May 2022 Economic Development Update:
Writing a business plan is the process that gets all those business-related thoughts running through your head down on paper. It helps set you up for success by outlining all aspects of your business before you’ve invested a significant amount of time and money.
Products and Services. What do you plan to sell? What are the features and benefits? How are your products and services different from others on the market?
Location and Facilities. Where will you set up your business? Are you able to run the business from home? Do you own or have access to a facility already or do you need to find a location?
Industry Overview. What industry will you be operating within? Who are your competitors? What are the current trends and future outlook in the industry?
Marketing Strategy. Who are your customers? How are you going to price your products or services? How will you promote your offerings? How will you distribute your products?
Management and Staffing. Do you need employees? Where will you find them, what skills will they need, how are you going to compensate them?
Risk Management. What are the issues that could negatively impact your business? How will you mitigate those risks?
Implementation Plan. What is the timeline for key activities to launch your business? Who will be responsible for their implementation?
The process can be intimidating and it is a lot of work. Sunrise Corner Economic Development can help. We can provide a business plan template to get you started, be a sounding board for your ideas, or provide feedback to your plan. In addition, we can connect you to Community Futures Triple R, which can provide even more business development support as well as financing advice. We’ll talk about that more next month when we outline development of your financial plan which is necessary to determine the investment required to start your business and keep it operating, whether that’s financing from a bank, outside investors, friends and family, or from your own savings. Bottom-line, a business plan will give you the confidence that you’ll be able to make money with your business.
No matter what stage your business is at, I’d love to hear from you. If you’d like to discuss some ideas or get help narrowing down the options, feel free to reach out.