top of page

What goes into a Business Plan? (The basics)

Updated: Jan 17, 2023

The Right Kind of a love on a Sunday Morning


I remember the first business class I ever took. Like all business classes, the instructor covered what a business plan was and had us create them for our fictitious businesses.


My small business was called "Sunday Morning" (Sublime was a thing for me). It was a retail clothing store to feature 'cool' trends. Which at the time seemed like an easy enough business to make a business plan for. Plus I considered the business plan as a the groundwork for something tangible.


The business plan was tedious yet stressful all at the same time.


While my age was a contributing factor to the stress I felt, creating a business plan at any age can be taxing. It's more taxing for your business not to have one.


Let's dive into what exactly a business plan is and benefits of having a business plan. Then we can discuss the information you'll want to include in that plan. If you're still needing help, get in contact with us.



What is a Business Plan?


A business plan is the foundation of a business. It is the roadmap to your business’s success - an in-depth and concise plan. It includes your strategy and business highlights.Which are used to forecast business demands, secure financing from investors, and for executing strategy.


According to the Small Business Administration, there are two primary types of business plans, Traditional and Lean Start Up. A Lean Startup has only key elements. The more formal type , a Traditional Business Plan, is detailed and comprehensive. With the Traditional Business Plan being more common, we will go over what is needed for it.



 

  1. Executive Summary Mission Statement, Company history, Leadership, competitive advantage overview, financial projections, and company goals

  2. Company Description Answer the following ; What is your company? What does your company do? How does it do it?

  3. Market Analysis The detailed assessment of your business’s target market and competitive landscape in a specific industry. You'll need to include the size of your market, current potential, marketshare, trends in the industry, consumer behavior, gaps in the industry and how you are going to overcome those obstacles.

  4. Structure Legal structure of your company that leads the day to day operations. Below is a list of structures. Sole Proprietorship Partnerships Corporations S Corporations Limited Liability Company

To learn more about these structures, visit this link .

5. Service/Product Line Product Comparison, Accreditations/Intellectual Property, Lifecycle, Pricing, sales and distribution strategies, fulfillment, requirements, expansions, photos, and brochures.


6. Marketing Plan Market Strategy 7. Sales Plan How your business is going to generate profit. Include your realistic goals, how you’re going to track your sales, future expectations, commission structure, and any relevant training programs. 8. Funding Request What you are looking for and how you are going to use it. Include what materials/equipment you are going to need to purchase, salaries, or how you need it to cover bills until revenue increases. 9. Financial Projections Typically graphs showing your expected growth based on the information you have provided

10. Appendix

This may include mathematical proofs, lists of words, the questionnaire used in the research, etc.

 

safdar@solintegrum.com

nikita@solintegrum.com




6 views0 comments

Comments


bottom of page