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Fri, Nov 23, 2018 4:41 PM


National Business Plan Month

December is National Business Plan Month.
National Write a Business Plan Month is an annual designation observed in December. Every business needs a business plan, and it’s a great step in the right direction when it comes to creating your own company, or if you never created a plan for your current business. Whether it is your livelihood or just a side gig, putting together a well-researched and detailed business plan will make your life a whole lot easier in the weeks to come. So if you are starting a new business or just want to organize your existing one with a formal business plan, here a few few things to think about.

HOW TO OBSERVE Create your own business plan, and post to social media using #WriteABusinessPlanMonth. (Okay, don’t post your actual business plan to social media, but make a status to let people know what you’re working on so they’re inspired to either do the same or check out your business when it’s all ready to go!)If you aren’t sure how to put together a business plan, you’re not alone. They take a fair bit of time and hard work, but when they’re done right, they’re amazing tools. Here are some essential elements of a great business plan.

  1. Executive Summary. This shows your business plan in its entirety, including your business’s profile, mission, and how you plan to get there.
  2. Market Analysis. This part involves thorough research on the industry of your business. It’s the quantitative and qualitative assessment of your market.
  3. Company Description. This should offer information about what your company does, and what differentiates you from others similar to you if any. It would also be wise to mention your target audience/clients in this section. Who do you appeal to?
  4. Management and Organization. Discuss who is in charge, how many employees you wish to have, and the basic workflow.
  5. Marketing and Sales. How do you plan to promote your business and make sales?
  6. Services and/or Products. Talk about what you’re selling or what services you offer, and who they will benefit. Go into detail about these products or services.
  7. Request for Funding.  If you need assistance with funding your business or products, mention how you plan to access those funds.
  8. Financial Projections. In this section, provide financial projections for 3-5 years. How much you plan to spend, earn, and what your profit is expected to be.
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