One of the first things that you will need to do prior to opening an new business, particularly if you plan to obtain financing for your venture, is to write a business plan. Generally speaking, no one will be better at drafting your business plan than you. You know what you want to do with regards to opening and eventually growing your business. Now all you have to do is to put all of that into writing.
You can start with an executive summary of the business. The executive summary follows the title page and tells the reader exactly what you want. This is crucial for obtaining financing as you will want lenders and investors to know upfront what you are looking to achieve with regards to obtaining this financing.
Next comes your business description. This is where you can tell your readers about your business industry and discuss your opening plans and any future plans that you have for your business. Offer information about different markets within your business industry and include any information on new developments or future developments that could impact your business in a negative or positive way.
You will also need to include marketing strategies that you plan to enforce in order to grow your business. A competitive analysis important so that you can show your own strengths and weaknesses as well as those of competitors in your market. You need to explain any strategies that you have in store for your business that will push you ahead of your competition and any struggles that you may need to overcome now and in the future.
Include a design and development plan that will give potential investors a description of the design of your product or service. You should also include a chart that outlines the development of your product or service and the marketing of this product or service as well as your company overall. Finally, include a development budget that shows investors you are serious about helping your business to reach its goals.
The last portion of your business plan should include financial data. Include an overview and description of the start up costs that you need to get your business off the ground as well as information regarding your financial outlook for the future. You can estimate this but take into account your customer base, the profit that you estimate you will receive, and be sure to include all expenses related to the start up and running of your business for the first six months or so of operations.