Business Plan 101

Putting together your ideas for a new business can be a bit like playing chess. If I move my knight here, then my rook here, CHECK MATE! Unfortunately, it is not that easy.

Often times, this "business idea" manifests itself so fast. Before you know it, you have closed your first deal and your rolling forward like a steam engine headed down the tracks. "All steam ahead" is great, until something happens like "I need to hire someone" or you terminated someone and that first unemployment hearing notice appears and it derails you for a quick minute.

When your business comes together on a fast track you might forget to brainstorm about your actual purpose, your mission or a strategy to fill the pipeline when it gets slow, and trust me, it will... get slow. You might have missed a few steps but that is ok!

So, if you are getting a business plan together or you are already in business, I have broken down the TOP 8 Business Plan 101 things to consider moving forward.

Lets get right to it. Here is the Top 8 for Business Plan 101:

1. Executive Summary This is a one page nutshell containing your mission, vision and your purpose

2. Target Market Who are your products/services intended for? To get data send a survey to gather demographics, interests and budgets

3. Competitors Define who your competition is, what are their strengths and weaknesses. Determine your competitive advantage. Why are you different than them?

4. Human Resources Will you need additional staff to run your business? What will you do to be competitive regarding pay & benefits? How much experience would you be looking for? What skills do they need to have?

5. Vendors/Suppliers Will you require outside sources or projects to operate? What about supplies that you will be utilizing on a regular basis?

6. Marketing Plan How will you get your products/services in front of ideal clients? How will you communicate your message? Do you have a Social Media Marketing Strategy?

7. Operations How are you going to run your business? Determine the most effective and efficient way to get the job done.

8. Financial Projections How much money do you need to start/run the business? Determine the profitability of the company!

If you need help in any step of this process or need assistance optimizing any of these pieces Elevate Business Solutions is here to assist you. You can reach us by emailing to schedule a consultation. We're looking forward to helping you through this chess game!

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