Starting a Business Plan

Week 4: Starting a Business PlanTheme 1: Starting a Business Plan

Now you have an idea!  The idea requires further research to determine if it is a viable business opportunity.  A business plan for new ventures aids in researching the viability of the new idea as a business.  The business plan helps to define the product, the customer, the resources needed to launch the product or service, and the capital investment.

In the next three weeks, we will examine the steps for developing the plan for a new business venture.  This week, the beginning steps of writing a business description will be the focus.

• Writing a Business Plan for a New Venture
• 7 Steps for Establishing the Right Business Model

Theme 2:  Business Description Section

Serves to tell readers what this business is about and why it should exist.  It is the introduction to the business!  Who will own this business, what is its purpose, and how the business will be legally formed are questions that should be answered in this section.

Describe the business.  For instance, is it new, a spin off, an acquisition or a subsidiary? Major areas to be included are a mission statement that will give the reader a sense of why this business is important both to you and the community.  The mission states gives the new venture gravitas.  Two additional features for the description should be a business overview and a general discussion of the products and/or services the company will offer.

• Best Elements to Include in the Business Description

References for theme 1
https://www.extension.purdue.edu/extmedia/ec/ec-735.pdf
https://www.entrepreneur.com/article/242308

Reference for theme 2
https://www.entrepreneur.com/article/25752