Business Plan ABC’s – Getting Started

Writing a business plan can be as simple as ABC.

A – Action Plan. You need to devise a step by step guide on what you are going to do and when.

B – Budget. Know the cost of different aspects of the future business. Set up a system for dealing with those costs.

C – Current Situation. List the factors that are in line at present, include market information, competition, and location, location, location.

D – Documents. Start compiling letters of support, funding promises, and other communications that show this is a serious and legitimate project.

E – Executive Summary. Break down who you are and why you are the person best suited for this business.

F – Feasibility. Be honest about evaluating anything that could hinder the new business. It is important to know the bad as well as the good.

G – Goals. Lay out what you want to achieve and the ways that it will be done.

These are just the guidelines to help you begin to develop a vision for your business. It is important to take the time to lay out a plan that will get you where you need to be.

Developing a business plan allows you to know and understand exactly what you want to do and how you can go about doing it. It is a map, a guide, to the creation of the project that you have envisioned. It serves as a course corrector to help a new company stay on target, on time, and within budget.

Before venturing into a new business, take the time to follow the ABC’s and develop a business plan that will allow you to keep focused on your business. A business plan will also prepare you to present your ideas to others you encounter – your accountant, your lawyer, and even potential investors.

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