Small Business: How Should The Business Plan Look Like?
Running of a small business will eventually lead you to the question how to write a business plan for it? The small businesses are owned by individuals and are operated independently.
The organization of small businesses is associated with proper idea and plan, correct completion of the paperwork, finance and credit report. Of course, we should also mention the creation of a successful business plan.
The good business plan will help the company owner to attract the potential investors, but will also secure the company funding and will further direct the attention of the other companies in the business community in the local area.
That is why it is very important for the small business company to have a good business plan, which will express the business idea in a clear way and will further explain the business elements and the manner of company management.
The business plan of the small company should provide good description of the company, proper explanation of the management structure and good explanation on why this small company and its business will turn into a success on the market.
The first thing to start with is the preparation of a one page summery that should be an introduction of the company and a kind of synopsis of the plan. There, the owner of the small business shall explain one’s business concept and what the company shall offer – products or services, comment on the financial features and the business plan, as well as explain where the funding will come from.
The summery should also describe the position the company is at and information when and how this small business was formed, who are the owners and the managers. It will also be good if the good contacts and clients are mentioned, as well as the developments and projects that are planned.
The business plan shall also have a market analysis, which will convince the company partners that the company knows well the industry and the opportunities in front of it. The business plan should also offer description of the company and its structure – whether it will be based in Internet or not, how many offices the company has and plans to offer, etc.
Further information should be provided on the organization and management of this small business, the people who work there, the managers and the expertise of that team, including the process of decision making.
The small company business plan shall also have information on the marketing strategy and sales, the plans on how to get into the market and be successful, etc. Of course, there should also be a description of the products or the services that the company offers.
Since the business plans are used mainly to secure company funding, they should also have a funding request. In other words, the business plan shall have a detailed explanation on how much money the company needs in order to start its business or to maintain it.
It should also have a deadline for that funding – where you will need the money and when you plan to return it. The business plan should come with different documents like credit histories and credit score, licenses, permits and recommendation letters, press clippings, product photos, contracts, etc.