A business plan is critical to every small business.
It serves as a map through your business journey and helps you stay on course.
In this lesson, you will begin writing your business plan, focusing on your business details and executive summary.
However, you will spend most of your time thinking and researching.
A business plan defines and describes your business in detail, giving you valuable insights to make good business decisions.
It also ensures that each step of starting and running your business is researched, thought out, and informed by data, which increases the likelihood of profitability and long-term success.
A business plan also enables you to clearly describe your business to others -- including potential customers, employees, partners, and financing sources -- and get their support.
A business plan has four sections: The executive summary, Business details, Financial forecasts, And supporting data The executive summary is an overview of the information in your business plan.
Consider it a short sales pitch to generate excitement for your business.
This is the most important section for potential lenders, so it should include all key information and give a clear picture of your business model and forecast.
Though it is the first section of your business plan, you should write the executive summary last.
That way, you can use the other sections of your plan to create the summary.
Business details explain your business model, what your business does, and how you will make money.
The financial forecast describes how much it will cost to start your business, where the money will come from, and how you will spend it.
This also includes financial projections for growth.
Supporting data provides evidence to back up the information in your business plan.
This includes figures that you found during market research.
In this lesson, you will write your business details and executive summary.
You will: Describe your business, including its mission, philosophy, goals, market, and structure, Detail your products and services, the market need for them, pricing, and marketing plan, Analyze your competition, List your experience, And write an executive summary.
After completing this lesson, you will have a business plan that defines and describes your business.
This is an important step for your business development.
However, to use your business plan to get financing, you will need to add more information before approaching a bank or an investor.
Use the SCORE-dot-org resources provided with this lesson, including worksheets, guidelines, and templates.
Or contact a SCORE mentor to get personalized advice and insights from experienced business professionals in your area.
This lesson uses Google Docs, but you could apply these skills and concepts in any word processing application or even on a piece of paper.
To work on this lesson, sign in to your Google account.
Open a new tab in your browser, and navigate to Google dot com.
If you are not signed in, do so now.
If you do not have a Google account, pause the video and create one now.
To begin, open your Google Drive.
Then, create a new document in Google Docs and give it a title.
Now, it’s your turn: Create and title a new document.
- Create and title a new document.
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