In the article “Creating a Successful Startup Business Plan,” featured on the Lincoln Journal Star’s website, author Catherine Conlan shares information on how new businesses can thrive with a well-written business plan.
“A good plan will keep you focused on important goals and help keep you on message as you talk with potential investors, business partners, employees and customers,” writes Conlan in the article.
As noted in the article, here are some tips to consider when developing a plan for your new business:
- Realize your plan’s audience. Consider your audience before starting your plan. Understand who will be reading this business plan and the information that they need to know the most. Especially if you are not seeking outside funding, your plan can be as simple as a one page document.
- Do the research. Get to know your potential customers in the area as well as the surrounding competition. This knowledge can help you devise a strategic plan in many ways, including pricing, staff needs, marketing, etc. Use all of the resources available to you, including social media.
- Stick to the basics. Understand the important parts of a business plan, including an executive summary, financial statements, SWOT analysis, etc. and stick to that outline. Business plans are not a new concept and there are plenty of examples available on the internet and through business consultants to model your plan after.
- Revise often. Remember that your company’s business plan is a living document and should be revised on a regular basis. With ongoing modifications to your plan, you can ensure that your business is reaching its goals.
Read the entire article on how to develop a good business plan for startups here.