How to Develop and Implement a Business Plan
New business development can start with a good business plan. Development of a business plan is essential to documenting the business objectives, financial goals and marketing plans of a new business. The U.S. Small Business Administration (SBA) is a valuable resource, which according to their website, is dedicated to helping "Americans start, build and grow businesses." Upon completion of the business plan, implementations of your business ideas start with funding and marketing.
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Business Plan Templates
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Using a template to begin developing your business plan will help shape the format of your plan. Using the SBA guidelines, as found on their website, and a template, you will have a model plan where you can start customizing based on your business ideas.
Business Plan Description
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Include business objectives that state exactly what your business will do. These should be stated at the beginning sections of your plan. For example, your objective may be "To open a coffee shop in Fawn Grove, Pennsylvania." This simple statement shapes the rest of your business plan. Expand on your objectives with an in-depth description of the products and services you plan to offer. Language in the introduction must be understandable to those outside of your industry.
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Marketing Plan
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Begin development of a comprehensive marketing section by documenting a marketing analysis showing competitors' location and pricing. Demonstrate a need for your business in the market as compared to the competition. Next, list how you plan to market your business. Include details for advertising and direct marketing campaigns, print communications, websites and other selling strategies. Include any potential partnerships with vendors to assist with your sales. Marketing is key to the success of any new business.
Finances
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Include details about profitability potential, projected cash flow and earnings, expenditures and net worth, pricing for products and services and a three-year summary of future financials. Include supporting documentation, such as tax returns, franchise licenses, leases and proof of insurance and state licensure with your business plan. The financial section of your marketing plan will be eye opening in facing your budget and expectations. Potential lenders will be especially interested in this section and will make assumptions based on the information in your business plan.
Business Plan Implementation
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Complete the development of the business plan and then implement your business ideas. Use your business plan to guide you, starting with funding. Unless you already have funding, you will need to secure loans and grants. With your business plan in hand, seek potential funding sources. The SBA's website has information for borrowers including written materials, free online training about financing your business and information on their own financial programs. After securing funding, take the first steps in obtaining insurance, licensure, renting space, purchasing equipment and developing a product or service you can market. If your business is a home-based service, such as pet sitting, you can start to implement the marketing strategies as outlined in the marketing section of your business plan.
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