Nolia G. Batey
Attorney at Law
After starting up your business, the next step is devising your business plan. You’ll need this document in place if you intend on applying for business loans or setting up business partnerships. The potential loan provider or business partner would want to review your business plan, which would give them the confidence they need to proceed in investing their time and money in your business venture.
While there’s no fixed length for the size of a business plan, there are some essentials you’ll want to cover in the plan, particularly the organization and management structure. Start with an executive summary that provides a brief outline of what the business plan will cover, including your company profile, objectives and goals, and long-term vision, usually 5 years down the road. Include a market analysis that discusses the industry in which you’re competing, some brief information on your competitors, and sales strategies and market trends you intend to engage.
Importantly, discuss your product or service, including its lifecycle. What is its benefit to the consumer base? How is it better than your competitors’ products or services? And finally, why is it so important to you? This personal touch provides everyday ordinary folks the means to relate.
In concluding your business plan, finish it out with funding plans and financial projections. When it comes down to it, it’s all about the numbers. Does the math add up? Is the plan feasible, practical, and doable? A well-drawn out business plan gives potential investors, loan providers, and partners confidence that any funding invested will lead to a return. While they’re just projections, they should have a realistic basis.
Not only would such a document benefit potential partners, but it would also provide you with the confidence you need to proceed with your dream of running your own business. It’s a living document, revisable as your business grows, as your dream expands, and as your success becomes more evident each passing day. Of course, here at BATEY LAW OFFICE, PLLC, we review and draft business plans for small, mid-size, and large businesses. We know the finer details that strengthen the business plan and empower the business owner. Be sure to contact us for further information.