Business Plan Details

  Originally published 11-29-2008 on Wordpress.

Here's a look at some of the business plan details, in well, detail.

#1. The Name Of Your Business.

It sounds a bit unnecessary to mention, but remember that since this is a plan for your business, it is a smart idea to include the name of your venture. When naming your business, try to reflect on what you do, want to achieve, or simply something smart and catchy. If you are a freelancer it might be a good idea to include your first, or last name, in your business' name.

#2. What You Do, and What You Need To Get It Done.

Let's say you sell shoes, that's great. But what kind of shoes? Sneakers? High heels? Ballet shoes? You will need something a bit more specific, to write into your business plan. Now let's say that you sell ballet shoes, that you will custom design. Then you must think about what you will need to keep doing so. Will you need fabric paint, ribbons, an embroidery machine? Will you send the shoes somewhere else to be made? These are things to consider.

#3. A Little Market Research

Another important part in your business plan, that some people don't bother with, is market research. It is just what it sounds, researching your market. Keeping with the designer shoe story, let's say that you plan to sell the shoes from your home. What if your next door neighbor was doing the same thing? What if your town is a small mountain town, where everyone only wears hiking boots? How much do your custom designer shoes cost to make? Taking the time to do a little research, and writing it into your business plan, will save you a lot of time and grief in the future.

Helen