Before you start a small business, you should develop a business plan first. A well organized business plan can help you go forward, make huge decisions and create a successful long term business. However not all business plans are the same, as not every business venture is ever the same. You can start with a simple business plan that you can present to your bank and/or to investors.
When starting a small business these basic questions need to be answered
- What do you need to get started?
You need to think of the products and services you are going to offer to the market. Conduct a research of competitor and target audience.
- Product development
- Retail quotations
- Office equipments
- Business name
- Business logo and slogan
- Financial record
- Competitive analysis
- Market research
- Legal establishment
- Legal requirements
- Marketing campaign
- Research you need to undergo
When you have identified your big idea of a small business, it is time to balance your idea with reality. In order to start a business successfully, explore the market and look for competitors and get some great ideas on how they built their business successfully. Look at the target audience and how you can match up to their demands, list down the area where you want to include in your marketing plan.
- Making the plan
Planning is a way to set goals for your business which is attainable, if you intend to seek financial support, a professional Business Plan for Small Business must be created. In general your business plan should outline your business goals.
To elaborate the above statement, here is a simple example of intermediate plan.
- Executive Summary – a short summary of yourself and your professional back ground
- Mission – your business purpose
- Keys to success – Your short promotional plan
- Company summary
- Product description
- Market segmentation
- Target market segmentation
- Market needs
- Competitive analysis
- Sales and marketing plan
- Business management
- Financial plan
- Profit and loss strategies
- Projected Cash Flow
For more discussion about Business and marketing plan, consulting a business mentor is also advised, to create the proper Business plan presentation that you can present to your bank or investors. A good market analysis is also important, which can open your eyes to opportunities that weren’t so obvious.
Contact a Small Business Consultant today and seek help for your small business start up with proper planning and marketing.
Socratic SBC | Small Business Consulting
2 Wisconsin Circle Suite 700 Chevy Chase, MD 20815
Office: (410) 929-6395
Fax: (202) 318-0689