There are many ways to start a business or launch a product. All of them require that you have a plan.
You probably lack funds, as most of us do. You may want to start your business small and work up, or you can apply for loans and/or grants or look for a partner. In either case, in order to do this, the business plan must be ready to show to prospective investors or partners.
To start your plan, clarify what you want to do. Do you want to raise money to launch your new venture or do you want to take on strategic partners?
Write a short paragraph describing your answer. This will be your business plan mission and will help keep you focused during the process of writing the plan. It will also tell your readers what you want.
Visit your local library to get a few books with sample business plans and access Internet business sites to see samples. There also are business plan software packages available; but I think you can use free resources to get started. You should learn what a business plan is and what you want your plan to look like. Then start by preparing an outline.
You should already have market research information, competitive information, maybe some prepared marketing pieces, costing information and notes and drawings about your idea. Gather all this information and get started. You will probably be amazed at how much information you have collected and how far along you are toward having a good draft of a business plan.
Start putting this information into your outline where it fits. You can put thoughts, questions and samples without worrying about grammar. Put down ideas that need to be developed, challenges you have or will face and suggestions collected from other people.
As you go along rearrange the outline if it becomes necessary to be more logical for the readers you are targeting.
Then, using your outline, prepare a rough draft by taking your random thoughts and turning them into complete sentences and paragraphs. At this point check your spelling and grammar. Look for clarity of thought.
Keep track of things you should follow up on as you go along. If you need to do more research, need to get statistics from the Internet or you need more financial information, don’t stop working – just note these tasks for later consideration.
Then read your plan, revise it, and keep doing this until it makes total sense. Check with family members and other business professionals if at all possible and take their suggestions. When you have a good first draft, you can then start getting the documentation needed to back up the statements and claims you made in your plan.
You will have a good idea of how your business or idea will look and work, and you will also have a better handle on the financial situation and that task will be easier for you to complete.
This plan will take a long time to finish and will be revised often, but it will be well worth it!
Article – Copyright 2002 Stanley I. Mason. Syndicated by Paradigm News, Inc.
