” When you make the decision to go into business for yourself, which is an awesome decision, however it encompasses a lot. One of the first things to do is start developing your business plan.
The first step in writing a business plan is to gather your thoughts as to why you want to own your own business, then write them out in as much detail as possible this is very important, even the Bible states (write it out, be clear, so that those that read it, can understand and help) paraphrased Habakkuk 2:2. This is key in developing a Strategic Plan, which will allow you to develop a solid overall business plan.
It is important to understand that a business is always evolving, it is also important to document every aspect of your business as you enter the Start Up phase which is generally the 1st 18mos to 2 years of actual business operations.”
Some of the key components in developing a Business Plan:
- Company Name and Address
- Vision, Mission, and or Purpose Statement
- Company and Leadership Background
- Product Description
- Marketing Plan
- Day to Day Operations Plan
- S.W.O.T. (Strengths. Weaknesses. Opportunities. Threats. ) Analysis
- Competitor Analysis
- Capital Requirements (Financial and or Equipment)
- Financial Statements
- Confidentiality Statements
Article Contributed by Darryl A. Walker Sr.
C.E.O. Roundtable Consulting Group
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