Business Planning

In its most general sense, business planning is all about taking your dream and turning it into reality. A business plan is the document you create when you take an idea for a commercial endeavor and work through all the factors that will have an impact on the successful startup, operation, and management of the business. The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. A business plan consists of the following:

  • A description of your company
  • Products and Services
  • Marketing Plan
  • Operational Plan
  • Management and Organization
  • Personal Financial Statement
  • Startup expenses and capitalization
  • Financial Plan

Before developing a business plan I highly recommend participating in a strategy workshop.