10 Steps to Create Your Own Business Plan
Advice for Women Entrepreneurs in Houston
1. Organize Your Document - A business plan should contain a cover sheet, contents page, executive summary, specific sections and an appendix. Your specific sections should include a product or service description, a marketplace overview, a marketing strategy, financial information, an implementation plan, controls and measurements.
2. Beginning Pages - Your cover page should include a phrase such as “Business Plan for” and the name of the business. Include your name, the date and contact information. The contents page should include the headings for your special sections and subheads to help break the information into more manageable areas.
3. Product or Service Description - Your first specific section should explain what the product or service is, how it works, why it’s needed and its benefits. Do not sell the product or service with too much detail in this section. You will do that in subsequent sections. Use this section to make it clear to the reader what you are selling.
4. Marketplace Overview - Use this section to discuss the need or demonstrated desire for your product or service in the marketplace using examples of existing retailers and products or services. Explain why the marketplace is not adequately serving a consumer demand and why your version of a product or service does.
5. Marketing Strategy - Include a marketing strategy that starts with a detailed profile of your potential customers. Create a primary and secondary target customer. Use demographics such as gender, age, ethnicity, income level or location.
6. Financial Information - Include a financial section in your business plan that covers all of the operating costs of your business, including your cost of production, overhead, start-up capital needs, projected revenues and projected profits. Include a budget in a spreadsheet form for investors to review. Include one-, two- and three-year projections, complete with income and expense projections. Include conservative and optimistic projections to let potential investors see different possible scenarios.
7. Implementation - Explain how you will launch and operate the business if you secure capital. Include an organization chart, job descriptions, outline of your pay and benefits, and the licenses, fees and other legal aspects you will need to manage. Include your qualifications for running the business and the backgrounds of any employees or consultants you will use.
8. Controls and Measurements - Once the new business starts, you will need to monitor its operations closely to see if it is performing as you projected. Waiting three months to compare your revenues to expense might be too long if your sales are too low or expenses too high. Detail what steps you will take to monitor the performance of the new business.
9. Appendix - Create an appendix for miscellaneous documents, such as marketplace research, key player biographies, list of references, a screenshot of your website or sample ads. You can provide a detailed budget here, instead of in your financial section.
10. Have it Reviewed - Have a business professional review your plan. The Service Corp of Retired Executive is a national organization with regional and local offices that pairs former business executive with entrepreneurs to provide free business advice. If you have an accountant, have him review your financial projections.
Source: Small Business Chron
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Advice for Women Entrepreneurs in Houston.
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