Starting a business? Consider these tips when writing your business plan

Starting a business is a big step. With so many issues to consider, how do you determine the first steps to take to put your company on the best path to success? One of the first things you need to do when starting a business is writing your business plan.

What to include in your business plan

Your business is your priority. Your business plan needs to be tailored to your unique plans and goals. This is why it is important to have an understanding of what to include in your business plan before you get too far into starting your company.

Your business plan should discuss:

  • A summary of your business: this typically includes a mission statement, the product or service you will offer and who will own and work at the company.
  • The market: Is there a market for your business and are you able to compete with existing businesses? It can be helpful to include a description of the types of consumers or other business your company will cater to.
  • Your business structure: This will include the legal structure of your business – whether you will incorporate your business, form a partnership, LLC or sole proprietorship.
  • The financial impact: How will you pay for start-up costs? You will also need to evaluate your current and future costs of running the business. You should also determine how much debt you are willing to take (if any at all), if you will look for investors or apply for a business loan.
  • How to resolve disputes: You should include a description of how disputes will be resolved involving owners, partners, investors, employees, customers and third-parties. Not all disputes will be easy to resolve but having a plan in place can make the process much easier if a dispute arises.

It is wise to work with a business law attorney to create and review your business plan to make sure everything is in order and discussing your current and long-term business goals so you can plan accordingly and make sure your business plan is properly set up from the start. However, understanding the basics of what to include in your plan will go a long way in setting you up for a successful future.

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