The foundation of any business is its business plan. It helps you stay focused as you grow your business and is invaluable for financing endeavors. Not only does a business plan help you convince others to work with you, it also convinces you that your idea is sound. There are a lot of templates online that can help you create your business plan. Before you download one and get overwhelmed, here are some tips to keep in mind.
Start With the Audience in Mind
A business plan for investors is different from one that you would use in the beginning of your business. You’ll want a more formal plan for funding. Consider where you are in business when creating your plan.
You Have the Passion, Write Down Your Ideas
Start with the main elements of your business. When you’re new, you may not have more than a paragraph for each section. You may even need to do research to write that much. But get your main ideas on paper about your company, mission, marketing, products and so forth. You can fine-tune it as you learn.
Don’t File Your Business Plan Away
A good business plan isn’t a document that you write and file in a drawer. Think of your business plan as a living document that will change as your business grows. Go back to it every quarter and update it. When you do need to present your plan to investors, you’ll be more prepared.
Use the Resources Available to You
The SBA and SCORE offer a lot of help to small businesses. Don’t reinvent the wheel. Take advantage of the help on their website and in their offices. Find a mentor who can help you on your venture.
Goldendale Capital can help your business grow at any stage. Contact us for more information about financing options.