Creating A Business Plan That Makes Tracks

Creating a business plan is an important step. Often it is thestep most often missed by new business owners that don’t want to bebothered with paperwork. However, consider this, for thoseentrepreneurs that create a solid business plan success in businessnearly doubles. With new business failures so statistically highin the first five years why wouldn’t you want to increase your oddsof success?So why does a business plan matter? It’s your road map to thefuture. Would you get in a car to go on vacation without a map toget you to your desired destination? Not unless you’ve gone theroute a few times previously, right? And since this is your firstgo around with your new business, it’s wise to create a businessplan to increase your odds for success and give you a definitedirection.A business plan is also used for securing capital from banks,venture capitalists, investors and the like. None of which willgive you the time of day unless you’ve done your homework. If youdon’t care about the future of your business, why should they?So, as they say, “Plan Your Work and Work Your Plan”. Beginningthe business plan is often the most intimidating part so let ushelp you along. It’s not so difficult and can even be quite fun.Imagine that? Building your business plan is a little like buildingconfidence in your future and that always feels good.Let’s start with what elements are in a business plan.1. Executive Summary: This is a quick description of everythingyou will be outlining in detail below. A swift summary of thecompany, its products, services, and outlook for the future basedon simple statistics.2. Table Of Contents: Just like a book, the Business Plan has aTable of Contents for quick perusal.3. The Company: This is a more in depth outline of the company,what it does, how it’s organized, it’s goals, direction, history,tasks, profits, etc.4. Products and Services: An in depth description of the productor service. Basically, exactly what your business will be offeringfor sale.5. Production: What is necessary to produce your product ordeliver your service. This includes raw materials.6. Marketing: A detailed marketing agenda including what and howyou will advertise. You can take this straight from your marketingplan outlined in the Marketing Section.7. Competition: A complete evaluation of your competition and howyour business will meet the need in a different or better manner.8. Obstacles: What hurdles will your business be met with? Howwill these hurdles be overcome?9. Finances: Cost of the set up of your business as well as theday to day financial needs for overhead and marketing.10. Milestones: This is the future time line of your business.These are the basic elements of building your business plan. Beginby making a rough outline for each section and then build to afinished product. There are many books that offer guidance forthese important planning steps. When you take the time to planyour business your business will reward you with a long future offinancial stability. So jump in and make your future happen today