Starting a new business comes with a lot of responsibility, most of which you handle on your own as a business owner. You wear the hat of every department but you’re still only one person. However, the best way to ensure that you are not going into the startup without understanding the risks is to create a detailed business plan. If you hoping to obtain financing for your new business venture for any portion of your company, then a business plan will be a requirement for the one assessing whether you are fit for a business loan.

There are many things to consider when writing up your business plan such as Management, Product/Service Quality, Market Competition and Financial Projections.

Management: The management aspect of the business is absolutely critical for its long-term success. Even the best product or service can be ruined by poor management. When putting together the team for success you should think long-term and what they can bring to the table in regards to experience, track record of success and ability to work in a team environment. This will set a solid foundation and be just the start of a successful business plan.

Product/Service Quality: Any objective observer will want to know how you are going to set apart your new business from the rest already in your business space. You have to really ask yourself what is different about your product or concept and how you will be able to overcome your competition.

Market Competition:  Creating a market analysis to determine the local and/or national competition and the level of interest for your offering is going to be. Your market analysis should include your examination of your local demographics to find our if there are enough people in your area likely to want or need your product or service.

Financial Projections: Lastly, a solid business plan will describe detailed projections of your expected revenue, expenses, profit, annual growth, etc. You will want to err on the conservative side so you can prove that the business will throve even under adverse conditions.

BASC Expertise has over 15 years of experience helping business owners in the very first step in their business ventures to helping them create business plans and follow them through the lifecycle of their business. Reach out today if you’d like a free consultation to get some insight on how business planning can help you out come the new year of 2020.