The first thing to study when considering a new business is how to write a solid business plan. In order to acquire the support of financial lenders, management, suppliers and personnel, the business plan should outline in detail the vision and plans for the future of the company.
The first section of the business plan should be an executive summary – a general explanation of the company’s objectives, mission and strategies. Next comes the company summary. This section should explain, in more detail, the vision for the new business, including its niche and its goals, its function and its services.
Next comes an intricate market analysis. This can be made simple by a SWOT report. SWOT stands for strengths, weaknesses, opportunities and threats. Each of these should be separate sections that are well thought out and contain many possibilities. Try to think outside the box here. Write down all possible opportunities for the business. It is when one stretches the mind and thinks creatively that the best business ideas are born.
The strategy and implementation section explains HOW the goals will be achieved. A step-by-step list is appropriate for this section. Think realistic, obtainable steps to reach the goal. This section should also include details about the type of company (sole proprietorship, partnership or corporation), and the personnel required as well as salary estimates.
The final section includes financial documents of any existing business and tax records for the last three years of the persons interested in starting the business. By following these simple steps, entrepreneurship can be within reach!