Tips for Writing a Business Plan | Cary Small Business Lawyers
If you are starting a small business, you may want to consider writing a business plan. Having an outline of how you are going to start and run that business in your head can help you stay on track. It does not matter if your business is small. All businesses start small. Their growth depends on how successful they are. A business plan can be one element in building a successful business.
In part one of this two-part series, our Cary small business lawyers gave you tips for creating the first draft of your business plan. Now, here are the six elements to include in your business plan:
- The executive summary.
This statement of purpose, which should be no more than a page long, outlines the major aspects of your business, including your business concept, the financial aspects and requirements, your business position and any details that are essential to the success of the business.
- The business description.
These can start with a brief explanation of the overall industry and its outlook. Then explain what type of business yours will be, such as retail or manufacturing, or if it is a service-related company. The legal form should also be included. Will it be a sole proprietorship, partnership, or corporation? Who are the principals and what will they contribute?
- The financials.
If you are sharing your plan with potential investors, you need to have the finances clearly explained. An investor will want to know how the money is being spent as well as your estimates and timeline for when you will turn that first profit. In order to gain investor confidence, you will need to show how you plan to make the company profitable.
- The market analysis.
In this section, you’ll use the information you researched about the industry and competitors. You will want to include a sketch of your customers, including their demographics, and how you plan to reach them. You will also want information about industry outlook and projected growth.
- The strategy.
How are you going to sell your product or service? How will you reach customers? Explain how the company will operate from supplies and production to delivery. You can also include information about potential employees.
- Company structure (optional).
Show how the company will be organized. Are you the president? Do you need a board? In the case of a small business, you probably will not have many other people involved, but it is a good idea to show investors what kind of input, if any, they may have.
Writing a business plan can be a big task to take on alone, especially if you have never run a business before. If you are not able to clearly articulate your ideas and goals, you can seek the help of a lawyer. Our Cary small business lawyers can assist you with developing your business plan to ensure that it is thorough in explaining your vision and goals while also adhering to business regulations. Your plan should be a clear roadmap for your business so that you can navigate it successfully.
Eldreth Law Firm, PC | Cary Small Business Lawyers
Do you need help writing your business plan? Look no further than Eldreth and Eldreth to help you get your business off to a strong start by helping you develop your business plan, which is an important element to have for staying on track with a new business. Give our Cary small business lawyers a call today to see how we can be a part of your success.