If you’ve been looking for a sign to take the business idea in your head to the next level, this blog is it! December is National Write a Business Plan Month and is the perfect time to put your thoughts to paper and take the first step in launching your idea. We’re breaking down the must-have elements so that you can craft a successful business plan.
A business plan is helpful for you and your future business. Throughout crafting a plan, you will conduct research and think through critical questions about things like products, management structure, and financials. At the end of the process, you’ll have a helpful document that you can refer to often and show others. By going this in-depth, you’ll be prepared to answer anything that comes your way from future employees or partners.
A successful business plan typically has the following components:
- Executive Summary
- Company Description and Structure
- Market Research and Strategies
- Product Description
- Sales and Marketing
- Logistics and Operations
- Financial Plan
You can adapt different elements based on your purpose and industry. Having clear sections allows your reader to easily digest and process the information in the plan. Within each section, expand and create sub-sections to better layout your thoughts and research. Be sure to add graphs and images whenever it makes sense to break up the text and provide visual context.
There are a plethora of free and paid resources available online to help you better craft your successful business plan. These articles from Nerd Wallet and Inc. are a helpful place to start! You can also reach out to mentors and colleagues for assistance and feedback. Getting eyes from someone who has been through the process and knows the ins and outs of the industry is valuable when it comes to refining the plan. They’ll have insider knowledge about what prospective investors, partners, and employees are looking for.
At AdvantEdge Workspaces, we are here to assist as you develop and nurture your new business. It can be hard to focus on writing a plan at home. Rent one of our private spaces or a coworking desk to work in a quiet, professional space with all the standard office amenities- and more.
While you are getting started, it can be helpful to have the business basics, such as an address and a phone number. Whether you need a physical space or not, AdvantEdge can provide virtual packages that include mail processing and forwarding, call answering, and sending voicemails directly to your inbox. These services can make a difference when it comes to showcasing your new business to others and getting things off the ground.
Even though the end of the year can be hectic, time off around the holidays provides an opportunity to fine-tune your ideas. Start crafting your business plan today, and move into our space and not pay until February 2021!