Now is a great time to consider starting a new business in the Raleigh/Durham area. However, before you take the first step, you should take a moment or two to write a business plan. In fact, your Raleigh Business Attorney insists that you take this critical step. Consider this - without a defined business plan, it's incredibly difficult to know how to measure your success. It'll be hard to recognize that you've finally reached your end goal. Furthermore, if you don't know what your end goal is, you'll have trouble creating short term goals to reach those long-term goals. Clearly defined and measurable goals are critical to having a successful growing business. Therefore, having a professional business plan is essential in starting a new business. With that in mind, today we'll discuss 3 must-have details that you should include in your Raleigh Business Plan.
1. Your Raleigh Business Plan Should Include Measurable Goals
The easiest way to measure your goals is to identify the quantity of the product you intend to sell, or a dollar value of services performed over a period of time. We often refer to this as your operating plan and includes goals, objectives, procedures and a timeline for your business. Your Raleigh Business Attorney suggests that you make monthly projections that you can then project forward 12-18 months. While you can get as detailed as the specific tasks that should be completed by each department, it's more important that you have complete understanding of where your business is headed so you know how to get there.
2. Your Raleigh Business Plan Should Include Any Start-Up Expenses
Your Raleigh Business Plan should also include any start-up expenses that are necessary in order to operate your business. Whether you plan to open a brick-and-mortar business, become a service provider or operate online, there are a few common startup costs. These often include:
- Office Space
- Equipment and Supplies
- Inventory
- Marketing fees
- Advertising
- Communications and web development fees (email)
- Licenses and permits
- Insurance
- Utilities
- Legal Fees
- Employee salaries
Once you have a full list of all your anticipated startup costs, start estimating how much you think each will cost. While some of your startup expenses may have well-defined price tags, others, like utilities, may be more of an estimate that varies depending on usage.
Then, after estimating the costs of your startup expenses, organize them according to when they must be paid (monthly, annually or one-time fees) to get a better understanding of what you can expect from your first six months in operation.
3. Your Raleigh Business Plan Should Include Projected Profit and Loss
Thirdly, your Raleigh Business Plan should include the amount of profit and loss that you anticipate on a monthly basis. Having a rough idea of your monthly profit numbers can better help you plan out your finances and prevent you from facing a loss.
In addition to the three must-have details we've discussed above, it's also important to consult a professional Raleigh Business Attorney in the early stages of business planning. Your Raleigh Business Lawyer can help you write a professional and legally sound business plan that will ensure you've dotted all your i's and crossed all your t's. Furthermore, your Raleigh Business Attorney can guide you through the business planning process as they've walked through this exact process so many times.
They know that writing business plans can be both confusing and complicated. You don't have to navigate business planning alone. Contact Eldreth Law Firm today for a consultation. No job is too small for them. Visit our website for more info on how to get in touch with Eldreth Law Firm to discuss your new business. We'd be happy to walk you through the business planning process, review your business plan, and/or provide next steps. You can also get a good look at other services we offer, including copyright and trademark, estate planning, entertainment law, and real estate law for future use.
