Missed our How and Why to Write a Business Plan Seminar? Have no fear – your seminar summary is here!
What you missed in a nutshell:
– Why to write business plan.
– The guidelines of writing a business plan.
– The elements that should be included in the business plan, such as, the business mission, vision, marketing plan, projected profits & expenses, and more.
Why write a business plan? It allows you to develop ideas in an orderly manner. A good business plan is a detailed vision of a pitch. Keep your plan simple, professional, written by one person, reviewed by you three separate times over a few days after completing the plan, and then reviewed by three different people. Your full business plan should be no more than 20 pages in length.
You must do research on what you’re doing – know the industry you’re getting into, stressed SCORE.
Some key points to focus on when writing a business plan:
The executive summary- this is the most important part of the plan and will be read first.
- This is your first impression as a business.
- If you don’t catch the readers’ attention in this section, you never will.
- This section determines what sets you apart and your unique magic and vision. Be sure to have a clear description of the problem you want to solve and how you plan to do that.
The business model- includes a business description, vision, and mission.
- In the description, describe your business and the factors contributing to its success.
- In your vision determine why your business is the most unique, what benefits you provide, and where you are going in the future.
The marketing & sales section- in this section you should list your:
- Target audience.
- How you’ll get the word out about your business (social media, direct mail, etc.).
- Answer how you will attract new customers and retain current ones, and where your leads are coming from.
The financial projections section – the cash flow statement is the most important part of this section. This helps your determine where you stand financially at a given interval of time.
- You want to project quarterly for the first 1-2 years of your business, and then yearly for 5 years.
- Make valid assumptions, don’t just write down random numbers.
- Include the number of customers, locations, suppliers, and re-sellers if applicable.
SCORE 36 is a nonprofit organization that helps small businesses. It offers free counseling sessions, workshops, and more. To learn more about how you can get free help with your small business or to set up an appointment, visit SCORE’s website at www.score36.org, give them a call at 732.224.2573, or find them at library counseling locations at Shrewsbury, Manalapan, Wall, and Middletown; main office at Brookdale Community College. They are also available through EMACC, SMCC, and GMCC Chambers of Commerce.
First Financial offers several business seminars throughout the year – most of which are free to attend and include light breakfast and networking in addition to valuable information. Visit our event calendar at www.firstffcu.com and subscribe to this blog to stay up to date on all future seminars.