Start-Up Solutions

Before opening your doors for business, whether virtual or physical, you must be prepared for the many details involved in running a business. Thinking through these details and putting them on paper helps you to be prepared.

Objectives of your Business and Technology Plan

A business plan lays out the future of your business. It is a written document which tells what you do and how you plan to do it.

• Sets forth goals and how they will be achieved.
• Defines obstacles and outlines strategies to overcome them.
• States the legal and organizational structure of the business.
• Quantifies financial needs and makes financial projections.

Questions To Ask Yourself

A good business plan tackles three major areas. Look at the questions within each of the three areas below and answer them as they apply to your business.

1. The Business   What is the legal structure of your business? Will it be a sole proprietorship, a partnership, or a corporation? What is the name of your business? Who are the people in your business? How is your business uniquely positioned to succeed? What are existing conditions within your industry? How do you intend to grow? What is your product? What does it do? How will you handle and deliver orders?

2. The Market  Who are your customers? Why are they customers? What motivates your customers? What need are you filling for these customers? How will you motivate them to buy from you? How will you find and attract these customers? Who is your competition? What advantage do you have over your competition? How will you position yourself to win market share? Do you have technical data, surveys, or information sources to back up your claims?

3. Finances  How much money are you bringing to your business? What are your start-up costs? How will the money be used? When will your business become profitable? What are your financial projections for the next five years?