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How to Write Your Business Plan

How to Write Your Business Plan

Have dreams of starting your own business, but don’t know how to get there? The first step to making your dream a reality is preparing a written plan. When it comes to starting and growing your own business, it’s no different.

A business plan helps you organize your thoughts. Your plan should include information on the products or services you’ll be selling, your projected sales, and how you fit into the current market.

Use the following business plan format to ensure your dreams become reality:

  1. Cover Page and Table of Contents
    • The cover page and table of contents are the opening of your business plan. Use your table of contents as a checklist for what you’re covering in your plan.
  2. Executive Summary
    • The Executive Summary is the foundation for your successful company.
    • Limit your Executive Summary to no more than 1 page.
    • This is your initial chance to introduce your business, so ensure the content is compelling to the reader.
    • Include a recap of your company’s history and background.
  3. Details of Product or Service
    • Explain exactly what your product or service is, and why someone would want to buy it.
    • Offer evidence of the advantages your product or service has over the competition.
    • Include pending or already established copyrights or trademarks.
    • Any present or future plans for research and development, including expansions.
  4. Develop Financial Plan
    • Explain the amount of funding you need, and what it’s being used for.
    • Include supporting documentation, including previous financial activity such as: income statements, budgets, and cash flow documents.
    • Projected financial activity.
  5. Outline of Strategy
    • Craft a market analysis, including:
      • Identifying and describing the industry
      • Your target market
      • How you’ll reach customers
      • Any market tests previously conducted
      • Current competitors
    • Marketing plan and sales strategy.
  6. Company Leaders
    • How your business is structurally organized.
    • List out the current leadership roles in the company with the people who fill them and their qualifications.
  7. Appendix

This list should be personalized and unique to your style and business.

Remember to consistently update your business plan throughout your company’s journey.

At Sandia Area we have a Commercial Services team dedicated to assisting our business owner members in getting the right accounts, credit cards, and loans that they need. Kawtar El Alaoui, our Commercial Services Officer, plays an active role in the business community, building relationships with local businesses, in order to best position you for success. To reach Kawtar you can either send her an email at Kawtar.ElAlaoui@sandia.org or call 505.256.6080 for more information regarding a business account with Sandia Area. 

We also recommend consulting with the Albuquerque Small Business Development Center, located on CNM campuses. They can assist you with fine-tuning your business plan, finding support for your business, financing, and much more. To get started, visit the NM SBDC website or call 505-224-5250.

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