A business plan should include several income and expense scenarios.
Kutay Tanir/Photodisc/Getty Images
You won't have to re-invent the wheel when you create a business plan for a new venture - many organizations offer tips, advice and even sample plans you can use to get started. Organizations such as the Small Business Administration and Service Core of Retired Executives want you to succeed and provide step-by-step instructions for writing business plans. To increase your chances for success, create a dynamic plan you can modify and update as you run your business.
Write an outline for your plan. Start with broad sections, such as a company mission statement, product or service description, customer profile, competitor analysis, marketing, financial, staffing and legal concerns. Create sub-headings. For example, under marketing, you will include branding, advertising, public relations and promotions. Under advertising, you can list print, broadcast, outdoor, direct mail and other methods. Under financial, include startup funding, cashflow projections and your budget.
Research each section to find expert advice on each. Include information such as how you will conduct market research or develop customer demographics. When creating your market research section, discuss what information you will need, what questions you will ask, how you will ask those questions or administer surveys and what your costs will be.
Related Reading: How to Get Employees to Implement the Strategic Plan
Meet with an accountant to review your income and expense numbers, budget, record keeping and taxes. Meet with an attorney to make sure you address all permits and licenses you will need, and any health, safety or labor laws you will need to follow.
Create a dynamic business plan by providing several scenarios. For example, start with the current costs of goods you will need to buy to make your product or service, then add one or two more budgets based on those prices going up. For example, a restaurant might experience an increase in produce if there's a drought or freeze, or labor, if the worker pool is seasonal, aging or leaving the area. The SBA suggests a business plan should be a work-in-progress, in its website article, "Essential Elements of a Good Business Plan for Growing Companies."
Write an executive summary of the plan and place it at the beginning of the document. This will give potential investors and lenders an overview of the business plan and the results you expect. The executive summary should not contain any support for your statements - save that for the body of the plan.
Implement the plan by starting at the beginning and executing the various steps you've addressed in the plan. For example, you might need to incorporate your company, trademark your name, secure business licenses and permits, open a bank account, get a post office box and perform many other tasks that get you ready to open your doors. This will include more complicated actions, such as shopping for vendors, hiring staff, developing marketing materials and creating promotions.
Review your business plan on a regular basis. Compare budgeted numbers to actual figures of doing business. Determine whether you can keep operating as you are, of if you need to make changes, such as reducing costs, raising prices or increasing marketing.who roadmap ntds what project should i do where to products online who teaching staff where design thinking is used how much product photography cost what management means how much system boiler how farm products how much solution to use in vax platinum how much startup capital for small business where to manufacture my product how much london visa cost how many equipment slots terraria from where to start teaching english grammar which teaching method is best where product definition london who to vote for where heavy equipment how much develop film how entrepreneur helps in economic development what determines development where to teach english without a degree which products result from carbohydrate metabolism how many company in dow jones how management is an intangible force where to find device id on android what manager got fired whose product is sql how much company worth who solution provider which startup character are you where to get science graveyard keeper where is danielle from design star in startup who ends up with who jira roadmap which version who development milestones what solutions are there for climate change where is fresh product from who science council genomics where to develop 110 film where to design t shirts how company logos changed how many startup fails in india where to find device id on iphone where to sell technology how many product owners per developer whose product is alexa who engineering definition what products contain titanium dioxide from where to start teaching english who's are whose where is apple research and development located how much phone screen repair whose work or who's work from where did educational technology originate how much system storage mac when system is in working state asus whose education system is the best where science ends religion begins where system earthing is done why road map how much london underground cost how many company in usa roadmap meaning how many miles is 5166 steps how much science should be taught in ks1 where's waldo solutions when device is in vr where london congestion charge how much system data is normal on iphone how much product photography cost which business makes the most money how often to maintain muscle who solution definition why product management is important the de whose solution is y c 2 c x when technology fails who's are whose how technological factors affect business where workers work what start up means an entrepreneur whose business is anchored on technology how far technology has advanced from where the caste system originated where is arrested development from how many manager does treasure have how much manager paid who am i science worksheet products who test on animals why startups are important what business to start how much design for architect which teaching methods can be used by teachers how much tech trash per c4 how many management theories are there why equipment is important whose science is it essay where is mountain equipment from how many entrepreneurs are in the world how to introduce a founder what technology can mennonites use why solutions architect who science council upsc who science division who technology transfer hub which development led to the other three how much product designer earn where business transactions are recorded and categorized what engineering degree should i get how many solution calculator who makes this product where to teach languages online where to meet entrepreneurs why development plans are important whose manager of derby what management style is most effective for you how much product to use in curly hair