Creating a Business Plan
A successful business doesn’t just come out of nowhere. Businesses that last years (and can stay at the top of the field) require careful planning, managing, and execution. While businesses can grow through many non-traditional means, most will have something from the very beginning – a business plan. This article will provide a brief overview of some of the points in a business plan and why they’re important. If you have any questions or require legal guidance, consult one of the experienced corporate lawyers at Law Advocates Group.
What is the plan?
Essentially, a business plan is a guide for your business that is helpful for not only you but also those who are interested in your business. For example, investors will ask to see a business plan in order to understand how you plan on running the company and the kind of return on investment they should come to expect. The important part here is that a solid business plan can help you secure funding, as well as acting as a base for your future business.
What’s in a traditional business plan?
A traditional business plan will have several key elements, common to all such plans. You’ll want to make sure that the plan is as detailed as possible, all-encompassing, and well structured. Therefore, it’s not unheard of for these plans to be multiple pages long.
The plan should start with a summary that provides an overview of the business, like the goal, product, employees, and so on. From there you should move on to providing a detailed section on your specific business. Include as much relevant and well-researched background as possible. Other elements that can be included are the legal structure of the business (and its organization), a description of the business’ product or service, and the kind of sales structure needed to meet the financial projections.
These plans can get long, dense, and be hard to write for some. If any elements within the business plan (like the legal entity) lead you to more questions, do not hesitate to ask a corporate lawyer for more help.