A business plan will help guide you through the different stages of starting or even managing your business. Think of it as a roadmap for structuring, running, and growing your business.
If you’re looking to start or expand your business by searching for outside capital, many investors require having a business plan presented for their decisions.
But don’t worry – you can find many business plan templates online to start. You can find a free Business Growth Plan HERE.
If you need further direction – we’ve provided 8 easy steps to creating a business plan perfect for 2022.
1. Executive Summary
An executive summary is basically a one-page synopsis of your mission, your vision, and your overall purpose. You’ll want to mention the name, nature, and basic details of your business. Discuss overall market, competition, and strategy. Will you need investments? Forecasting? Provide an overview highlight or operations.
2. Target Market
Who are your products or services intended for? One of the best ways to find out all this information is to send out a survey to gather demographics, interests, budgets, and anything else you’d like to know about your target audience.
Define your competitors. What are their strengths? What are their weaknesses? It’s important to learn what advantages your competitors have. Why are they different? Why are you different?
4. Human Resources
Having a dedicated team is vital to any business. As you grow, you may find yourself in need of additional staff to run your business. Do you know what you’ll pay them? How much experience will they need? What skills do they need to have?
Some businesses require outsourcing to complete their product or services. For example, if you have a product for sale – you may need to order packaging from another company to complete the sale. Will you require any other outside sources or projects to operate? What about supplies that you will be using on a regular basis?
6. Marketing Plan
A marketing plan will give you insight into what marketing channels you’ll be using for your business. Will you be using digital marketing? Outbound or Inbound? How will you get your products or services in front of ideal clients? How will you communicate your message?
Operations are a vital part of your business. They run the day-to-day of your company while you worry about more important things. Ask yourself how you’re going to run your business? Determine the most effective way to get the job done.
8. Financial Projections
They say it takes money to make money. With this in mind, you should determine how much money you’ll need to start or run your business. What’s the overhead, payroll, expenses, and taxes. Determine the profitability of the company?
Now that you’ve learned these simple steps, you can begin to create a business plan that works for you and your business. You should review your business plan annually and update it as necessary. If you need any help starting the project, we’re here to help. Simply contact us to learn more.
Salty Red Dog Marketing, LLC is a marketing agency in Red Bank, NJ, Westport, CT, and everywhere in between. We service businesses with marketing strategies, digital marketing, social media, and consultations.
Phone: NJ: (732) 802-6205 // CT: (203) 429-9671