Day 28: 2 Days To My Business Plan

Photography by Sidney Diongzon

Photography by Sidney Diongzon

The map? I will first make it.
— Patrick White, Voss

In high school I never enjoyed writing essays, especially if it was a final. I would finish my topic sentence, but was clueless to write the rest. Then I started mapping. I would map out my essay to help lay out the topics I wanted to write in certain sections. It was a simply outline that helped me keep writing and prevented me from getting stuck. So I'm going to do the same for my business plan. Fortunately, there's a plethora of examples on the Internet which have similar features:

  1. EXECUTIVE PLAN (this is like your introduction paragraph in an essay, giving a captivating summary of what your business is all about).
  2. BUSINESS CONCEPT (like the first paragraph of the body in an essay, this is where you detail how your business works, it's purpose, its core values, and who your primary customer is).
  3. MARKET ANALYSIS (like the second paragraph of the body in an essay, this is where you mention the industry you're going into, who your target market is, competition and why your business venture is better).
  4. ORGANIZATION PLAN (like the third paragraph of the body in an essay, this where you mention if your business is a sole proprietor, partnership, LLC, or corporation as well as who does what in the company).
  5. MARKETING PLAN (like the fourth paragraph of the body in an essay, this is where you lay out a marketing strategy to reach your customers).
  6. FINANCIAL PLAN (like the fifth paragraph of the body in an essay, this is where mention an startup costs, cash flow, and other financial expectations.
  7. GROWTH PLAN (this is like the concluding paragraph in an essay, reinstating the need for your business in the marketplace as well as a plan to grow your company in the next five years and beyond).

Mind you, this is a very laymen's version of what a business plan should be. Feel free to do some further research to help you get a better idea for your business. Business plans may seem daunting like writing an essay, but don't be discouraged. Remember, take a step back and look at the overall picture, then attack. Don't let business bully you.

Map out before you venture out