DIGITAL STARTUP SOCIETY BLOG — Creating Your Business Plan

As you work on your business plan, one of the things you’re going to have to figure out is what type of business you really want. The type of business you start will inform many of your choices due to legalities and simply traditional practice. Whether your business is part-time, full time, a sole proprietorship, or you decide to incorporate depends on the rest of your research and your goals.    Determine Your Business Entity Type  The simplest type of business to start is a sole proprietorship, and it is the main type most people start, especially if they start...

One thing you will notice about your business plan development is that there are lots of parts. You’ll have to do a lot of research to get the answers that enable you to create your business plan. Analyzing your Market is one of the things that you need to do to gather the right information. If you don’t go through this process, you may make decisions based on erroneous information.    A market analysis answers the following questions: Who Are Your Ideal Customers? – Depending on your business, you may have several ideal target customers. Make a list of who...

As you work through developing goals for your business and your happy life, you may notice that you need to change what you’re doing now. In fact, as you move along in your business, whatever is in your business plan now might change. As you gain experience, some of the assumptions you made in the past will be thrown out for the reality of what really works and what doesn’t work per your metrics.    Learn How to Create SMART Goals The main issue with goals is that many times excited entrepreneurs don’t set goals that will work. A goal...

One of the things you need to do to write a useful business plan is to describe your business. It might seem simple on the surface, but you want to be careful how you describe your business so that it is crystal clear what you do, who you do it for, how you’ll do it, and why you’re the right one to do it.    Be Specific – When you choose the wording for your business description, you want to ensure that you are as specific as possible. You must use the right terms that the audience understands best to...

The executive summary is an important component of your business plan. It’s the part of your plan that is first, but it is often created last. You need all the other information collected, studied, and analyzed to create the executive summary. This summary will explain in a concise yet thorough way what you do, who you do it for, and why you will be successful doing it.   To complete the executive summary, include: Information about your research – The research you conduct will inform business decisions and help you develop your strategy for achieving your goals.  Results of said...