General Business Planning
You might have an innovative idea for a product or service, but originality can never make up for the planning required to make your business boom. A solid business plan will serve as a reminder of your goals, a manual for decision making and a tool for convincing lenders that your business is worthy of a loan. Before you begin writing your business plan, brainstorm to get an idea of where you are and where you're going.
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Educate Yourself
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The first step to planning your business is to learn all you can. Even if you have a degree in business, you may still benefit from taking a free online course such as ones offered by the U.S. Small Business Administration or attending an entrepreneurship conference to learn tips and techniques. Even an Internet search can yield valuable results. Start by looking up a business similar to yours. Observe what it does well, and make notes about things you think you'll do better. Having market knowledge of what's offered and what's missing is essential to writing your business plan.
Mission Statement
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The Mission Statement, a few sentences about your company's values and long-term goals, is one of the key elements of your business plan and shouldn't be made up on a whim or plagiarized from another source. Of course, read other businesses' mission statements to inspire you, but when it comes time to write your own, forget about them. This is about you and your business. What makes you different?
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Startup Funds
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Now for the sticky side of business planning: the money. Don't jump to conclusions about what you'll need, since there may be more resources available than you realize. Have you thought of selling some of your assets or tapping into your personal savings? Many owners also look to family and friends who believe in their businesses to donate money. After that, you can obtain loans from banks or credit unions or apply for small business grants. Start at grants.gov for an idea of what might be available.
Operations
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Chances are, if you're just getting started in business, you're the only employee or it's just you and a partner. Even if that's the case, write a detailed description of what you do. If you're the sole owner, for example, are you going to be in charge of product creation, customer service and marketing and sales? This is a good chance to examine your strengths and weaknesses as an entrepreneur. Are you great with numbers, but could use some help with marketing and advertising ideas? Are you the genius behind a new product, but don't have the knowledge of business law to pull things together? It can help to hire a lawyer, accountant, sales manager or other associates who have a certain expertise to help you on your journey. While you may think that hiring more people will hurt your budget, the time it frees up for you to do your job may be well worth the initial cost.
Products and Services
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Despite all the things you have to juggle, your product or service truly is the center of attention. Without it, there would be no business. Part of your business plan should be dedicated to a detailed description of each product/service you offer, its benefits, attributes that make it stand out from competition and where it is in development. Write down the cost of your goods or services and ideas for future changes to their attributes.
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References
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