A business plan is a full description of your business. It should not only describe your vision of how the business will be, but it should offer all the areas involved in running your business, from the employees to the supplier. You need to disclose your financial needs, and outline your expenses versus profit analysis. Review the following list of steps if you need to write a business plan for a startup.
- Begin your business plan by introducing your mission statement. This is your reason for starting your business. Maybe you want to provide a specific service that’s missing in your community. Your mission statement should explain your reasoning in a few clear and effective sentences. You can follow up your mission statement with a more detailed description of the type of business you want to start, and why it’s important to you.
- Add a section about yourself in your startup business plan. This should be a summary listing your personal qualifications and experience.
- List the employees that you will need for your business. This list will include all the people involved in your business, their titles and brief job descriptions. You could also add their salaries and any benefits each position will have, if any. If you have people ready to fill these positions, list who they are and the qualifications and experience they have.
- Include a market study that gives a detailed description of the type of market you will be targeting. You should be very specific and include demographics for backup.
- Provide information in your new business plan about your competitors. Besides their name and business type, note a brief reasoning as to why each business is considered competition. End with why your business will overcome the competition and be successful.
- Write a list of the businesses you will be partnering with. These would be the distributors, vendors and contractors that you may need to hire as part of your business.
- Offer a detailed description of the product or service you will be providing. Be specific about how you plan on producing or providing the product or service, and how you will deliver it. Include a cost and profit analysis. You will also need to explain the methods you will be using to sell the product or service and what modes of marketing your will implement.
- Share the financial area of your start-up business.
- Include information on your credit status. Attach a copy of your credit report.
- Explain how you will be funding your business, whether through a traditional bank loan, an equity loan or personal funds.
- List out your business expenses; include the cost of supplies, lease, loan payment, salaries and other expenses.
- Provide a projection of your sales for the first few years.