Absolutely! Every business should have a well thought out and written business plan. A Business Plan is a written outline of your niche business from beginning to end. Basically a business plan is a roadmap for your new business. It can be short and sweet or very extensive depending on your particular niche. However it is a good idea to create a business plan for every niche business you begin to ensure your business is a viable entity and it also gives you a guideline to follow when starting your niche business.
There are key elements that you need to include in your plan. Here is a list of items from a sample template from the SCORE organization that should be included in your plan.
- Executive Summary
- General Company Description
- Products and Services
- Marketing Plan
- Operational Plan
- Management and Organization
- Personal Financial Statement
- Startup Expenses and Capitalization
- Financial Plan
The SCORE organization is a non-profit organization made up of volunteers who are or have been successful in business and would like to help new or existing business owners in their journey to success
Think of a Business Startup Plan like a roadmap. I am leaving point A for point D. Points B and C are objectives along the way that I need to consider, research, and pinpoint to get to point D safely. I will list all the points out, potential obstacles, avenues that will be taken, and other pertinent information to complete my journey.
Business plan writing is not as difficult as you might think especially with the information and tools on the internet at your fingertips. In the long run a complete and well written business plan can open doors to a business expansion, business funding, higher profits, and more. You have to know where you are going in order to get there.
A business plan does not end when you write the plan. The plan should continue to be a work in progress. Every successful niche business has a plan and continues to update the plan as operations, marketing, or finances change. There is a wealth of information available on the internet. A very good source is the SBA (Small Business Administration). Here you will find information on the essentials of a writing a plan. Is there a time frame for completing a business plan? No, there is no timeframe. A well written plan my take weeks to months to write. Do not be discouraged because in that timeframe you will have decided on a niche business, researched your potential market, established your business structure, reviewed your personal finances, and determined how you will fund your business. All are key factors in a successful business plan.
Download a free business plan template by clicking here. Free Business Plan Template
