Writing a business plan is not an easy task, which is another reason why most people give up before starting. Even more difficult is writing a solid business plan that others can read and take seriously.
But you don’t have to worry about either one of these when you work with us!
We've written several business plans over the years – from start-up ventures to more established businesses - and we're able to share our tips and tricks here for anyone who wants them.
This article will go into detail on how to write a simple business plan step by step, so keep reading! We'll also include some examples.
Simple business plans are great because they're straightforward and logical. They're not too flowery or dramatic, which makes it easier to understand what each section covers.
That said, there's no rule that says your business plan has to be like this ones mentioned below! You can add in much drama and floristry if you'd like, but we recommend staying lean and crisp unless you feel confident in your market and product.
Now that you have determined what your product or service is, how it will be marketed, and where you want to position yourself in the market, it’s time to write down the hard facts about your company!
You can use online tools and templates to help you organize and produce your business plan.
Now that you have determined what area of business you want to enter into, you will need to determine how much money you have to invest in your business. This can be done via and/or from several sources including loans, investors, and revenue streams.
By having adequate funding, you take stress off of being able to recruit customers and keep them loyal. Also, with more income coming in, you can spend time working on your business and not have to worry about buying supplies or advertising.
There are many ways to get additional funds for your business, so do not hesitate to look around! Many people start their own businesses by selling products or services they already possess. By offering these things at a lower price, it is easy to gain profit, which can help fund your business.
Choosing your business’s location is an integral part of starting your business. This article will talk you through all the different factors that determine the best place to run your business, as well as some simple rules for determining the right area for you.
It’s very important that you pick a good location for your business before investing in expensive equipment or advertising materials. You want to make sure that everything goes smoothly without too much hassle, so picking somewhere with lots of foot traffic and easy access to facilities are essential.
Also remember that not every city is suited to have a restaurant, even if there are already many restaurants around! If possible, try to find one close to where you live, or at least within easy reach.
Before you can write a formal, business plan that will help investors determine if your business idea is viable, you must choose what kind of business structure you want to use. This will tell people where the money comes from and how your company will be organized.
You have two main options when it comes to business structures: sole proprietorship or corporation. Both are easy to set up and require no legal representation unless something goes wrong!
Sole proprietorships are typically called “sole traders” or just “business owners.” With this type of business organization, everything belongs to you — the business, the income, and the tax obligations. You personally guarantee all debts for the business as well.
Corporations give you more separation between yourself and the business, making it easier to take breaks or even close down time you need to focus on other things.
A general rule of thumb is to start with a simple sole proprietor before moving onto a corporation. What most entrepreneurs don’t know is that you can form an S Corporation (for individuals) right away, without going through the process of incorporating first.
Now that you have determined what type of business you want to run, it is time to choose your business name! This will be your company’s legal identity so make sure you pick one you can live with for at least five years!
It is very important to use your strongest possible first letter as your business name. For example, if your business name was ‘Best Lawnmower Companies in The World’ then your strong A should be L or R- which are both good options.
Your middle initial should also stand out and represent your company. If your company does not yet exist, you can brainstorm some potential names and see how they feel before choosing one that you really connect with.
Once you have found your ideal name, take some time to think about how to market it. Create an engaging title and summary that grab attention and include keywords – this way people can find your business easy online.
After you have determined that your ideal career path is as a writer, author or blogger, then it’s time to register your business!
Registering your business with the state and/or county where you will reside is an important first step in giving yourself a strong chance of success. This way, you can start working under your own name and developing relationships within the community.
Many people begin their writing careers as freelancers, so this is something to consider. It also helps others know who to contact if there ever are issues such as copyright violations or product returns.
Business registration does not cost a lot of money, but it is worth the effort to ensure your hard work doesn’t go to waste.
Now that you have your business name, address, and phone number, it is time to get some more important business information! You will want to make sure that you include this info in your business plan.
You can use a third-party service to help you do this or you can do it yourself. Hiring someone to help you keep costs very reasonable, so try looking around first before paying anyone to write your plan for you!
Federal Tax ID – This should be done through the IRS as well as State Tax ID’s. Most businesses are required to have both! These are usually given via mail but you could visit their site to check easily too. Make sure to check this frequently as changes can affect how much money your business has taken in.
State Licenses -Most states require business licenses, typically sales, income, etc. Check yours here! https://www.dol.state.
Before you start writing your business plan, you’ll need to make sure that you have all of your licensing and permit applications completed!
Most state and local governments require proof that you are legally qualified to run a business before they will issue you a license or permit. This includes proving your legal name, proof of residency (for businesses located in city limits), proof of payment of taxes, and proof of insurance coverage.
Many times, entrepreneurs get distracted from writing their business plans because they forget about getting these permissions and approvals.