First, it increases your chances of success by forcing you to consider every aspect of your business and it serves as an ongoing roadmap or benchmark so you can gauge your success. Finally, it’s what investors, including banks, want to see in order to determine whether your business—and you—are good risks.
In your business plan, you should include:
How the company will be managed and owned
Product(s) and/or service(s) you will offer
Materials and resources you’ll need
Potential strengths and weaknesses of your company
Your company’s short and long-term plans
The market and industry into which your business is directed (including suppliers, customers, competitors, threats, opportunities)
Marketing, sales and production plans
Operating cost amount; sources and types of financing it may require, including personal resources you may need to tap into
Sales and cash flow forecasts
If you're starting a home-based business on a shoestring, some of these suggestions probably aren't necessary, but you still should create a plan that outlines your goals, expected costs, marketing plan, and exit strategy. A business plan is your road map for how you expect to succeed and how you'll measure success. To develop a good plan, you need to consider quite a few things.
Business Plan Template
Your first step on any new business venture should always be to start with a plan. We have a BUSINESS PLAN TEMPLATE available to download.
Once you have started your plan, be sure to reach out to a Chatham-Kent Small Business Centre Business Consultant and book an appointment for a free consultation.