A business plan defines the purpose of the establishment.
A business plan outlines the structure of a business, lists the tools it needs to succeed, and summarizes its goals and objectives. Writing an effective business plan requires research, strategic thinking and professional advice. Before creating your business plan, start out by composing outlines and rough drafts.
Instructions
1. Choose your business structure. Decide whether you want to develop a proprietorship, partnership or corporation. The type of organization will help you determine your organizational structure and objectives.
2. Research the market potential of your business. This can help you find your niche in the marketplace. For example, if you want to open a furniture business and you find lots of stores in the area that cater to traditional tastes, you might want to specialize in more contemporary furniture. Get as much information as you can on local consumer trends and competitors.
3. Seek advice from a professional consultant. She can help you conduct industry research, define your target market, and learn about competitors in the industry. She can also review a draft of your business plan and offer tips and advice on improve it.
4. Go to websites that can provide tips for composing a business plan. These sites include sba.gov and bplans.com. They can guide you through the process of organizing your business plan and producing an effective final draft. Some websites provide business plan samples and links to helpful articles.
5. Write a mission statement that defines the purpose and goals of your business. It can guide you as you develop an outline of your business plan.
6. Write an outline and rough draft of your business plan. Your outline should include your mission statement, company description, executive summary, target market, management structure, industry research and financial plan. Incorporate business articles, sample business plans and other information you think will create a stronger plan. When the outline is finished, use it as a guide to writing your final draft.
Tags: your business, business plan, your business plan, business plan, defines purpose, draft your, draft your business