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How To Get Started On A Business Plan

Article by

Nyall Bakk

Business plans present a direct course of action for
businesses to take.  Without this plan, securing investment
capital is almost impossible from investors or banks.  You
may very well have planned everything out in your head, but
it still needs to be put down on paper for others to see.

It is important that you adequately prepare for making
decisions, setting goals, and management training.  This
means that you need some hard facts and not a lot of mere
numbers.  Planning needs to be a balancing act between idea
and detail.

You will need to gather as much information as possible
about the products or services you intend to offer before
drafting your business plan.  You will want to consult with
several sources of information to do this such as books,
journals, magazine articles or just about anything that
would have information you might be able to use.

Learn how to generate traffic flow by only reading material
that is fact-filled but still inspiring.  You will want to
find out who your target audience is and what steps to take
to get them interested in your company.

Assembling the Facts You Need

In order for your business plan to be accurate and within
reason, you will need to collect a wide range of materials.
The information provided in this article is a starting
point.  I believe this basic material will give you a good
place to start without becoming overwhelmed.

Besides researching the "how-to" to writing a business plan,
surf through the Internet one click at a time.  You can also
scan a book; paying close attention to business names, cost
of products/services, location, leasing fees, and the
market.  All of this information will be useful when you
begin writing your business plan to success.  Take a legal
pad and make note of the following.

Business Name: List the type of industry you want to go
into.  Develop a name that has a special flare to it, and
research that name.  Is your business name unique?  Does it
inform your prospective customers of what you do?  While
researching, don't forget to analyze "what is in a name".

Business Name:  Write down the kind of field you have
interest in joining.  You want a name that people will
remember.  Once you think you have one, do some research to
make sure that no one is already using it.  Next, ask
yourself it tells people what kind of business you have.

Product/Service Cost:  Since you already know what you want
to sell but aren't exactly sure what to charge, find
competitors in the area and see what they are charging for
their products or services.  Are your prices in line with
theirs?  Do you offer some unique service or product that
they cannot?  Finally, just who exactly do you expect to
want what your company has to offer?

The Location of Your Business: Location!  Everything in
business is about location.  Where you're located will
affect your profitability.  If there are two restaurants in
a strip mall and you're one of them, the likelihood of your
restaurant succeeding or stealing the market is extremely
low.  However, a Family Style Diner verses a Chinese Chop
House will increase your odds.

The Help:  Employee costs are a huge expense in any business
and your investors will want to know what you plan to do
to control them.  If you keep this expense down in the first
3 to 5 years which is the most critical time for your
business, then you can spend more money building business
equity.  Who are your star performers and how much are you
willing to pay them?

Making Sense Out of Your Notes

The effort you invest into creating a business plan is
very precious to those who assistant towards the end.
Anyone investing in your business wants to be certain that
you know precisely what you are talking about.  Entering
into any business enterprise without any background in the
field or research to back you up is a big no-no and you
will not be taken seriously.

First impressions are important!  Your goal is to win over
the investor or banker.  Make them believe in your dream,
and understand what makes your business unique.  Showing up
with a legal pad and notes will not be impressive.

Every morsel of information has its place within your
business plan.  When you're doing it yourself, pay close
attention to your answers.  Double check for grammar errors
and sentence structure.

About the Author:

Nyall Bakk writes exclusively for <a
href="">Advertising WorldWide
</a>there's a wealth of knowledge on the website, plus
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