If you’re starting a business, a small business plan is a key part of your overall business plan. A small business plan outlines your business goals and how you plan to achieve them. It’s a roadmap for your business that can help you stay on track and grow your business. There is no one-size-fits-all template for a small business plan, but there are some key components when creating your plan. Below are some things you need to create your plan and make your business a success.
1. Business Account and Tax Information
To start a small business, you’ll need to have a business account and tax information. These accounts will help you keep track of your finances and understand the tax implications of your business. You can get a business account at your local bank or credit union. You’ll also need to get a federal tax ID number for your business. For credit card processing services, you’ll need a merchant account. You can get a merchant account through a credit card processor or a bank.
2. Idea For Your Commercial Property
One of the things you’ll need to create a small business plan is a commercial property. This is the physical location where you’ll do business. It can be a retail store, an office, or a manufacturing facility. You’ll need to consider the size of your property, the location, and the amenities you’ll need. A commercial roofing company can help you with the roofing for your commercial property. Consider which type of property you want when creating a small business plan, and budget for the purchase or lease of a commercial property.
3. Small Business License
Depending on the type of business you’re starting, you may need to get a small business license. This is a legal document that allows you to operate your business in a particular location. You’ll need to check with your city or county to see if you need a license for your business. If you’re starting a home-based business, you may not need a license. But if you’re starting a business that will have a physical location, you’ll likely need a license.
4. Business Insurance
Another important part of a small business plan is business insurance. This will protect your business from liability in the event of an accident or a lawsuit. You’ll need to get a business insurance policy that covers your business type and location. When planning a small business plan, consider how much you’re willing to spend on business insurance.
5. Human Resource Specialists
Employee benefits providers like human resource specialists can help you set up a benefits package for your employees. This can include health insurance, retirement plans, and other employee benefits. A human resources specialist can also help you with payroll and other HR services. When creating a small business plan, consider the costs of a human resources specialist and whether you need one for your business. You can also consider outsourcing your human resources needs to a company that specializes in small businesses.
6. Marketing and Advertising Strategy
A small business plan should also include a marketing and advertising strategy. This will help you reach your target market and promote your business. You’ll need to consider your budget, your target market, and the best ways to reach them. There are many options for marketing strategy, so you’ll need to tailor your strategy to your business goals. Many marketing strategies will include a mix of online and offline marketing. You can use a variety of marketing tools to reach your target market, including social media, email marketing, and pay-per-click advertising.
7. Operational Plan
A small business plan should also include an operational plan. This plan outlines how you’ll run your business on a day-to-day basis. It includes your business hours, your employees, your inventory, and your suppliers. You’ll need to consider your operational costs when creating a small business plan. This includes the cost of goods sold, labor costs, and overhead costs. You’ll also need to factor in the price of your products or services. You should also consider which costs you can reduce. For instance, equipment rental is often a significant cost for businesses. You can reduce this cost by leasing equipment instead of buying it.
8. Financial Plan
The financial plan is essential for a small business plan. This plan includes your income statement, balance sheet, and cash flow statement. It also includes your budget. Your financial plan will help you track your progress and ensure that you’re making a profit. It’s important to review your financial plan regularly to make sure that you’re on track. If you’re having trouble creating a financial plan with a small business plan, hire an advisor or an accountant to help you.
9. Potential Investors List
If you’re looking for investors, a small business plan can help you. A potential investor list can help you identify potential investors. This list should include the name, address, and contact information of each potential investor. It should also include a brief description of the investor’s background and investment history. When creating a small business plan, consider which investors you want to target. You can also use a potential investor list to find a venture capitalist or an angel investor. Research which investors support your business and values, and reach out to them as soon as possible before you create a small business plan.
10. Exit Strategy
An exit strategy is a plan for how you’ll sell your business or close it down. This is an important part of a small business plan because it shows potential investors that you’re thinking about the future of your business. It also shows them that you have a plan for what will happen if your business fails. There are many exit strategies, so you’ll need to choose the one that’s right for your business. You can sell your business, close it down, or transfer ownership to another person.
11. Business Plan Software
There are many software programs available to help you create a small business plan. These programs can be a great way to get started, but you’ll need to tailor the program to your specific business needs. Make sure you choose a program that offers a money-back guarantee so you can try it out without risk. In addition, it’s also a good idea to invest in software specific to your company. For instance, if you’re a consultant, you’ll need a program like Microsoft Excel to create a small business plan.
12. Legal Structure
When creating a small business plan, you’ll need to choose a legal structure for your business. This includes sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each type of business has its own advantages and disadvantages. You’ll need to choose a legal structure that fits your business goals. For instance, a sole proprietorship is a good choice for a small business with a single owner. A partnership is a good choice for a business with multiple owners. And an LLC is a good choice for a business with limited liability.
13. Logo Planning
Whether you opt for digital business card printing or full-color business card printing, a logo is a must-have element on your card. A logo helps people remember your company name and what you do. It also makes your card look more professional. You can hire a designer to create a logo for you, or you can use a logo maker tool to create a simple logo yourself. You might think you don’t need a logo now, but when creating a small business plan, it’s a good idea to have one ready in case you need it later.
14. Business Plan Writers
You can hire a business plan writer to help you create a small business plan. A business plan writer can help you with the research, market analysis, and financial projections for your business. They can also help you with the structure and format of your business plan. When writing a small business plan, consider hiring a business plan writer to help you get the job done. Writers are trained to create high-quality, professional business plans. They can help you save time and ensure that your business plan is error-free.
15. Plan for Cleaning Services
Commercial cleaning is essential for businesses, but it can be a big expense. When creating a small business plan, include a budget for commercial cleaning services, which will help you keep your office clean and presentable to customers and clients. It will also help you avoid the cost of hiring a full-time janitorial staff. You can either hire a cleaning company or contract with a cleaning service provider.
16. Product or Service Cost Analysis
When creating a small business plan, you’ll need to analyze the cost of your product or service. This includes the cost of materials, labor, and overhead. You should also consider the price of your competition’s products or services. This analysis will help you set a fair price for your products and services. For instance, if you were a customer looking for an equipment trailer, you would want to know how much it would cost to purchase one from a variety of different companies. This analysis will also help you determine whether or not your product or service is profitable.
17. Matching Business Cards with a Professional Printing Company
When creating a small business plan, it’s important to find a professional printing company that offers high-quality business cards. This will ensure that your business cards look professional and make a good impression on potential customers and clients. You can either purchase pre-printed business cards or have them custom-printed to match your specific business needs. Just like realtors use business cards to reach out to customers, print your business cards to prepare for your campaigning strategy.
18. Budget for Moving Costs
From mobile storage to new office space, businesses incur a lot of costs when they move. When creating a small business plan, be sure to include a budget for moving costs. A budget for moving costs will help you avoid unexpected expenses and keep your business running smoothly. When planning for moving costs, consider the cost of renting a moving truck, hiring a moving company, and storing your office furniture and equipment.
19. Create a Social Media Strategy
Social media is a powerful marketing tool for businesses of all sizes. When creating a small business plan, be sure to include a social media strategy. A social media strategy will help you promote your business on platforms like Facebook, Twitter, and Instagram. You can use social media to reach a wider audience, build brand awareness, and generate leads. When creating a social media strategy, consider your goals, target audience, and budget.
20. Conduct Surveys Beforehand
Conducting a survey is a great way to gather data about your customers and their needs. When creating a small business plan, consider conducting a survey to collect data about your target market. A survey will help you understand your customer’s pain points, what they’re looking for in a product or service, and how likely they are to recommend your business to a friend or family member. You can use a variety of methods to conduct a survey, including online surveys, in-person surveys, and phone surveys.
21. Hire a Virtual Assistant
A virtual assistant can help you with a variety of tasks, from customer service to social media marketing. When creating a small business plan, consider hiring a virtual assistant to help you with the day-to-day tasks of running your business. A virtual assistant can save you time and money, and free up your time to focus on other aspects of your business. When hiring a virtual assistant, consider your needs and budget and plan for an assistant that works 20 to 40 hours a week assisting you and your team.
Starting a small business plan is one of the best ways to get your business up and running. By taking the time to create a small business plan, you’ll be able to establish a clear direction for your business, set realistic goals, and make informed decisions about your products and services. With a small business plan in hand, you’ll be on your way to a successful and prosperous future.