How to Write a Business Plan
Learn the Basics from the Preferred Texas Small Business Insurance Agency
Many people dream of owning a successful business, but few can accomplish that goal. The reasons for failure can vary; however, with a business plan, you can increase your odds of not only surviving but also thriving in your venture. The term ‘business plan’ may be foreign to you, or it may cause anxiety because it sounds overwhelming. In reality, it is merely a roadmap that you use to start and manage your business.
Take advantage of the benefits of creating a business plan, such as attracting investors. Once it is established, talk to the knowledgeable brokers at The Nowell Agency about obtaining the necessary small business insurance. We work with many different types of industries in Texas, Florida, Mississippi, and Alabama to ensure they have the needed protection to keep their company running strong.
9 Basic Steps to Writing a Business Plan
Don’t be overwhelmed at the thought of creating a business plan. Instead, use these steps to get started, and soon you will have what you need to start building your dream organization:
- Summary of Your Business: This is your opportunity to share why you think your company will be successful. Items to include are your mission statement, the product or service, necessary information about staffing and location.
- Description of Your Company: Here is the section for sharing more details about the problems your business will solve for customers. Share information about the target market you will be serving. Discuss your competitive advantages and other strengths.
- Market Research Results: In this section, you will want to discuss the results of your market research. What trends and themes did you find? How can you do it better than the competition?
- Company Structure: Explain how your company will be structured, including management and the legal structure. You will want to share whether you plan to incorporate, form a partnership, or work as a sole proprietor or limited liability company.
- Service or Product: You will want to go into more detail about the type of service or product you offer. Mention how your customers will benefit, any plans for intellectual property filings, and any research and development you are conducting.
- Marketing and Sales Strategy: Explain how you plan to attract and retain customers. This section will be critical for financial projections, so you will want to be as thorough as possible.
- Request for Funding: If you are looking for investors, this section will cover how much funding you expect to need for the next few years, if you want debt or equity, and preferred additional terms for any funds. You will also want to discuss how the funds will be used, such as for equipment or materials.
- Financial Projections: This is where you will show your reader that your business is stable and will be financially successful. For an existing business, you will want to gather documents such as income statements, balance sheets, and cash flow statements.
- Appendix: Use this section for supporting documentation like credit histories, resumes, letters of reference, and other such documents.
Obtain the Right Small Business Insurance Coverage with Help from The Nowell Agency
Give yourself a leg up in your business when you design a roadmap with your business plan, then reach out to the experienced team at The Nowell Agency. We work with you to gain the best small business insurance for your Texas company at reasonable rates. Contact us and obtain a partner in protecting your enterprise.