Writing a business plan for a new company is one of the most important tasks you will complete for your new business.
Writing a business plan for a new company is a critical task to ensure your new business gets off to the right start. If you are interested in writing a business plan, it should be researched well. There are many sources of information on the internet where you can get a good template to get this document started.
A business plan is the foundation of a new business and will guide the business through its first few years. More often a business plan is forgotten, or not written because other “more critical tasks” are given priority. The major components of a business plan are as follows:
- A mission statement so you can describe exactly what you are trying to achieve.
- A detailed description of your product or services, and specifically how they differ from your competitors.
- An analysis of your market. How you are going to enter the market, where you fit in the marketplace, and how much market share you believe you can capture.
- You will need to outline your complete management team, and include their experience, achievements and successes.
- Outline how the product or service will be marketed.
- Every company needs a cash flow statement. You should have a cash flow plan, and it should state how it will impact growth.
- A detailed Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis should be completed for the business. This will outline your opportunities and challenges.