How to Write a Business Plan for a Sole Proprietorship

A business plan for a sole proprietorship is a detailed document.

A sole proprietorship is a one-person business. This means the person owning the business is responsible for completing the services or offering a product or products, promoting and marketing the business and handling the accounting and finances. As with any starting business, a business plan should be written to outline objectives and ideas for overcoming obstacles or avoiding financial problems during the startup process and the business's first couple of years.

Instructions

1. Start by creating a title page with the name of your sole proprietorship and the title "Business Plan." Write the date and your name on it.

2. Start a "Table of Contents" page and keep updating it as you write each section of the business plan. A "Table of Contents" page is ideal to find specific information quickly and is necessary if you need to get a bank loan for the business.

3. Write the first section of the business plan, which includes a description of the business concept. Identify what the business is, what services or products it will provide customers, how it will function and who will be responsible for running it. Include a mission statement to back up the description.

4. Create a goals list for the company. Start by writing three short-term goals that will be completed within the first three months of startup. This can include marketing strategies, launching a website and implementing a newsletter. In a similar manner, write three long-term goals that will be completed within the first year of business.

5. Write a detailed section about the operations and management of the business. This includes a biography of the owner, the location of the business and the operating equipment required. Provide a list of supplies, such as furniture, computers and other office necessities. Include an outline of how the delivery of your products will occur and a list of insurance options for the business.

6. Describe marketing strategies and ideas for the business. Include an overview of the markets available and identify the target audience. Provide detailed profiles of the target audience, a description of the primary research done on the market, a list of direct competitors and a strategy on how to enter the market and stand out from competitors. Indicate what businesses in the market could be sources for strategic alliances.

7. Include a financial section that provides an overview of the business startup fees, a budget of monthly expenses and where the money will come from. This section is ideal for staying on track with the budget and is needed to get business loans from the bank.

References

• U.S. Business Administration: Write a Business Plan
• Sole Proprietor Magazine: Business Plan