institution.

  1. To Do – Develop a Clear Business Plan

    Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. As long as your business plan meets your need there is no right or wrong way to write it.

    Make sure your business plan has the following:

    Executive Summary: This is a short pitch (about 30 seconds) that outlines the essential parts of the business.
    Analysis of the Market: The analysis will lay out the potential market and define your role in it.

    Description of Company: The overview will be about your business and why it is viable and likely to maintain success.

    Organizational Structure: This will detail the organization and management structure of the business, defining with experience and expertise of employees and leaders when needed.

    Services or Product Descriptions: This section is a briefing about the products you provide and the services you offer.

    Funding Requirements: This will outline how much funding you need and how you intend to raise it.

    Financial Reports: Give at least two years of projected sales with revenues that can be supported by the industry.

    1.Click on this link to Build Your Business Plan

    2. Click to see a Business Plan Examples

    The plan is not just a document for acquiring loans; it’s also a tool for training your team, such as sales associates and customer-service representatives. These people are the front line of your company, and a quality business plan allows them to believe in your company and see why it will be successful. It shows employees that you are an expert in the field and allows you to clearly focus your ideas. It can also lower the risk of spending money unwisely.

To Do List To Complete In This Step

1. Decide on your business strategy.

2. Create your business plan.

Business Plan
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