Writing a Business Plan
- Jul 30, 2018
- 1 min read
Writing a Business Plan – SMB Startup (Is your business idea viable)
Before starting a small to mid-size business the first thing you should do is write a business plan! A business plan can be as simple as a 1 page document describing your company’s offering, category, target market, positioning, price strategy, distribution, sales strategy, marketing & promotion strategy, service strategy and market research. You will also need to create a financial document that calculates cost of running the business and how much revenue you plan to generate over a 3-year period.
Your business plan will need to answer questions like:
Can you deliver nationwide or just locally?
How will you reach your prospects?
Who is your ideal customer?
Who are your competition?
What problem does your product/service solve?
The most important reason for writing a business plan is to prove that your business idea will be a viable business and have a good chance of being successful. Also, if you’re looking to get financing, you will need to prove to potential investors that your business will be profitable.
A great place to learn how to get started writing a business plan is the U.S. Small Business Administration.
Link: SBA Business Plan Guide
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