Writing A Business Plan For A Small Business

Writing A Business Plan For A Small Business-7
The Service Corps of Retired Executives (SCORE) estimates that about seven out of every 10 new businesses that hire employees will survive two years, but only half will still be in business after five years.Beating those odds means understanding how to run a business.If you want to open a pharmacy in a small town that currently has no pharmacy, the competition in your industry is very different than if you want to open a pharmacy in a metropolis that already has a pharmacy on nearly every corner and additional branches in every supermarket. Maybe you offer free delivery or online ordering that will set you apart in the industry.

The Service Corps of Retired Executives (SCORE) estimates that about seven out of every 10 new businesses that hire employees will survive two years, but only half will still be in business after five years.

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If you’re seeking funds for business expansion, include a detailed history of your current business practices and growth.

Glenda Taylor is a contractor and a full-time writer specializing in construction writing.

Include projected net profit, projected turnover, expected loan repayment rate and profitability expectations.

Equity investors want to know if dividends are available, the rate at which you expect to realize profits and the distribution or reinvestment of those profits.

Copies of demographics and statistics, applicable articles from the business section of a regional newspaper, copies of market research and photos or descriptions of the services or products you intend to sell are all valuable documentation.

Writing A Business Plan For A Small Business

Include copies of templates and forms you intend to use for forecasting cash flow, results of test marking and samples of promotional brochures.

She also enjoys writing business and finance, food and drink and pet-related articles.

Her education includes marketing and a bachelor's degree in journalism from the University of Kansas.

Your business plan serves the same purpose; it identifies your market, analyzes the industry and factors in probable costs and profits.

Keep it brief, keep it truthful and back up your logic with figures. Use everyday language and outline your plan, grouping similar ideas under the same headings. A banker or investor doesn’t have time to wade through lengthy explanations.

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