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Starting a Business? Learn How to Easily Create Your Business Plan

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Starting a Business? Learn How to Easily Create Your Business Plan

Published: September 6, 2013 Updated: September 11, 2013

Are you thinking about starting a business? One of the first things you will need is a business plan. 

Business plans are essential in helping entrepreneurs prepare, manage and direct their businesses, however, creating a plan can be intimidating and time consuming. It’s also hard to even know where to start.

As a part of SBA’s mission to help small businesses grow and succeed, the agency has created a Business Plan Tool  which helps simplify the process.  The tool consists of eight steps which include:

1.      Cover page [Company name, address, phone and logo]

2.      Executive Summary [An introduction to your business]

3.      Company Description [High-level review of your business]

4.      Market Research [Description of your target audience]

5.      Product/Service Line [Description of your product or service]

6.      Marketing and Sales [Your marketing and sales strategies]

7.      Financial Projections [How your business will meet financial obligations. The plan includes four spreadsheets which allow you to easily plug in your numbers.]

8.      Finish up [Once you have completed steps one-seven, you can print your plan in either a Word or PDF document.]

To get started, create an account or log into SBA.gov.  Once logged in, you can easily move through the step by step process of inputting your information into the sectioned templates.  You also can move at your own pace through each section, save your work, and email the plan.

After you completed your business plan, let us know what you think about the tool.  Your feedback is valuable to us.

 

 

 

About the Author:

AlexisB is a moderator for the SBA Community. We appreciate your participation and feedback on how we can continually improve the community to meet your small business needs.

Comments:

This looks to be a great tool for starters. However, there's one section I think missing: Competitive Analysis. This section can be the most difficult yet absolutely vital section to compile when writing a business plan. It mainly includes two things: 1) determine who your competitors are. 2) gather the information about your competition that you need for the competitive analysis. This includes: A. What markets or market segments your competitors serve; B. What benefits your competition offers; C. Why customers buy from them; D. And as much as possible about their products and/or services, pricing, and promotion ETC. It'd be great to have this section be incorporated into business plan tool as well.
The SBA has provided truly valuable resources here. Entrepreneurs want to be careful of relying on templates for their business plan. A template is good as a general guide, but it is better to create a custom business plan. You must be completely knowledgeable about your financial statements and understand what the numbers mean and how you came to your conclusions. Relying on fill-in-the-blanks forms can leave you without a complete understanding of the business plan.
It is wonderful to be here to embrace the steps to become independent. Thanks to the people who share their views from their experience and to those expert team from SBA who give their time and knowledge to share with beginners like me!
Some business expirience and you create a plan easily.
after having completed the plan, continuing is the Business Registration
Many wish to take the short cut and just commence with the business right away without doing extensive planning. Thanks for the reminder.
Good initiative again taken by SBA. Though business plan is essential for any type of business to start with. One need to jot down the plan before entering into any type business with an open mind.
You need more experiences to buid the biz plan feasibly
i think need kpi about finance so you preapre every thing start up .kpi for 5 year .i think so .
business plan is very important for the success of your company. If the plan is not clear, your company may run downt.

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