Writing A Business Plan
Here are some helpful questions to ask yourself (in no particular order) when planning a new business:
What will my startup costs be? Equipment, training costs, license costs, health insurance, liability insurance, building or office rental or purchase costs, vehicle cost, phone, website and marketing costs, and other miscellaneous costs associated with your particular business.
Based on my startup costs, will I need a business loan?
Who is my target audience?
Will my business thrive in the economy of my target audience?
Who is my competition? How do they operate their business?
What will my business structure be? Many small businesses start as a sole-proprietorship or partnership. If you are worried about liability, you may wish to form a LLC (Limited Liablity Company) or a Corporation.
Will I need specific training or certification in order to start my business? Some laws require special training courses, certifications, or licenses to operate certain businesses.
Will I need to rent/buy a commercial building? If so, is the building zoned for the type of business I want to start? If not, there is a possibility that a zoning variance could be granted by the local government.
Will I need special permits to perform services my business will require?
Will my business be subject to governmental inspections, regulations and local code enforcement?
Is my business legal? Make sure your business idea is not only legal, but that you will be following local and state laws that may apply to your business.
Will I need employees? If so, will I financially able to pay a wage, health insurance, worker’s compensation, and other employee related costs?
What will my business name be? Find 12 tips on choosing a business name here.
What are the short-term goals of my business?
What are the long-term goals of my business?