Small Business Planning Made Easier
We break down complex business ideas, so you can easily make informed decisions. Planning your business is a crucial (and exciting) stage.
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LLC vs. Corporation
LEARN MOREName Your Business
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‟Our goal is to be your go-to place for all your small business needs. Whether you need help choosing the right structure or staying compliant, we’re here to make sure your business starts off on the right foot.”
Why do you need a business plan?
There are a few ways a business plan helps set you up for success. First, it forces you to consider all aspects of the potential business. When done right, your plan guides your operations.
Second, if you’re looking to secure funding through a bank loan or by private investors, they’ll want to see a solid business plan. Before anyone funds your business, they’ll calculate their return on investment. A business plan shows them you’ve thought through everything from market analysis to marketing and sales strategy. It’s creating a roadmap designed to get you — and them — to your destination.
Third, it helps you evaluate your progress. When you determine a vision for your small business, you can set goals to meet that vision. Decisions on positioning, marketing tactics, and operational efficiencies become easier because you have a goal in mind. When Key Performance Indicators (KPIs) are missed, you can adjust your plan. Without goals, you wouldn’t know how to evaluate KPIs.
Frequently Asked Questions
Every business benefits from a well-written business plan. It guides entrepreneurs on their journey, giving them insights into what works and what doesn’t. If your business wants to get a bank loan or private investment dollars, it must have a business plan. If you’ve been a sole proprietor and are ready to start your LLC, a business plan lays the foundation for success.
While you can work through trial and error, it’s going to cost you time and money. Performing solid market research and analysis will help you create a more effective product or service from the onset.
The answer depends. If your goal is to secure funding then that is your next step. You need to ensure you have the startup investment necessary to get going and access to funds for growth.
Once you fund your small business, it’s time to build your operations. If you need a team, hiring the right people is crucial. Whether you’re a one-person or multi-person business, efficiency can make the difference between being in the black or in the red.
From there, you follow your business plan. Having that roadmap in place tells you exactly what you need to do next.
A minimum viable product, or MVP, is a concept that prioritizes validating an idea before fully fleshing out all of its details. One of the challenges entrepreneurs face is spending too much time in preparation for something that may not work. Startups who use the MVP method are able to test, refine, and validate. This saves them time and money when done correctly. In your business plan, outline how you’ll use your market insights to approach your minimum viable product. This shows potential investors you understand the importance of knowing your target market and adjusting for maximum efficiency.
