How to Write A Personal Business Plan For A Small Business

When you're getting started in your new small business, you need to be clear about your company plans.

A business plan is important to any company. If you are opening a small business, this plan can help you express in plain language what you expect for your company and its operation -- from how it came about to your sales strategy, who will run it and how you plan to fund it. Any bank or investor you approach for loans or grants will want to read your business plan, so it's a very important document.

Instructions

1. Write down how the idea for your business came about, and include a short background of how the company has gotten to where it is today.

2. Explain your services and what your customer base will be. Note whether you intend to open a physical store or Web-based business.

3. Explain your promotion plans. Be specific about how you will let people know of your products or services.

4. Explain how your company will be different from your competitors. You should conduct a thorough market analysis, and include your research findings in your business plan to back up your statements.

5. Indicate who will be working for your company, your management structure and what compensation you will offer.

6. Describe how you will fund your start-up costs for your business. List things you will need for your company, such as office supplies, physical space and equipment.

7. Describe your business' financial goals. Calculate the amount of monthly, quarterly or yearly sales you will need to make to pay for salaries and expenses.

8. List any problems your small business may face and how you will work to overcome them.

9. Include an introduction and an executive summary. Once you've got the heart of your plan on paper, write an overview that will help introduce the detailed sections of your plan.

Tips & Warnings

• include as much detail as possible.

• Remember that this document will change over time. Revisit your business plan frequently as your business grows.

References

• U.S. Small Business Administration: Essential Elements of a Good Business Plan

Resources

• Bplans: Business Plan Help & Small Business Articles