Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many entrepreneurs to fail within the first year. Business plans should continuously be revised, edited and built-upon so the business can stay afloat and in the right direction. Entrepreneurs who invests a significant amount of time, money and resources into a business opportunity should consider creating a business plan to have the best chance of success.
Start a Business with a Plan
It’s important that opening a business of any size requires careful consideration and thoughtful planning. Almost every individual is aware of this fact. The reasons of starting a business can vary independently by the individual and is most often the first thought of their entrepreneurial decision. Maybe it’s the liberated idea of becoming your own boss or the simple credence that an individual feels can better utilize their talents and resources then for their own employer. Maybe an individual feels that they maintain enough clients to manage their own start-up foundation or hold a competitive product or service that they can innovate and introduce to the market. Whatever the reason is, the individual believes their own business will provide a means of independence, control, satisfaction, increase in income and value. But its far too important to understand that the essence of every business requires planning and nothing is more critical to the foundation than a well-constructed, lifelong business plan. According to Wasserman (2010), “A great business plan is a living, breathing blueprint for your business that can help you navigate and manage your company while also helping potential investors, partners, lenders, and others understand your business strategy and your chances at success. A business plan is never quite finished because you're always
revising it, reviewing it, and building upon it.”
It should be created as a strategic, organized guideline that should be replicated and followed through the duration of the business operation with yearly, and sometimes quarterly reviews. A new business is always originated and built from the thoughts and ideas of individuals and then eventually transcribed on printed paper or computer software. This makes it readily available to be presented to those that may share an interest in the business and help to recollect every aspect of the business. Business lenders and advisors may often be predisposed to review a business plan prior to making any commitment to a new business. Overall, starting a business should first require the creation of a solid business plan, a visionary roadmap of a business that outlines the company overview and operations, marketing, and financial details of a new business.
Company Overview & Operations
When considering to start a business, every individual may have thought of their business name and the product or service that they’ll be selling to the customers prior to writing a business plan. The company overview may often be the first section disclosed in a business plan and designed to provide more information of the business to its readers. It should include a detailed description of the product or service to be introduced to the market. It shouldn’t be overly technical but rather distinguishable by a common party such...
References: Fisher, S. (2011, April 12). Your Business Plan Blue Print – Part 4 – Company Overview. The Bottom Line. Retrieved December 11, 2012, from
Guide for Writing a Business Plan. (n.d.). In SBA.gov. Retrieved December 11, 2012 from http://www.sba.gov/content/templates-writing-business-plan.
Oman, J. (2011). Understanding Your Competition. Small Business BC. Retrieved December 11, 2012, from http://www.smallbusinessbc.ca/starting-a- business/understanding-your-competition.
Wasserman, E. (2010). How to Write a Great Business Plan. Inc. Retrieved December 11, 2012, from http://www.inc.com/guides/write-a-great-business- plan.html.
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